8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC  20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) June 18, 2010

AMERICAN EAGLE ENERGY INC.

(Exact name of registrant as specified in its charter)

Nevada	333-143626	20-8642477
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

27 North 27th Street, Suite 21-G, Billings, MT  59101

(Address of principal executive offices)                 (Zip Code)

Registrant’s telephone number, including area code:   (310) 706-4009

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

□ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

□ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

□ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

□ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

SECTION 8 – OTHER EVENTS

ITEM 8.01  Other Events.

On June 18, 2010, we sold our 50% working interest in approximately 6,239 net acres located in Divide County, North Dakota (the “Spyglass Prospect”), to Eternal Energy Corp. (“Eternal”) and acquired a 50% working interest in approximately 4,320 net acres located in southeastern Saskatchewan (the “Hardy Prospect”) and an existing, shut-in well bore from Eternal.  The transaction is expected to close on June 25, 2010.

In addition, we intend to enter into an operating agreement with Eternal, whereby Eternal will be responsible for managing all future exploration and operational activities for both the Hardy and Spyglass Prospects.

On June 18, 2010, we issued a press release announcing the sale of the Spyglass Prospect working interest and the acquisition of the Hardy Prospect working interest.  A copy of the press release is included with this filing as Exhibit 99.1.

SECTION 9 – FINANCIAL STATEMENTS AND EXHIBITS

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit	Description of Exhibit
99.1*	Press Release dated June 18, 2010, announcing the sale of the Spyglass Prospect working interest to Eternal Energy Corp. and the acquisition of the Hardy Prospect working interest.
________ * Filed herewith

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Date:  June 18, 2010	AMERICAN EAGLE ENERGY INC.
	By:	/s/ Richard Findley
		Richard Findley
		President and Chief Executive Officer

EX-99.1

Exhibit 99.1

American Eagle Energy Inc. Announces Working Interest Exchange

Billings, Montana; June 18, 2010 – American Eagle Energy Inc. (OTCBB:AMZG; “AEE”, or the “Company”) announced that it has entered into an agreement with Eternal Energy Corp. (OTCBB:EERG, “Eternal”) to exchange 50% of its working interest in approximately 6,239 net acres located in Divide County, North Dakota (the “Spyglass Prospect”), for a 50% working interest in approximately 4,320 net acres located in southeastern Saskatchewan (the “Hardy Prospect”) and an existing, shut-in well bore.  The transaction is expected to close on June 25, 2010.  AEE and Eternal have further agreed to execute an operating agreement in the next 30 days, under which Eternal will manage and oversee all future exploration and production activities for both the Hardy and Spyglass Prospects.

“We are thrilled to be partnering with Eternal Energy Corp. in the Hardy and Spyglass Prospects,” stated Dick Findley, AEE’s President and CEO.  “The combination of our geological expertise with Eternal’s technical and financial resources will enable us to move forward with our exploration of the Spyglass Prospect, as well as enable us to participate in the Hardy Prospect, an area that is known to contain proven oil reserves.  We look forward to announcing drilling plans in the very near future.”

About American Eagle Energy Inc.:

American Eagle Energy Inc. is an oil and gas company engaged in the exploration of petroleum and natural gas.  The company was incorporated in Nevada on March 14, 2007 under the name Yellow Hill Energy Inc., 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.

CONTACT:	Kirk Stingley
	American Eagle Energy Inc.
	303-798-5235