Eternal Energy Corp. Announces the Hardy Area Well Work and Provides Stock Repurchase Program Update
by PR Newswire
LITTLETON, Colo., Aug. 3 /PRNewswire-FirstCall/ -- Eternal Energy Corp. (OTC Bulletin Board: EERG; "Eternal", or the "Company") announced that it, along with its 50% working interest partner, American Eagle Energy Inc. has completed the mechanical workover of the Hardy 2D7-9-3D2-16-4-21 well, located in southeastern Saskatchewan. Recovery of the fluids used during the workover efforts has commenced and the Company currently anticipates returning the well to production within the next week.
"We are pleased to announce that we have begun drilling operations," stated Brad Colby, Eternal's President and CEO. "The successful return of the Hardy well to production is an important first step in our current drilling program – one that will hopefully set the stage for future drilling initiatives within the Hardy Prospect."
The partners have submitted a horizontal well license application for an offset location in the targeted drilling area and anticipate drilling a second well during the fourth quarter of 2010.
The Company also announced that, as of the close of business on August 2, 2010, it has repurchased and retired 2,889,000 shares of its outstanding common stock at an average purchase price of $0.065 per share pursuant to its stock repurchase program. SEC rules limit the number of shares that the Company can repurchase on any one day. On March 29, 2010, the Company's Board of Directors authorized expending up to US$500,000 to repurchase shares on the open market.
About Eternal Energy Corp.:
Eternal Energy Corp. is an oil and gas company engaged in the exploration of petroleum and natural gas. The company was incorporated in Nevada on July 25, 2003 to engage in the acquisition, exploration, and development of natural resource properties.
The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release contains statements that are forward-looking, such as statements relating to the future anticipated direction of the industry, plans for future expansion, various business development activities, planned capital expenditures, future funding sources, anticipated sales growth, potential contracts, and/or aspects of litigation. Such forward-looking information involves important risks and uncertainties that could significantly affect anticipated results in the future, and, accordingly, such results may differ from those expressed in any forward-looking statements made by, or on behalf of, Eternal Energy Corp. These risks and uncertainties include, but are not limited to, those relating to development and expansion activities, dependence on existing management, financing activities, and domestic and global economic conditions. The company assumes no obligation to update any of these forward-looking statements.
SOURCE Eternal Energy Corp.