January 24, 2017 9:47 PM ET

Oil, Gas and Consumable Fuels

Company Overview of American Eagle Energy, Inc.

Company Overview

On December 5, 2016, American Eagle Energy Inc. went out of business as per its Chapter 11 liquidation filing under bankruptcy. 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 ...

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.

American Eagle Energy, Inc. does not have any Key Executives recorded.

American Eagle Energy, Inc. Key Developments

Joint Liquidation Plan Approved for American Eagle Energy Corporation

The US Bankruptcy Court approved the joint plan of liquidation of American Eagle Energy Corporation on November 17, 2016. The debtor has filed its joint plan in the Court on September 18, 2016. As per the plan filed, Administrative Expense Claims estimated at $2.07 million, Fees Under 28 U.S.C. §1930, Creditors’ Committee Professionals of $0.85 million, Compensation and Reimbursement Claims, Priority Tax Claims of $0.05 million, Priority Non-Tax Claims of $0.05 million and Senior Secured Notes Claim of $35 million will be paid in full in cash and Senior Secured Notes Deficiency Claim of $150 million will recover approximately 10% of the allowed amount. Outstanding Well Liean Claims will be paid 32% of the allowed amount in cash. Well Lien Claims of G-Style, Calfrac, Cruz Energy, Precision, CMG, and Arctic Energy shall each receive a payment equal to 36.6% of the Allowed amount of their respective Well lien Claims. USG Carry Agreement Claim will be paid $3.2 million in cash and receive account receivables of $0.48 million. Halliburton Claim will receive $1.5 million. Well Lien Claims of Jacam, Miller Oil, Hydratek, and 4G will receive 40% of the allowed amount. Outstanding PCT Well Lien Claim will be paid in cash from sale proceeds up to the extent of the value of collateral securing the claim. Schlumberger Well Lien Claim of $0.21 million shall receive payment of $0.07 million from the sale proceeds. General Unsecured Claims will receive pro rata share of 10% of the allowed amount. Equity Interests issued by American Eagle and AMZG Inc. shall be cancelled on the Effective Date and will not receive any distribution. The plan will be funded through cash in hand and sale of substantially all of its proceeds.

Joint Liquidation Plan and Disclosure Statement Filed by American Eagle Energy Corporation

American Eagle Energy Corporation along with affiliate filed a joint liquidation plan and related disclosure statement in the Court on September 18, 2016. As per the plan filed, Administrative Expense Claims, Fees Under 28 U.S.C. §1930, Creditors’ Committee Professionals of $0.85 million, Compensation and Reimbursement Claims, Priority Tax Claims of $0.05 million, Priority Non-Tax Claims of $0.05 million and Senior Secured Notes Claim of $35 million, except for deficiency claims of $140 million, will be paid in full in cash. Outstanding Well Liean Claims will be paid 32% of the allowed amount in cash. Well Lien Claims of G-Style, Calfrac, Cruz Energy, Precision, CMG, and Arctic Energy shall each receive a payment equal to 36.6% of the Allowed amount of their respective Well lien Claims. USG Carry Agreement Claim will be paid $3.2 million in cash and receive account receivables of $0.48 million. Halliburton Claim will receive $1.5 million. Well Lien Claims of Jacam, Miller Oil, Hydratek, and 4G will receive 40% of the allowed amount. General Unsecured Claims, including Senior Secured Notes Deficiency Claims of $140 million, will be in the range of $175 million to $185 million, and will receive pro rata share of 10% of the allowed amount. Equity Interests issued by American Eagle and AMZG Inc. shall be cancelled on the Effective Date and will not receive any distribution. The plan will be funded through cash in hand and sale of substantially all of its proceeds. The debtor filed revised plan of reorganization and related disclosure statement in the US Bankruptcy Court on September 23, 2016. As per the revised disclosure statement, allowed administrative claims are estimated at $2.07 million. A new class of Outstanding PCT Well Lien Claim added in the plan and will be paid in cash from sale proceeds up to the extent of the value of collateral securing the claim. Treatment of all the other classes of claims remains same as per the previous plan. The debtor filed revised plan of liquidation in the US Bankruptcy Court on September 30, 2016. As per the revised plan, Senior Secured Notes Deficiency Claim of $150 million will recover approximately 10% of the allowed amount. Schlumberger Well Lien Claim of $0.21 million shall receive payment of $0.07 million from the sale proceeds. The treatment of all other claim classes remains the same.

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 $0.85 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.

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