NEWS
April 8, 2011
ETERNAL ENERGY CORP. ANNOUNCES CORPORATE UPDATE
Littleton, Colorado; April 8, 2011 - Eternal Energy Corp. (OTCBB:EERG; "Eternal", or the "Company") is pleased to announce the following updates:
Hardy 7-9 Well:
The Hardy 7-9 Well, in which the Company owns a 50% working interest, went off production in early January 2011 due a parted rod string. The well was reworked to replace the rod string and returned to production on February 17, 2011. The well is currently producing approximately 40 barrels of oil per day.
Additional Well Activity:
Considerable drilling activity targeting the Bakken and Three Forks Formations in Divide County, North Dakota, began on the Company's Pebble Beach acreage during the last quarter of 2010. As of the date of this release, the Company has elected to participate in the following wells located in the area:
| Well Name | Operator |
EERG Working Interest |
Actual or Anticipated Spud Date |
Current Status |
| Aarestad 4-34H-160N-97W | North Plains Energy, LLC | 0.63% | November 1, 2010 | Producing |
| Nielsen 1-12H-160N-97W | Continental Resources, Inc. | 0.38% | December 21, 2010 | Producing |
| Gerhardsen 1-10H-160N-97W | Continental Resources, Inc. | 1.91% | January 12, 2011 | Fracturing |
| CPEC 26-161N-97W | Crescent Point Energy | 3.42% | N/A | Proposal Withdrawn |
| Denali 13-21-163N-98W | Samson Resources Company | 0.04% | December 23, 2010 | Waiting to be fractured |
| Yukon 12-1-163N-98W | Samson Resources Company | 1.25% | February 28, 2011 | Waiting to be fractured |
| Blazer 2-11-163N-98W | Samson Resources Company | 0.94% | February 12, 2011 | Drilling |
| Tundra 31-32-164N-98W | Samson Resources Company | 0.45% | N/A | Proposal Withdrawn |
| Titan 36-35-164N-99W | Samson Resources Company | 1.08% | N/A | Proposal Withdrawn |
| Mustang 7-6-163N-98W | Samson Resources Company | 1.25% | June 2011 | Waiting to be drilled |
| Wolter 1-28H-163N-100W | SM Energy Company | 1.30% | November 27, 2010 | Producing |
| Riede 4-14H-163N-100W | SM Energy Company | 3.18% | January 30, 2011 | Fracturing |
| Torgeson 1-15H-163N-100W | SM Energy Company | 2.81% | March 6, 2011 | Waiting to be fractured |
| Bagley 4-30H-163N-100W | SM Energy Company | 4.69% | April 3, 2011 | Drilling |
| Reistad 1-1-162N-102W | Murex Petroleum Corporation | 3.25% | February 28, 2011 | Waiting on completion |
The Aarestad 4-34H well has produced intermittently and is currently averaging approximately 100 barrels of oil per day. The Nielsen 1-12H well began producing on or about March 2, 2011 and, as last reported by Continental Resources, was producing approximately 600 barrels of oil and 700 mcf of natural gas per day. The Wolter 1-28H well, which flowed in excess of 500 barrels of oil per day for approximately 35 days, is currently being put on pump and will resume production in the near future. Drilling commenced on the Bagley 4-30H well on April 3, 2011. The Bagley 4-30H well is located approximately 1.5 miles directly west of the Wolter 1-28 well. The Company will participate in the Bagley well with an approximate 4.7% working interest. The proposal to drill the CPEC 26-16 well was withdrawn in March 2011. The proposals to drill the Tundra 31-32 and the Titan 36-35 wells were withdrawn in April 2011.
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.
CONTACT:
Brad Colby,
President & CEO
Eternal Energy Corp.
303-798-5235