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Author Topic: EERG--MERGE AND REVERSE
CAPTNEMOS
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THERE GONNA MERGE AND DO A REVERSE SPLIT.SOMEONE INSIDE IS BUYING UP ALOT OF SHARES LAST WEEK.SO HE MUST THINK NEW PRICE AFTER REV WILL BE MUCH HIGHER I GUESS.ILL THROW SOME CASH AT IT TOO AND SEE WHAT HAPPENS.

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WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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CAPTNEMOS
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Eternal Energy Corp. Announces Final Agreement for Hardy Farm-out
May 2, 2011 (PR Newswire) --

LITTLETON, Colo., May 2, 2011 /PRNewswire/ -- Eternal Energy Corp. (OTCBB: EERG; "Eternal" or the "Company") is pleased to announce today that, together with its partner, American Eagle Energy Inc., the Company has finalized a farm-out agreement with Passport Energy Ltd. on the Hardy Bakken Field in southeast Saskatchewan, Canada.

The agreement allows for Passport to earn 25% working interest in up to two wells and associated acreage by paying 38.5% of the drilling, completion and equipping costs associated with each well. The Company and American Eagle Energy will equally share the remaining cost on the earning wells. The first earning well, Hardy S HZ 1A4-16-4B4-9-4-21, is permitted and expected to spud in the second quarter, 2011.

"This new agreement represents the next step in the broadening of Eternal Energy's production capabilities, while maintaining a favorable economic risk profile," stated Brad Colby, the Company's Chief Executive Officer and President. "We look forward to our partnering with Passport Energy in the drilling of the Hardy S HZ 1A4-16-4B4-9-4-21 well and thereafter."

After the second earning well is drilled, the Company and American Eagle Energy each will hold 37.5% working interest with Passport holding the remaining 25.0% in the affected acreage.

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 Company, 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-lo

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WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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dogwithem
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Any idea when the actual merger date is. All I can find so far, is sometime early summer.
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CAPTNEMOS
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Your looking at the wrong sources.Go to the horses mouth.Meaning there is there website with contact info and phone numbers in the future you wanna know something ask the company themselves.Why they pay investor relations people.For the mean time i sent the Ceo an email and when and if he responds i will let you know any info i get.They will also send you a company packet if u want.heres info and good luck with future endeavors
CONTACT
OTCBB:EERG

www.eternalenergy.com

2549 West Main Street
Suite 202
Littleton, Colorado 80120

Ph: 303-798-5235
Fax: 303-798-5767

Brad Colby, President & CEO
ir@EternalEnergy.com

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WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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CAPTNEMOS
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quote:
Originally posted by dogwithem:
Any idea when the actual merger date is. All I can find so far, is sometime early summer.

i talked with IR she gave me THE CEOS PHONE NUMBER and told me to talk to him directly would u like it and you can ask him whatever you like.Just a heads up be careful of what you say and how you talk to him.act like a large investor.not some small time noobie.otherwise i doubt you will get very far. [Good Luck]

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WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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CAPTNEMOS
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ask questions in a roundabout way not directly.They cant disclose any insider info.but if you ask the right questions you might get a nugget or two.

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WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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CAPTNEMOS
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if your uneasy about calling him .i will call him and talk to him and see if theres any nugget i can get out of him.

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WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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CAPTNEMOS
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i will hold till 3rd or 4th quarter this year.

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WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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CAPTNEMOS
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BOOKS ARE BALANCED.ASSETS/LIABILITIES ARE EVEN.2.4MIL IN CASH.MADE 2.9 MIL LAST YEAR.GOoNA HOLD TILL positive earnings reports this year.had.07eps last year and i think they might just outperform that.we will see.


Consolidated Balance Sheet
As of December 31, 2010 and 2009


2010

2009

Current assets:

Cash
$ 2,400,362 $ 1,508,754
Trade receivables
248,461 120,927
Receivable from American Eagle Energy Inc.
279,376 -
Prepaid expenses
30,106 46,384
Spud fees receivable
- 20,000
Total current assets
2,958,305 1,696,065
Equipment and leasehold improvements, net of accumulated

depreciation and amortization of $149,142 and $100,208,

respectively
20,693 49,809
Oil and gas properties – subject to amortization, net of

accumulated depletion of $104,350 and $0, respectively
340,321 -
Oil and gas properties – not subject to amortization
590,368 412,797
Marketable securities
1,117,716 -
Marketable securities of related party
197,453 -
Assets held for sale
- 57,000
Deposits
5,345 5,345
Total assets
$ 5,230,201 $ 2,221,016
Current liabilities:

Accounts payable and accrued liabilities
$ 430,699 $ 138,664
Accrued oil and gas interests
- 25,155
Short-term asset retirement obligation
- 65,258
Total current liabilities
430,699 229,077
Long-term asset retirement obligation, net of discount of $23,647 and $36,720, respectively
13,853 177,697
Total liabilities
444,552 406,774
Commitments and contingencies
- -
Stockholders’ equity:

Common stock, $.001 par value, 875,000,000 shares

authorized, 44,500,000 issued, 41,005,822 and

44,550,000 shares outstanding
41,006 44,550
Additional paid-in capital
9,199,305 9,524,308
Unrealized gains (losses) on marketable securities
415,463 -
Accumulated deficit
(4,870,125 ) (7,754,616 )
Total stockholders’ equity
4,785,649 1,814,242
Total liabilities and stockholders’ equity
$ 5,230,201 $ 2,221,016

The accompanying notes are an integral part of the financial statements.


F-4


Eternal Energy Corp.
Consolidated Statements of Operations
For Each of the Two Years in the Period Ending December 31, 2010


2010

2009

Oil and gas sales
$ 207,788 $ 123,814
Gain on the sale of oil and gas property – subject to

amortization, net of costs
509,934 -
Gain on the sale of oil and gas property – not subject to

amortization, net of costs
4,735,253 -
Litigation settlement
-
255,000_

Total revenue
5,452,975 378,814
Operating expenses:

Oil and gas operating expenses
141,481 46,183
Impairment of oil & gas properties
- 3,617,222
General and administrative expenses
964,305 778,065
Stock-based compensation
- 485,177
Professional fees
388,427 346,709
Depreciation, depletion and amortization
153,284 45,540
Total operating expenses
1,647,497 5.318.896
Total operating income (loss)
3,805,478 (4,940,082 )
Interest income
9,615 17,665
Dividend income
23,759 -
Accretion of discount on asset retirement obligation
(4,480 ) -
Impairment of assets held for sale
(57,769 ) -
Income (loss) before taxes
3,776,603 (4,922,417 )
Provision from income taxes
(892,112 ) -
Net income (loss)
$ 2,884,491 $ (4,922,417 )
Net income (loss) per common share:

Basic
$ 0.07 $ (0.11 )
Diluted
$ 0.07 $ (0.11 )
Weighted average number of shares outstanding:

Basic
42,463,530 44,550,000
Diluted
43,803,700 44,550,000

The accompanying notes are an integral part of the financial statements.


F-5


Eternal Energy Corp .
Consolidated Statements of Stockholders’ Equity
For Each of the Two Years in the Period Ended December 31, 2010


Accumulated


Additional

Other

Total


Common Stock

Paid-In

Comprehensive

Accumulated

Stockholders


Shares

Amount

Capital

Income

Deficit

Equity

Balance, December 31, 2008
44,550,000 $ 44,550 $ 9,039,131 $ - $ (2,832,199 ) 6,251,482
Stock-based compensation
- - 485,177 - - 485,177
Net loss
- - - - (4,922,417 ) (4,922,417 )
Balance, December 31, 2009
44,550,000 $ 44,550 $ 9,524,308 $ - $ (7,754,616 ) 1,814,242
Net exercise of stock options
1,025,822 1,026 (1,026 ) - - -
Repurchase and retirement of

common stock
(4,570,000 ) (4,570 ) (323,977 ) - - (328,547 )
Unrealized gain on securities
- - - 415,463 - 415,463
Net income
- - - - 2,884,491 2,884,491
Balance, December 31, 2010
41,005,822 $ 41,006 $ 9,199,305 $ 415,463 $ (4,870,125 ) $ 4,785,649

The accompanying notes are an integral part of the financial statements .


F-6


Eternal Energy Corp.
Consolidated Statements of Cash Flows
For Each of Two Years in the Period Ended December 31, 2010


2010

2009

Cash flows provided by (used for) operating activities:

Net income (loss)
$ 2,884,491 $ (4,922,417 )
Adjustments to reconcile net income (loss) to net cash used by operating activities:

Non cash transactions:

Stock-based compensation
- 485,177
Depreciation, depletion and amortization
153,284 45,540
Accretion of discount on asset retirement obligations
4,480
Impairment of oil and gas properties
3,617,222
Impairment of assets held for sale
57,769 -
Gain on the sale of oil and gas properties, subject to amortization
(509,934 ) -
Gain on the sale of oil and gas properties, not subject to amortization
(4,735,253 ) -
Changes in operating assets and liabilities:

(Increase) decrease in prepaid expense
16,278 (37,118 )
Decrease in spud fees receivable
20,000 730,000
Increase in other receivables
(90,034 ) (120,927 )
Increase in receivable from American Eagle Energy Inc.
(279,376 )
Increase (decrease) in accounts payable and accrued liabilities
292,035 (3,245 )
Net cash used for operating activities
(2,186,260 ) (205,768 )
Cash flows provided by (used for) investing activities:

Refund of deposit
- 1,599,021
Proceeds from the sale of oil & gas properties, subject to amortization
225,000 -
Proceeds from the sale of oil and gas properties, not subject to amortization
3,900,000 -
Additions to oil and gas properties
(673,265 ) (558,092 )
Additions to equipment and leasehold improvements
(22,287 ) (54,108 )
Proceeds from sale of equipment
1,700
Purchase of marketable securities - related party
(24,733 ) -
Net cash provided by investing activities
3,406,415 986,821
Cash flows provided by (used for) financing activities:

Repurchase and retirement of shares
(328,547 ) -
Net cash provided by (used for) investing activities
(328,547 ) 986,821
Net increase (decrease) in cash
891,608 (781.053 )
Cash - beginning of period
1,508,754 727,701
Cash - end of period
$ 2,400,362 $ 1,508,754

The accompanying notes are an integral part of the financial statements.

F-7


Eternal Energy Corp.
Consolidated Statements of Cash Flows
For Each of Two Years in the Period Ended December 31, 2010

Supplemental Disclosure of Cash Flow Information


2010

2009

Cash paid during the year for:

Interest
$ - $ -
Income taxes
892,112 -
Significant non-cash transactions:

Marketable securities acquired in connection with the sale of oil & gas properties
$ 874,973 $ -
Unrealized gain on marketable securities
415,463 -
Accrual of oil & gas properties
- 25,251
Recording of asset retirement obligation
13,853 242,955
Cashless exercise of stock options
1,026 -

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WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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CAPTNEMOS
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oops almsot forgot the p/e ratio is approx 5.1 from what i calculate.

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WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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CAPTNEMOS
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been asked this alot.this company is not doing a reverse merger they did whats called a reverse stock split.when they do merge lets say you have 1000 shares at $1 each.if you hold eerg you will end up with 80%.meaning you have now .800 shares and the share price is now $1.25.if you held american eagle stock you would have 200 shares now at $1.25.hope that helps.its good if your a growing company looking to add to your growth thru mergers.(picking up smaller companies to add th there properties or to add drill contracts or drilling equipment.so forth as in the oil and gas trade.even can reduce operating cost also.But mainly gives you a nice platform for growth.Which in the stock worlD thats what its all about.EARNINGS,EARNINGS,EARNINGS.!!!!not fluffy prs,not all this smoke and mirror stuff these ceos play on people.its not good if THE real prospectus of the company is just to be shell.basically they issue a ticker symbol have an address of incorporation looks like there doing business and they issue a bunch of BS prs,as like they hired someone is the biggest one used.but also they announce stuff that makes them look like theyre gonna be the next best thing since sliced bread.then they issue share after share after share after share after..anyway you get it.the ceo makes $700,000-800,000 a year till the well runs dry then they have to change name and start all over again.Trust me these guys dont give a toot about me or you and make more loot in 1 yr then most people do in a lifetime.If you have no conscieous great way of life.easy money......get your checks for free.So anyway that brings me to the point of this guy after to which i spoke with is legit and has grand visions for this company.And is has been growing it at a good pace.i really look forward to the future financials of this company.He was telling me about the big turnaround in 09-10 from being neg like 5 mil in 09 to making 2.5 mil in 10 and looks for future sucess.been investing alot of the money back into the company thru purchasing properties or inv in existing properties(which i did verify was reported in there books).building up their holdings.He sees future acquisitions in the future.So after all this im looking for a major purchase.And plan on holding long.Supposed to be some really good results in the report coming up.cant wait.Hope this long drawn out article about this stock has helped somebody understand more in the workings of a stock/ceo/company.If youve enjoyed throw me a 5 star bone.thanks i think he said to being profitable next year.

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WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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CAPTNEMOS
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sORRY IM IN AT.395 @100,00 SHARES.MIGHT ACCUMALATE SOME MORE IF ASK DROPS.

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WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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CAPTNEMOS
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POTENTIAL,POTENTIAL,POTENTIAL.


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 to 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.

SOURCE Eternal Energy Corp.

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WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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CAPTNEMOS
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OK I STAND CORRECTED.ABOUT REV STOCK SPLIT.LOOKS LIKE THEY WILL GIVE AMERICAN EAGLE APPROX 164 MIL SHARES WHICH WILL PUT THEM AT 80% OF AUTHORIZED SHARES.MOST OF QUESTIONS I ASKED THE CEO THEY PUT IN THE REPORT.SO ANYTHING YOU NEED ABOUT THIS MERGER HERES THE LINK.GOOD LUCK

http://app.quotemedia.com/quotetools/showFiling.go?webmasterId=89753&name=ETERNA L%20ENERGY%20CORP.:%20S-4,%20Sub-Doc%201&link=http%3A//quotemedia.10kwizard.com/ filing.xml%3Frid%3D23%26ipage%3D7587286%26DSEQ%3D1%26SQDESC%3DSECTION_BODY%26doc %3D1&cp=off&type=HTML

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WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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QUESTIONS AND ANSWERS ABOUT THE MERGER

The following are brief answers to certain questions that you may have regarding the Merger. We urge you to read carefully the remainder of this prospectus because the information in this section may not provide all the information that might be important to you in understanding the Merger. Additional important information is also contained in the annexes to, and the documents incorporated by reference in, this prospectus. Unless stated otherwise, all references in this prospectus to “Eternal,” “we,” “our,” or “us” are to Eternal Energy Corp., a Nevada corporation; all references to “American Eagle” are to American Eagle Energy Inc., a Nevada corporation; all references to “Merger Sub” are to Eternal Sub Corp., a Nevada corporation and a wholly-owned subsidiary of Eternal; and all references to the Merger Agreement are to the Agreement and Plan of Merger, dated as of April 8, 2011, by and among Eternal, Merger Sub and American Eagle, a copy of which is attached as Annex A to this prospectus and is incorporated by reference herein.

Q:
What will happen in the Merger?

A:
Pursuant to the Merger Agreement, Merger Sub will merge with and into American Eagle (the “Merger”), with American Eagle surviving the Merger as a wholly-owned subsidiary of Eternal. The current stockholders of Eternal and the current stockholders of American Eagle will be stockholders of Eternal after the Merger.

Q:
What are Eternal’s reasons for the Merger?

A:
The board of directors of Eternal believes that the Merger will provide Eternal with a highly concentrated and complementary set of oil and natural gas assets in two attractive resource plays in the Williston Basin: a Bakken/Three Forks play in Divide County, North Dakota, and a Bakken development in Saskatchewan, Canada. The board of directors of Eternal believes that the Merger will also significantly increase Eternal’s estimated prospects by gaining access to mature geological concepts in Montana and North Dakota developed by American Eagle’s management. To review the reasons for the Merger in greater detail, see “The Merger—Reasons for the Merger.”

Q:
What consideration will American Eagle’s stockholders be entitled to receive as a result of the Merger?

A:
American Eagle’s stockholders will be entitled to receive their proportionate share of 164,023,288 shares of Eternal’s common stock estimated to be exchanged, in the aggregate, for all outstanding shares of American Eagle’s common stock. Eternal will not issue any fractional shares of its common stock to any holder of American Eagle’s common stock upon the closing of the Merger. Fractional shares that would otherwise result from the Merger will be rounded up to the next full share.

Q:
What will happen in the Merger to options to purchase shares of American Eagle’s common stock?

A:
Each outstanding option to purchase shares of American Eagle’s common stock will be converted into an option to purchase shares of Eternal’s common stock, with the number of shares of Eternal’s common stock subject to each such converted option and the exercise price therefor being determined by using the same methodology and calculations used to determine the number of shares of Eternal’s common stock being exchanged for outstanding shares of American Eagle’s common stock.

Q:
How will Eternal’s stockholders be affected by the Merger and the issuance of shares of Eternal’s common stock to stockholders of American Eagle?

A:
After the Merger, each Eternal stockholder will have the same number of shares of Eternal’s common stock that the stockholder held immediately prior to the Merger. However, because Eternal will be issuing new shares of Eternal’s common stock to American Eagle’s stockholders upon the closing of the Merger, each share of Eternal’s common stock outstanding immediately prior to the Merger will represent a smaller percentage of the aggregate number of shares of Eternal’s common stock outstanding after the Merger. As a result of the Merger, each Eternal shareholder will own shares in a larger company with more assets.

Q:
Is the closing of the Merger subject to any conditions?

A:
Yes. Eternal and American Eagle are not required to close the Merger unless certain specified conditions are satisfied or waived. These conditions include, among others, approval of the holders of at least a majority of the outstanding shares of American Eagle’s common stock of the Merger Agreement and the effectiveness of the Registration Statement on Form S-4, of which this prospectus is a part, relating to the additional shares of Eternal’s common stock to be issued upon the closing of the Merger pursuant to the Merger Agreement. There can be no assurance that such conditions will be satisfied. For a more complete summary of the conditions that must be satisfied or waived prior to the closing of the Merger, see “The Merger Agreement—Conditions to the Closing of the Merger” beginning on page [·].


1


Q:
What are the material federal income tax consequences of the Merger?

A:
Eternal expects the Merger to qualify as a reorganization pursuant to Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), and, therefore, Eternal expects that stockholders of Eternal will not recognize any gain or loss for Federal income tax purposes.


You should carefully read “Material U.S. Federal Income Tax Consequences of the Merger” beginning on page [·] for a description of certain material United States federal income tax consequences of the Merger. Tax matters can be complicated and the tax consequences of the Merger to you will depend on your particular situation. You should consult your tax advisors to determine the tax consequences of the Merger to you.

Q:
Are there any risks associated with the Merger?


A:Yes. There are risks associated with all business combinations, including the Merger. You should carefully read the detailed description of the risks associated with the Merger and the operations of Eternal described under “Risk Factors” beginning on page [·].

Q:
When does Eternal expect to close the Merger?


A:We are working with American Eagle to close the Merger as quickly as practicable. We currently expect to close the Merger during the second or third quarter of 2011. However, we cannot predict the exact timing of the closing of the Merger because it is subject to certain conditions both within and beyond our control. See “The Merger Agreement—Conditions to the Closing of the Merger” beginning on page [·].

Q:
Where can I find more information about the companies?

A:
Both Eternal and American Eagle file periodic reports and other information with the SEC. You may read and copy this information at the SEC’s public reference facility. Please call the SEC at 1-800-SEC-0330 for information about this facility. This information is also available through the SEC’s website at http://www.sec.gov. You can obtain Eternal’s SEC filings at http://www.eternalenergy.com and you can obtain American Eagle’s SEC filings at http://www.americaneagleoil.com. We do not intend for information contained on or accessible through these respective websites to be part of this prospectus, other than the documents that Eternal files with the SEC that are incorporated by reference into this prospectus.

In addition, you may obtain some of this information directly from the companies. For a more detailed description of the information available, see “Where You Can Find More Information; Incorporation by Reference” beginning on page [·].

Q:
Whom should I call if I have questions about the Merger?

A:
You should call Bradley Colby, our President and Chief Executive Officer, at (303) 798-5235.

--------------------
WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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LAST WEEK A COMPANY PICKED UP 35,000 SHARES @37C.INSIDER BUYING.I LIKE.

Name and Address of Reporting Person*
Rudisill McAndrew
(Last) (First) (Middle)
101 PARK AVENUE, 21ST FLOOR
(Street)
NEW YORK NY 10178
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Eternal Energy Corp. [EERG] 5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director X 10% Owner
Officer (give title below) X Other (specify below)
Member of a 13(d) group
3. Date of Earliest Transaction (Month/Day/Year)
05/04/2011
4. If Amendment, Date of Original Filed (Month/Day/Year)
6. Individual or Joint/Group Filing (Check Applicable Line)
Form filed by One Reporting Person
X Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8) 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4) 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock (1) 05/05/2011 P 35,000 A $ 0.36 (2) 5,125,000 (1) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5) 6. Date Exercisable and Expiration Date
(Month/Day/Year) 7. Title and Amount of Underlying Securities
(Instr. 3 and 4) 8. Price of Derivative Security
(Instr. 5) 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4) 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4) 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
1. Name and Address of Reporting Person*
Rudisill McAndrew
(Last) (First) (Middle)
101 PARK AVENUE, 21ST FLOOR
(Street)
NEW YORK NY 10178
(City) (State) (Zip)
1. Name and Address of Reporting Person*
Pelagic Capital Advisors LP
(Last) (First) (Middle)
101 PARK AVENUE, 21ST FLOOR
(Street)
NEW YORK NY 10178
(City) (State) (Zip)
1. Name and Address of Reporting Person*
Pelagic Institutional LP
(Last) (First) (Middle)
101 PARK AVENUE, 21ST FLOOR
(Street)
NEW YORK NY 10178
(City) (State) (Zip)
1. Name and Address of Reporting Person*
PELAGIC MASTER FUND LTD
(Last) (First) (Middle)
101 PARK AVENUE, 21ST FLOOR
(Street)
NEW YORK NY 10178
(City) (State) (Zip)
Explanation of Responses:
1. This Form 4 is jointly filed by: (i) Pelagic Institutional LP; (ii) Pelagic Master Fund Ltd. (iii) Pelagic Capital Advisors LP; and (iv)] McAndrew Rudisill (all together, the "Reporting Persons"), with respect to shares of common stock ("Shares") of the Issuer beneficially owned by Pelagic Capital Advisors LP. Pelagic Capital Advisors LP is the investment advisor of Pelagic Institutional LP and Pelagic Master Fund Ltd. McAndrew Rudisill is the sole indirect owner and controls Pelagic Capital Advisors LP. Of the shares reported, Pelagic Capital Advisors LP and McAndrew Rudisill each have shared beneficial ownership of 5,090,000 Shares, Pelagic Institutional LP has shared beneficial ownership of 2,868,957 Shares, and Pelagic Master Fund Ltd. has shared beneficial ownership of 2,256,403 shares.
2. The price reported in Column 4 is a weighted average price. These shares were purchased in multiple transactions at prices ranging from $0.35 to $0.37, inclusive, on May 5, 2011. The Reporting Persons undertake to provide to Eternal Energy Corp, any security holder of Eternal Energy Corp., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the ranges set forth in this footnote (2) to this Form 4.
/s/ McAndrew Rudisill By: McAndrew Rudisill, Individually 05/04/2011
/s/ McAndrew Rudisill By: McAndrew Rudisill Title: Sole Member 05/04/2011
/s/ McAndrew Rudisill By: McAndrew Rudisill Title: Sole Member 05/04/2011
/s/ McAndrew Rudisill By: McAndrew Rudisill Title: Sole Member 05/04/2011
** Signature of Reporting Person Date

--------------------
WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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theres an accumalation of shares on the inside.somethings coming i can just feel it.the shares arent hitting the street.looks like private party issuance.pelagic funding advisors.good luck

--------------------
WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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looks like evryone is getting scared now.earnings were under estimates and not as strong as we hoped,Due to the price of oil being down and had a well down also and the weather was horrible for drilling.summer should produce much better results.i will accumalate and every dip.will hold till next Q.

--------------------
WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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more revenues.!!


Eternal Energy Corp. Announces Spudding of Development Well in the Hardy Field (Bakken Formation), Southeast Saskatchewan
May 19, 2011 (PR Newswire) --

LITTLETON, Colo., May 19, 2011 /PRNewswire/ -- Eternal Energy Corp. (OTCBB: EERG; "Eternal" or the "Company") is pleased to announce today that it has spud its first horizontal Bakken development well in the Hardy Field (Bakken Formation) of Southeast Saskatchewan. Proposed merger partner, American Eagle Energy Inc., as well as Passport Energy Ltd., are working interest partners in the well. The Hardy S 1A4-16-4B4-9-04-21W2 is the initial earning well for the farm-out agreement among the companies.

The new well is located approximately one-half mile west of Eternal Energy's current Hardy 7-9 producing well (owned equally with American Eagle Energy) and has a projected total depth of 3,515 meters with a lateral section in the Bakken Formation of about 1,370 meters. A multi-stage fracture stimulation is planned for the completion of this new well.

Pursuant to the previously announced agreement among the three companies, Eternal Energy and American Eagle Energy will each maintain a 37.5% working interest in the new well, but each will only pay 30.75% of its drilling, completing and equipping costs.

"Eternal Energy is pleased that it is able to commence drilling as the Company continues to validate and exploit its Bakken reserve position in the Hardy Field," stated Brad Colby, the Company's Chief Executive Officer and President. "This first offset well in the Hardy Field is another important component of the Company's plan to increase revenues through development of its significant Bakken well locations in the Williston and Southern Alberta Basins."

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 Company, 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. Persons are encouraged to read our Annual Report on Form 10-K for the year ended December 31, 2010, our Quarterly Report on Form 10-Q for the three-month period ended March 31, 2011, and our other documents subsequently filed with the Securities and Exchange Commission for meaningful cautionary language in respect of forward-looking statements in this press release. Interested persons are able to obtain free copies of filings containing information about the Company at the SEC's internet site (http://www.sec.gov). The Company assumes no obligation to update any of these forward-looking statements.

CONTACT:
Brad Colby

President & CEO

Eternal Energy Corp.

303-798-5235

--------------------
WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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GLAD I GOT ANOTHER BLOCK.THANK YOU SELLERS OF EERG.!

--------------------
WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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and another block picked up at .34 thank you sellers.still waiting on big news.coming soon

--------------------
WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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NICE 7.5 MIL DOLLARS TO START.THATS LARGE.IF THEY INCLUDE THAT IN NEXT FILING SHOULD BE NICE.START OF THE NEWS.HAVE MORE COMING ON DRILLINGS


Eternal Energy Corp. Announces Sale of Partial Interest in Spyglass Project in North Dakota
May 31, 2011 (PR Newswire) --

LITTLETON, Colo., May 31, 2011 /PRNewswire/ -- Eternal Energy Corp. (OTCBB:EERG; "Eternal Energy" or the "Company") is pleased to announce today that the Company, and its proposed merger partner American Eagle Energy Inc., and a third party signed two related Purchase and Sale Agreements for the sale by Eternal Energy and American Eagle of half of their respective interests in the Spyglass Project located in Divide County, North Dakota. The closing of the first transaction occurred May 26 and relates to the sale of an undivided 50% interest in approximately 8,188 net acres for approximately $7.165 million to be divided equally between American Eagle and Eternal Energy. Subject to confirmation by the purchaser of certain aspects of title, Eternal Energy and American Eagle may sell an undivided 50% interest in up to an additional 445 net acres to the third party on the same terms and conditions as part of the first transaction. Additionally, if Eternal Energy does not sell an undivided 50% interest in a further 269 net acres to another entity in the near term due to previously granted preferential sale rights, which transaction would be on the same economic terms and conditions, then the current purchaser would acquire that undivided 50% interest from Eternal Energy as part of the first transaction. The closing of the second purchase and sale agreement is currently scheduled for July 26, 2011, and relates to the potential sale of an undivided 50% interest in approximately 1,096 additional net acres for approximately $959,000 to be divided equally between Eternal Energy and American Eagle. The purchaser is a wholly-owned subsidiary of a publicly traded company with a market cap in excess of $10 billion.

Eternal Energy and American Eagle have recently sought approval for six 1,280 acre spacing units in an area of the Spyglass Project in which they expect to operate and currently plan to drill two horizontal wells in the near term. Eternal Energy will retain operatorship for the project.

The Spyglass Project is a Bakken and Three Forks play in northern Divide County, North Dakota, that has seen a recent increase in drilling in the area. Eternal Energy and American Eagle hold non-operated working interests in several wells drilled in 2011 by SM Energy and by Samson Resources. During the remainder of this year, Eternal Energy and American Eagle expect to participate in up to four additional non-operated wells to be drilled by these parties.

Brad Colby, the Company's Chief Executive Officer and President stated, "Eternal Energy is pleased to have closed the partial interest sale and looks forward to completing the other aspects of it and the second transaction. We will maintain operational control of our Spyglass Project, as well as a major economic interest in the project. And, Thursday's funding will provide a major assist to our efforts, and those of our proposed merger partner, to enhance our operating plans."

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 Company, 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. Persons are encouraged to read our Annual Report on Form 10-K for the year ended December 31, 2010, our Quarterly Report on Form 10-Q for the three-month period ended March 31, 2011, and our other documents subsequently filed with the Securities and Exchange Commission for meaningful cautionary language in respect of forward-looking statements in this press release. Interested persons are able to obtain free copies of filings containing information about the Company at the SEC's internet site (http://www.sec.gov). The Company assumes no obligation to update any of these forward-looking statements.

SOURCE Eternal Energy Corp.


Source: PR Newswire (May 31, 2011 - 3:44 PM EDT)

News by QuoteMedia

--------------------
WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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anudda block of 8000 at .35 thanks again

--------------------
WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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Been studying and reading so much I forgot to keep track of all the company info on EERG. Thanks for posting it all. Keeps me interested and still plan to get back in soon.
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yeah,im avg down to like 35c-36c @ 197,000 shares

--------------------
WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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Libya, Japan & Global Outlook -- Insight on Far East Energy Corporation and Eternal Energy Corp.
1 days 5 hours 3 minutes ago - Marketwire via Comtex
Marketwire
Today, www.GlobalEquityReporter.com announced its research report highlighting Far East Energy Corporation (OTCBB: FEEC) and Eternal Energy Corp. (OTCBB: EERG). Full report download is available at www.GlobalEquityReporter.com/access.php.

With the disruption of exports from Libya and unrest in the Middle East and North Africa, crude oil continues to sit near high watermarks. The recent disaster in Japan has fueled further volatility, as Japan is the world's third largest consumer and the second largest importer. As of March, the U.S. Energy Information Administration (EIA) estimated that global oil demand expanded by 2.85% in 2010 and sees demand growth of 1.70% in 2011 and 1.94% in 2012. Reflecting new OPEC capacity additions, the EIA estimated that global oil supply increased by 2.5% in 2010 and forecast supply growth of 1.12% in 2011 and 2.49% in 2012.

Global Equity is reporting on Far East Energy Corporation (Far East) as it is a development-stage company principally engaged in the drilling, testing and dewatering of exploratory coal-bed methane gas (CBM) wells, preparing for possible gas sales in the future and organizational activities. Far East Energy's mission is to become a recognized leader in coalbed methane gas technologies, CBM gas property acquisition, exploration and development. The Company is committed to improving the quality of life and simultaneously building an energy-related business with a high return on stockholders' equity. The full report and profile on Far East Energy Corporation (OTCBB: FEEC) is available here: www.GlobalEquityReporter.com/get.PDF.1824.php.

Global Equity Reporter brings Eternal Energy Corp. to the table as an exploration and development company of natural resource properties. The Company owns a 100% working interest in the Big Sand Spring Valley Prospect (the BSSV Prospect).The BSSV Prospect consisted of approximately 102,000 Federal gross and net acres in Nevada. The Company also owns a 75% working interest in the South West extension of the West Ranch Field, located in Jackson County, Texas. The full report and profile on Eternal Energy Corp. (OTCBB: EERG) is available here: www.GlobalEquityReporter.com/get.PDF.1937.php.

About Global Equity Reporter Global Equity Reporter is a premier source for microcap research -- providing a wide range of due diligence and investment insight on stocks all over the market Global Equity Reporter's primary focus is to alert our valued subscribers to small cap and microcap companies poised for explosive movement in the market.

Contact:

Alexander Griffin
Email Contact
www.GlobalEquityReporter.com


SOURCE: Global Equity Reporter

http://www2.marketwire.com/mw/emailprcntct?id=8F8E52C363F853B7
http://www.globalequityreporter.com/

--------------------
WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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Yes sir.getting geared up.well was done ahead of schedule and under budget.nice job Brad.means more revs and earnings baby.

Field (Bakken Formation), Southeast Saskatchewan
1 days 2 hours 21 minutes ago - PR Newswire via Comtex
PR Newswire
Eternal Energy Corp. (OTC Bulletin Board: EERG) ("Eternal Energy" or the "Company") is pleased to announce that it has successfully completed drilling and casing its Hardy S 1A4-16-4B4-9-04-21W2 well (the "Hardy 4-16 well") ahead of schedule. The Bakken formation well was drilled to a depth of approximately 3,504 meters and extended horizontally for approximately 1,320 meters, and is located approximately one-half mile west of Eternal Energy's current Hardy 7-9 producing well (owned equally with its proposed merger partner, American Eagle Energy Inc.) in southeastern Saskatchewan. The initial drilling was completed in 18 days instead of 21 days, as originally expected. The Company expects to complete a 29-stage fracture stimulation of the well later this month.

Eternal Energy, American Eagle Energy Inc. and Passport Energy Ltd. are working interest partners in the Hardy 4-16 well. Pursuant to the previously announced farm-out agreement among the three companies, Eternal Energy and American Eagle Energy Inc. will each maintain a 37.5% working interest in the new well, but each will only pay 30.75% of the drilling, completing and equipping costs. The remaining drilling, completing, and equipping costs will be paid by Passport Energy Ltd., which will earn a 25% working interest in the well. The Hardy 4-16 well represents the initial earning well for the farm-out agreement among the three companies.

"We are excited to announce that we have successfully completed the drilling of the Hardy 4-16 well ahead of schedule and under budget," stated Brad Colby, the Company's Chief Executive Officer and President. "The completion of the first offset well in the Hardy Field is an important milestone in our drilling program and a significant step forward in our plan to increase our revenues through development of our significant Bakken acreage in the Williston Basin."

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 Company, 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. Persons are encouraged to read our Annual Report on Form 10-K for the year ended December 31, 2010, our Quarterly Report on Form 10-Q for the three-month period ended March 31, 2011, and our other documents subsequently filed with the Securities and Exchange Commission for meaningful cautionary language in respect of forward-looking statements in this press release. Interested persons are able to obtain free copies of filings containing information about the Company at the SEC's internet site (http://www.sec.gov). The Company assumes no obligation to update any of these forward-looking statements.

CONTACT: Brad Colby
President & CEO
Eternal Energy Corp.
303-798-5235
SOURCE Eternal Energy Corp.

--------------------
WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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EERG Eternal Energy Corp vs. Peers
YTD Perf|Dividend Yield|Percent Change
Peers
EERG
Eternal Energy Corp
230.00%​ APC
Anadarko Petroleum Corporation
-2.84%​ PVRS
Providence Resources, Inc.
0.00%​ APA
Apache Corporation
0.22%

--------------------
WHADDYA MEAN I CAN BE PRESIDENT OF THE USA.ITS STILL WE THE PEOPLE.RIGHT?

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