West Spyglass Project
The West Spyglass Project is located in Divide County, North Dakota and Sheridan County, Montana in the Williston Basin. American Eagle owns a 25% working interest in an AMI, with a large industry partner, that currently includes approximately 16,000 gross acres (4,000 acres net to American Eagle). The West Spyglass AMI abuts the Spyglass Project to the west and south. The main objectives of both the West Spyglass and Spyglass Projects are the Bakken and Three Forks Formations. Both projects fall within what the U.S. Geological Survey has named the "Northwest Expulsion Assessment Area", which it attributed as containing 868 million barrels of recoverable oil.
The attached project map shows the location of the West Spyglass AMI with respect to other notable Bakken and Three Forks developing fields. The West Spyglass Project is a natural extension of American Eagle's Spyglass core property. Numerous wells have already been drilled through the Bakken throughout the area that document the reservoir quality and presence of oil.
American Eagle is currently continuing to increase its lease holdings in this area and has plans for two Bakken/Three Forks tests in 2012.