SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
X	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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)	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) 08/26/2011
	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)	08/26/2011		S		2,716,500	D	$0.184	3,453,500(1)	D
Common Stock(1)	08/29/2011		S		3,453,500	D	$0.184	0(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 Securities Underlying Derivative Security (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: 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) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) Member of a 13(d) group

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) Relationship of Reporting Person(s) to Issuer Director X 10% Owner Officer (give title below) X Other (specify below) Member of 13(d) group

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) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Member of 13(d) group

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) Relationship of Reporting Person(s) to Issuer Director 10% Owner Officer (give title below) X Other (specify below) Member of 13(d) group

Explanation of Responses:

1. This Form 4 is filed by Pelagic Master Fund Ltd. (the "Reporting Person"), 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 Master Fund Ltd. and Pelagic Institutional LP. McAndrew Rudisill is the sole indirect owner and controls Pelagic Capital Advisors LP. The Reporting Person is a member of a 13(d) group with Pelagic Capital Advisors LP, Pelagic Institutional LP and McAndrew Rudisill.

	/s/ McAndrew Rudisill, Individually	08/29/2011
	/s/ McAndrew Rudisill, Title: Sole Member	08/29/2011
	/s/ McAndrew Rudisill ,Title: Sole Member	08/29/2011
	/s/ McAndrew Rudisill, Title: Sole Member	08/29/2011
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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