LITTLETON, Colo., Oct. 31, 2006 (PRIMEZONE) -- Eternal Energy Corp. announced today that Lundin Petroleum will drill for gas on license P.1129 of the North Sea containing blocks 41/10a, 41/5, 42/2a and 42/7. Lundin Petroleum will be the operator with a twenty-five percent (25%) working interest. Lundin has contracted a rig to drill the Lytham prospect, and drilling operations are tentatively scheduled to commence in Q3, 2007.
A 3-D seismic survey over a portion (20%) of the block indicates that the Lytham prospect can be tested significantly updip from the previously drilled 41/10-1 well. Seismic data shows over 7,000 acres of potential closure at the Plattendolomite level.
As previously announced, Eternal Energy Corp. is investing 15% ($1.5 million USD) towards the cost of a 5,500 foot exploration well to earn a 10% interest in a 240,000 acre block (970 square kilometres) in Quad 41/42 of the North Sea.
Lundin Petroleum is an independent, Swedish oil and gas exploration and production company with existing proven and probable reserves of 146.1 million barrels of oil equivalent (mmboe) and a forecast net production for 2006 of 29,000 - 30,000 barrels of oil equivalent per day (boepd).
About Eternal Energy Corp.:
Eternal Energy Corp. is an oil and gas company engaged in the exploration for petroleum and natural gas in the State of Nevada and the North Sea. 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 related 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, and potential contracts. 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.