August 28, 2016 8:38 PM ET

Oil, Gas and Consumable Fuels

Company Overview of American Eagle Energy, Inc.

Company Overview

American Eagle Energy Inc., an exploration stage company, engages in the acquisition, exploration, and development of natural resource properties. The company primarily explores for petroleum and natural gas resources. As of October 31, 2010, it had acquired working interests in oil and gas prospects located in North Dakota and Texas, the United States and southeastern Saskatchewan, Canada. The company was formerly known as Yellow Hill Energy, Inc. and changed its name to American Eagle Energy Inc. in October 2009. American Eagle Energy Inc. was founded in 2007 and is based in Billings, Montana. As of December 20, 2011, American Eagle Energy Corporation operates as a subsidiary of Eternal En...

27 North 27th Street

Suite 21G

Billings, MT 59101

United States

Founded in 2007

1 Employees

Phone:

406-294-0765

Key Executives for American Eagle Energy, Inc.

Chief Executive Officer, President, Chief Financial Officer, Principal Accounting Officer, Secretary, Treasurer, Director, Member of Audit Committee, Member of Nominating & Corporate Governance Committee and Member of Compensation Committee
Age: 64
Vice President of Operations
Age: 64
Chief Executive Officer of Eternal Energy Corp. and President of Eternal Energy Corp.
Age: 59
Director and Secretary
Age: 63
Compensation as of Fiscal Year 2016.

American Eagle Energy, Inc. Key Developments

Second Amended Liquidation Plan and Disclosure Statement Filed by American Eagle Energy Corporation

American Eagle Energy Corporation filed second amended liquidation plan and related disclosure statement in the US Bankruptcy Court on August 22, 2016. As per the amended plan filed, Creditors’ Committee Professionals fees of $0.65 million will be paid in cash. Outstanding Well Lien Claims shall receive a payment from the sale proceeds equal to 36% of their allowed claim and shall be forever released by the debtors and their bankruptcy estates from any and all claims. USG Carry Agreement Claim shall receive, in full and final satisfaction, payment of $3.3 million from the sales proceeds, and an assignment of $0.48 million of the account receivable. USG shall not be entitled to any deficiency claim on account of the USG Carry Agreement Claim. Halliburton Claim shall receive a payment from the sales proceeds equal to $1.5 million and shall be forever released by the debtors and their bankruptcy estates from any and all claims. Well Lien Claims of Jacam, Miller Oil, Hydratek, and 4G shall reach receive a payment from the sales proceeds equal to 40% of the allowed amount of their respective Well Lien Claim, and shall be forever released by the debtors and their bankruptcy estates from any and all claims. There shall be no changes in the treatment of any other claim class.

First Amended Liquidation Plan and Disclosure Statement Filed by American Eagle Energy Corporation

American Eagle Energy Corporation filed amended liquidation plan and related disclosure statement in the US Bankruptcy Court on May 18, 2016. As per the amended plan filed, Creditors’ Committee Professionals fees of $0.85 million will be paid in cash. Debtors also estimate the Senior Secured Notes Deficiency Claim will be in the amount of $140 million. This estimated Deficiency Claim could increase substantially if the Indenture Trustee does not prevail in the Well Lien Claimants’ Adversary Proceeding or the USG Adversary Proceeding. In the event that the Well Lien Claimants are unsuccessful in the Well Lien Claimants’ Adversary Proceeding, the Debtors estimate the Well Lien Claims Deficiency Claims in the amount of $12.12 million. In the event that USG is unsuccessful in the USG Adversary Proceeding, the Debtors estimate the USG Deficiency Claim in the amount of $23.04 million. In the event that Well Lien and USG are successful in their adversary proceedings, the sales proceeds that they will be entitled to will decrease their respective deficiency claims and increase the claims of Senior Secured Notes.

Liquidation Plan & Related Disclosure Statement Filed by American Eagle Energy Corporation

American Eagle Energy Corporation filed liquidation plan and related disclosure statement in the US Bankruptcy Court on February 1, 2016. As per the plan filed, administrative expenses, compensation and reimbursement claims, creditors' committee professionals' administrative claims, fee under 28 U.S.C. 1930 and priority tax claims shall be paid full in cash. Senior secured notes claims shall be paid in cash from the retained cash, proceeds of account receivables and other proceeds. Well lien claims has been assumed by the buyer as part of the transaction or otherwise satisfied in cash on the effective date. USG Carry agreement claim shall be paid in cash to the extent of the value of the collateral securing the claim. Priority non-tax claims has been assumed by the buyer. General unsecured claims including senior secured notes deficiency claim shall receive a pro-rata share of beneficial interests in the liquidating trust. Equity interests shall be cancelled on the effective date. Interest holders shall neither receive nor retain any property or interest on account of its interest. The plan will be funded through available cash and sale proceeds. Upon completion of acts required by the plan, the debtor shall be deemed dissolved for all the purposes.

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