LITTLETON, Colo., March 27, 2007 (PRIME NEWSWIRE) -- Eternal Energy Corp. (OTCBB:EERG) announces that drilling operations have commenced on the Company's Laurel Valley prospect located in the outer Moray Firth area in the U.K. sector of the North Sea. The operator, Oilexco (45%), is drilling the well using the Sedco 712 propulsion-assisted, semi-submersible drilling vessel currently under contract.
The well will evaluate three prospective reservoir targets identified on a 250 square kilometer 3D seismic survey. These targets are located 24 kilometres south of the 639 million barrel Claymore field; 20 kilometres south of the 132 million barrel Scapa field; and 9 kilometres north of the 592 BCF Goldeneye field. These fields were developed on graben trends identified by seismic data. Based on a 3-D seismic survey, a similar graben exists over the Laurel Valley prospect.
EERG's partners in this project are Oilexco, International Frontier Resources and Gulf Shores Resources. Eternal Energy has a 9.1875% working interest in the Laurel Valley project.
The Laurel Valley well is the first of a two-well North Sea 2007 drilling program for EERG.
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 prospects for success in these initial drilling activities. 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, planned capital expenditures, future funding sources, anticipated sales, potential contracts, dependence on existing management, financing activities, and domestic and global economic conditions.