American Eagle Energy Corp. (OTCQX: AMZG) has sold 4 million shares of its restricted common stock to Power Energy Holdings LLC.
The purchase price was $1 per share and the transaction closed on Jan. 4. The per-share sale price represents an approximate 22% premium to the Dec. 31 closing price of American Eagle's common stock.
In two other separate agreements, American Eagle granted options to Power Energy Partners LP, an affiliate of Power Energy Holdings LLC, to purchase 10% of either or both of the recent two Spyglass property acquisitions. Each option expires on March 29 and each contains the same pricing and proportionate ownership terms and conditions of the acquisitions to which the company is subject.
If Power Energy Partners exercises each option, American Eagle will retain 90% of the assets that it acquired on Dec. 28 and 45% of the total assets acquired on Jan. 4, with the remainder being owned by the company's Spyglass property area non-operating joint venture partner, who acquired that 45% interest in the Jan. 4 transaction.
Based in Littleton, Colo., American Eagle Energy Corp. is engaged in the exploration and production of petroleum and natural gas in North America.