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      THIS
PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE "SUBSCRIPTION AGREEMENT") RELATES
TO AN OFFERING OF SECURITIES IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT
U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT").

       

      NONE
OF THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT RELATES HAVE BEEN
REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS.

       

      

      

      PRIVATE
PLACEMENT SUBSCRIPTION

      FOR
NON U.S. SUBSCRIBERS

      

      

      AMERICAN
EAGLE ENERGY INC.

      

      PRIVATE
PLACEMENT

      

      INSTRUCTIONS
TO SUBSCRIBER:

      

      
        	
                1.  

              	
                COMPLETE the information
      on page 2 of this Subscription
Agreement.

              

      

      

      
        	
                2.  

              	
                IF RESIDENT IN CANADA
      COMPLETE the Questionnaire attached as Schedule A to this
      Subscription Agreement (the
"Questionnaire").

              

      

      

      
        	
                3.  

              	
                FAX a copy of page 2 of
      this Subscription Agreement, and all pages of the Questionnaire to
      Macdonald Tuskey, attention William L. Macdonald at (604)
      681-4760.

              

      

      

      
        	
                4.  

              	
                COURIER the originally
      executed copy of the entire Subscription Agreement, together with the
      Questionnaire, to Macdonald Tuskey, counsel to the Company,
    to

              

      

      

      
        	
                 
      

              	
                Macdonald
      Tuskey, Corporate and Securities
Lawyers

              

      

      
        	
                 
      

              	
                1210
      – 777 Hornby Street

              

      

      
        	
                 
      

              	
                Vancouver,
      BC, Canada   V6Z 1S4

              

      

      
        	
                 
      

              	
                Attention:
      William L. Macdonald

              

      

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      AMERICAN
EAGLE ENERGY INC.

      PRIVATE
PLACEMENT

       

      The
Subscriber hereby irrevocably subscribes for, and on Closing will purchase from
the Company, the following securities at a price of US$0.75 per
Share

      

      
        
          
            
              	
                      ___________________ Shares

                    
	 
      

            

          

        

      

      

      The
Subscriber directs the Company to issue, register and deliver the certificates
representing the Shares as follows:

      

      
        
          
            	
                    REGISTRATION
      INSTRUCTIONS:

                  	
                    DELIVERY
      INSTRUCTIONS:

                  
	
                     

                    ________________________________________

                    Name
      to appear on certificate

                     

                    ________________________________________

                    SIN/Tax
      ID No.

                     

                    ________________________________________

                    Address

                     

                    ________________________________________

                  	
                     

                    ________________________________________

                    Name
      and account reference, if applicable

                     

                    ________________________________________

                    Contact
      name

                     

                    ________________________________________

                    Address

                     

                    ________________________________________

                    Telephone
      number

                  

          

        

         

        
          
            
              	
                      EXECUTED
      by the Subscriber this _______ day of__________, _____. By executing this
      Agreement, the Subscriber certifies that the Subscriber and any beneficial
      purchaser for whom the Subscriber is acting is resident in the
      jurisdiction shown as the “Address of the Subscriber”. The address of the
      Subscriber will be accepted by the Company as a representative as to the
      address of residency for the
Subscriber.

                    

            

          

        

      

       

      
        
          
            
              
                
                  
                    
                      
                        
                          	
                                  WITNESS:

                                	
                                  EXECUTION BY
      SUBSCRIBER:

                                
	
                                  ________________________________________

                                  Signature
      of witness

                                   

                                  ________________________________________

                                  Name
      of witness

                                   

                                  ________________________________________

                                  Address
      of witness

                                  ________________________________________

                                   

                                	
                                  X_______________________________________

                                  Signature
      of individual (if Subscriber is an
      individual)

                                   

                                  X_______________________________________

                                  Authorized
      signatory (if Subscriber is not an
      individual)

                                   

                                  ________________________________________

                                  Name
      of Subscriber (please
      print)

                                   

                                  ________________________________________

                                  Name
      of authorized signatory (please
      print)

                                
	
                                  ACCEPTED
      this _______ day of ___________, _____.

                                  AMERICAN
      EAGLE ENERGY INC.

                                  Per:

                                  ________________________________________

                                  Authorized
      signatory

                                	
                                   

                                  ________________________________________

                                  Address
      of Subscriber (residence)

                                   

                                  ________________________________________

                                  Telephone
      number and e-mail address

                                   

                                

                        

                         

                      

                    

                  

                

              

            

          

        

      

      By
signing this acceptance, the Company agrees to be bound by all representations,
warranties, covenants and agreements on pages 3-11 hereof.

      

      This
Subscription Agreement may be executed in any number of counterparts, each of
which, when so executed and delivered, shall constitute an original and all of
which together shall constitute one instrument.  Delivery of an
executed copy of this Subscription Agreement by electronic facsimile
transmission or other means of electronic communication capable of producing a
printed copy will be deemed to be execution and delivery of this Subscription
Agreement as of the date hereinafter set forth.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

         

      

      THIS
PRIVATE PLACEMENT SUBSCRIPTION AGREEMENT (THE "SUBSCRIPTION AGREEMENT") RELATES
TO AN OFFERING OF SECURITIES IN AN OFFSHORE TRANSACTION TO PERSONS WHO ARE NOT
U.S. PERSONS (AS DEFINED HEREIN) PURSUANT TO REGULATION S UNDER THE UNITED
STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933 ACT").

      

      NONE
OF THE SECURITIES TO WHICH THIS SUBSCRIPTION AGREEMENT RELATES HAVE BEEN
REGISTERED UNDER THE 1933 ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED
STATES OR TO U.S. PERSONS (AS DEFINED HEREIN) EXCEPT IN ACCORDANCE WITH THE
PROVISIONS OF REGULATION S UNDER THE 1933 ACT, PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES
LAWS.

       

      PRIVATE
PLACEMENT SUBSCRIPTION

      (Non U.S.
Subscribers Only)

      

      
        	
                TO:

              	
                AMERICAN EAGLE ENERGY INC.
      (the “Company”)

              

      

      
        	
                 
      

              	
                2120
      WEST LITTLETON BLVD.,

              

      

      
        	
                 
      

              	
                SUITE
      300  LITTLETON, CO 80120 

              

      

      

       

      Purchase of
Shares

       

      
        	
                1.  

              	
                SUBSCRIPTION

              

      

       

      1.1     
The
undersigned (the "Subscriber") hereby irrevocably subscribes for and agrees to
purchase the number of shares of the Company's common stock (the "Shares") as
set out on page 2 of this Subscription Agreement at a price of US$0.75 per Share
(such subscription and agreement to purchase being the "Subscription"), for the
total subscription price as set out on page 2 of this Subscription Agreement
(the "Subscription Proceeds"), which Subscription Proceeds are tendered
herewith, on the basis of the representations and warranties and subject to the
terms and conditions set forth herein.  The Shares are referred to as
the “Securities”.

       

      1.2     
The
Company hereby agrees to sell, on the basis of the representations and
warranties and subject to the terms and conditions set forth herein, to the
Subscriber the Shares.  Subject to the terms hereof, the Subscription
Agreement will be effective upon its acceptance by the Company.

       

      1.3     
Unless
otherwise provided, all dollar amounts referred to in this Subscription
Agreement are in lawful money of the United States of America.

       

      
        	
                2.  

              	
                PAYMENT

              

      

       

      2.1     
The
Subscription Proceeds must accompany this Subscription Agreement.  The
Subscriber authorizes the Company's lawyers to deliver the Subscription Proceeds
to the Company if the Subscription Proceeds are delivered to the Company’s
lawyers, without further instructions required.

       

      2.2     
The
Subscriber acknowledges and agrees that this Subscription Agreement and any
other documents delivered in connection herewith will be held by the Company's
lawyers on behalf of the Company.  In the event that this Subscription
Agreement is not accepted by the Company for whatever reason within 90 days of
the delivery of an executed Subscription Agreement by the Subscriber, or the
minimum offering amount is not achieved by that time, this Subscription
Agreement, the Subscription Proceeds and any other documents delivered in
connection herewith will be returned to the Subscriber at the address of the
Subscriber as set forth in this Subscription Agreement without interest or
deduction.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      2.3     
Where the
Subscription Proceeds are paid to the Company, the Company may treat the
Subscription Proceeds as a non-interest bearing loan and may use the
Subscription Proceeds prior to this Subscription Agreement being accepted by the
Company.

       

      2.4     
If
resident in Canada, the Subscriber must complete, sign and return to the Company
an executed copy of this Subscription Agreement, the Questionnaire attached
hereto as Schedule A (the “Questionnaire”) and any other schedules attached
hereto.

       

      2.5     
The
Subscriber shall complete, sign and return to the Company as soon as possible,
on request by the Company, any documents, questionnaires, notices and
undertakings as may be required by regulatory authorities, stock exchanges and
applicable law.

       

      
        	
                3.  

              	
                CLOSING

              

      

       

      3.1     
Closing
of the purchase and sale of the Shares shall occur on or before _____________,
2009, or on such other date as may be determined by the Company in its sole
discretion (the "Closing Date").  The Subscriber acknowledges that
Shares may be issued to other subscribers under this offering (the "Offering")
before or after the Closing Date.  The Company, may, at its
discretion, elect to close the Offering in one or more closings, in which event
the Company may agree with one or more subscribers (including the Subscriber
hereunder) to complete delivery of the Shares to such subscriber(s) against
payment therefore at any time on or prior to the Closing Date.

       

      
        	
                4.  

              	
                ACKNOWLEDGEMENTS OF
      SUBSCRIBER

              

      

       

      4.1     
The
Subscriber acknowledges and agrees that:

       

      
        	
              	
                (a)  

              	
                none
      of the Securities have been registered under the Securities Act of 1933,
      as amended (the "1933 Act"), or under any state securities or "blue sky"
      laws of any state of the United States, and are being offered only in a
      transaction not involving any public offering within the meaning of the
      1933 Act, and, unless so registered, may not be offered or sold in the
      United States or to U.S. Persons (as defined herein), except pursuant to
      an effective registration statement under the 1933 Act, or pursuant to an
      exemption from, or in a transaction not subject to, the registration
      requirements of the 1933 Act, and in each case only in accordance with
      applicable state and provincial securities
laws;

              

      

       

      
        	
              	
                (b)  

              	
                the
      Company will refuse to register any transfer of any of the Securities not
      made in accordance with the provisions of Regulation S, pursuant to an
      effective registration statement under the 1933 Act or pursuant to an
      available exemption from, or in a transaction not subject to, the
      registration requirements of the 1933
Act;

              

      

       

      
        	
              	
                (c)  

              	
                by
      completing the Questionnaire, the Subscriber is representing and
      warranting that the Subscriber satisfies one of the categories of
      registration and prospectus exemptions provided for in National Instrument
      45-106 ("NI 45-106") adopted by the Canadian Securities Administrators
      (the "CSA");

              

      

       

      
        	
              	
                (d)  

              	
                the
      decision to execute this Subscription Agreement and purchase the Shares
      agreed to be purchased hereunder has not been based upon any oral or
      written representation as to fact or otherwise made by or on behalf of the
      Company and such decision is based solely upon a review of publicly
      available information regarding the Company available on the website of
      the United States Securities and Exchange Commission (the "SEC") available
      at www.sec.gov (the "Company
Information");

              

      

       

      
        	
              	
                (e)  

              	
                the
      Subscriber and the Subscriber's advisor(s) have had a reasonable
      opportunity to review the Company Information and to ask questions of and
      receive answers from the Company regarding the Offering, and to obtain
      additional information, to the extent possessed or obtainable without
      unreasonable effort or expense, necessary to verify the accuracy of the
      information contained in the Company Information, or any other document
      provided to the Subscriber;

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
              	
                (f)  

              	
                the
      books and records of the Company were available upon reasonable notice for
      inspection, subject to certain confidentiality restrictions, by the
      Subscriber during reasonable business hours at its principal place of
      business and that all documents, records and books pertaining to this
      Offering have been made available for inspection by the Subscriber, the
      Subscriber's attorney and/or
advisor(s);

              

      

       

      
        	
              	
                (g)  

              	
                by
      execution hereof the Subscriber has waived the need for the Company to
      communicate its acceptance of the purchase of the Shares pursuant to this
      Subscription Agreement;

              

      

       

      
        	
              	
                (h)  

              	
                the
      Company is entitled to rely on the representations and warranties and the
      statements and answers of the Subscriber contained in this Subscription
      Agreement and the Questionnaire and the Subscriber will hold harmless the
      Company from any loss or damage it may suffer as a result of the
      Subscriber's failure to correctly complete this Subscription Agreement and
      the Questionnaire;

              

      

       

      
        	
              	
                (i)  

              	
                the
      Subscriber will indemnify and hold harmless the Company and, where
      applicable, its respective directors, officers, employees, agents,
      advisors and shareholders from and against any and all loss, liability,
      claim, damage and expense whatsoever (including, but not limited to, any
      and all fees, costs and expenses whatsoever reasonably incurred in
      investigating, preparing or defending against any claim, lawsuit,
      administrative proceeding or investigation whether commenced or
      threatened) arising out of or based upon any acknowledgment,
      representation or warranty of the Subscriber contained herein, the
      Questionnaire or in any other document furnished by the Subscriber to the
      Company in connection herewith, being untrue in any material respect or
      any breach or failure by the Subscriber to comply with any covenant or
      agreement made by the Subscriber to the Company in connection
      therewith;

              

      

       

      
        	
              	
                (j)  

              	
                the
      issuance and sale of the Shares to the Subscriber will not be completed if
      it would be unlawful or if, in the discretion of the Company acting
      reasonably, it is not in the best interests of the
  Company;

              

      

       

      
        	
              	
                (k)  

              	
                the
      Subscriber has been advised to consult the Subscriber’s own legal, tax and
      other advisors with respect to the merits and risks of an investment in
      the Securities and with respect to the applicable resale restrictions, and
      it is solely responsible (and the Company is not in any way responsible)
      for compliance with:

              

      

       

      
        	
              	
                (i)  

              	
                any
      applicable laws of the jurisdiction in which the Subscriber is resident in
      connection with the distribution of the Securities hereunder,
      and

              

      

       

      
        	
              	
                (ii)  

              	
                applicable
      resale restrictions;

              

      

       

      
        	
              	
                (l)  

              	
                the
      Subscriber has not acquired the Shares as a result of, and will not itself
      engage in, any "directed selling efforts" (as defined in Regulation S
      under the 1933 Act) in the United States in respect of any of the
      Securities which would include any activities undertaken for the purpose
      of, or that could reasonably be expected to have the effect of,
      conditioning the market in the United States for the resale of any of the
      Securities; provided, however, that the Subscriber may sell or otherwise
      dispose of any of the Shares pursuant to registration of any of the Shares
      pursuant to the 1933 Act and any applicable state securities laws or under
      an exemption from such registration requirements and as otherwise provided
      herein;

              

      

       

      
        	
              	
                (m)  

              	
                the
      Subscriber is outside the United States when receiving and executing this
      Subscription Agreement and is acquiring the Shares as principal for its
      own account, for investment purposes only, and not with a view to, or for,
      resale, distribution or fractionalization thereof, in whole or in part,
      and no other person has a direct or indirect beneficial interest in such
      Shares;

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
              	
                (n)  

              	
                the
      statutory and regulatory basis for the exemption claimed for the offer and
      sale of the Shares, although in technical compliance with Regulation S,
      would not be available if the offering is part of a plan or scheme to
      evade the registration provisions of the 1933
  Act;

              

      

       

      
        	
              	
                (o)  

              	
                the
      Company has advised the Subscriber that, if the Subscriber is a Canadian
      resident, the Company is relying on an exemption from the requirements to
      provide the Subscriber with a prospectus and to sell the Shares through a
      person registered to sell securities and, as a consequence of acquiring
      the Shares pursuant to this exemption, certain protections, rights and
      remedies provided, including statutory rights of rescission or damages,
      will not be available to the
Subscriber;

              

      

       

      
        	
              	
                (p)  

              	
                none
      of the Securities are listed on any stock exchange or automated dealer
      quotation system and no representation has been made to the Subscriber
      that any of the Securities will become listed on any stock exchange or
      automated dealer quotation system;

              

      

       

      
        	
              	
                (q)  

              	
                neither
      the SEC nor any other securities commission or similar regulatory
      authority has reviewed or passed on the merits of any of the
      Securities;

              

      

       

      
        	
              	
                (r)  

              	
                no
      documents in connection with this Offering have been reviewed by the SEC
      or any state securities
administrators;

              

      

       

      
        	
              	
                (s)  

              	
                there
      is no government or other insurance covering any of the Securities;
      and

              

      

       

      
        	
              	
                (t)  

              	
                this
      Subscription Agreement is not enforceable by the Subscriber unless it has
      been accepted by the Company, and the Subscriber acknowledges and agrees
      that the Company reserves the right to reject any subscription for any
      reason.

              

      

       

      
        	
                5.  

              	
                REPRESENTATIONS,
      WARRANTIES AND COVENANTS OF THE
  SUBSCRIBER

              

      

       

      5.1     
The
Subscriber hereby represents and warrants to and covenants with the Company
(which representations, warranties and covenants shall survive the Closing Date)
that:

       

      
        	
              	
                (a)  

              	
                the
      Subscriber is not a U.S. Person (as defined
  herein);

              

      

       

      
        	
              	
                (b)  

              	
                the
      Subscriber is not acquiring the Shares for the account or benefit of,
      directly or indirectly, any U.S. Person (as defined
    herein);

              

      

       

      
        	
              	
                (c)  

              	
                the
      Subscriber is resident in the jurisdiction set out on page 2 of this
      Subscription Agreement;

              

      

       

      
        	
              	
                (d)  

              	
                the
      Subscriber:

              

      

       

      
        	
              	
                (i)  

              	
                is
      knowledgeable of, or has been independently advised as to, the applicable
      securities laws of the securities regulators having application in the
      jurisdiction in which the Subscriber is resident (the “International
      Jurisdiction”) which would apply to the acquisition of the
      Shares,

              

      

       

      
        	
              	
                (ii)  

              	
                is
      purchasing the Shares pursuant to exemptions from prospectus or equivalent
      requirements under applicable securities laws or, if such is not
      applicable, the Subscriber is permitted to purchase the Shares under the
      applicable securities laws of the securities regulators in the
      International Jurisdiction without the need to rely on any
      exemptions,

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
              	
                (iii)  

              	
                acknowledges
      that the applicable securities laws of the authorities in the
      International Jurisdiction do not require the Company to make any filings
      or seek any approvals of any kind whatsoever from any securities regulator
      of any kind whatsoever in the International Jurisdiction in connection
      with the issue and sale or resale of any of the Securities,
      and

              

      

       

      
        	
              	
                (iv)  

              	
                represents
      and warrants that the acquisition of the Shares by the Subscriber does not
      trigger:

              

      

       

      
        	
              	
                A.  

              	
                any
      obligation to prepare and file a prospectus or similar document, or any
      other report with respect to such purchase in the International
      Jurisdiction, or

              

      

       

      
        	
              	
                B.  

              	
                any
      continuous disclosure reporting obligation of the Company in the
      International Jurisdiction, and

              

      

       

      the
Subscriber will, if requested by the Company, deliver to the Company a
certificate or opinion of local counsel from the International Jurisdiction
which will confirm the matters referred to in subparagraphs (ii), (iii) and (iv)
above to the satisfaction of the Company, acting reasonably;

       

      
        	
              	
                (e)  

              	
                the
      Subscriber is acquiring the Shares as principal for investment only and
      not with a view to, or for, resale, distribution or fractionalization
      thereof, in whole or in part, and, in particular, it has no intention to
      distribute either directly or indirectly any of the Securities in the
      United States or to U.S. Persons (as defined
  herein);

              

      

       

      
        	
              	
                (f)  

              	
                the
      Subscriber is outside the United States when receiving and executing this
      Subscription Agreement;

              

      

       

      
        	
              	
                (g)  

              	
                the
      Subscriber understands and agrees not to engage in any hedging
      transactions involving any of the Securities unless such transactions are
      in compliance with the provisions of the 1933 Act and in each case only in
      accordance with applicable state securities
  laws;

              

      

       

      
        	
              	
                (h)  

              	
                the
      Subscriber acknowledges that it has not acquired the Shares as a result
      of, and will not itself engage in, any "directed selling efforts" (as
      defined in Regulation S under the 1933 Act) in the United States in
      respect of any of the Securities which would include any activities
      undertaken for the purpose of, or that could reasonably be expected to
      have the effect of, conditioning the market in the United States for the
      resale of any of the Securities; provided, however, that the Subscriber
      may sell or otherwise dispose of any of the Shares pursuant to
      registration of any of the Shares pursuant to the 1933 Act and any
      applicable state securities laws or under an exemption from such
      registration requirements and as otherwise provided
  herein;

              

      

       

      
        	
              	
                (i)  

              	
                the
      Subscriber has the legal capacity and competence to enter into and execute
      this Subscription Agreement and to take all actions required pursuant
      hereto and, if the Subscriber is a corporation, it is duly incorporated
      and validly subsisting under the laws of its jurisdiction of incorporation
      and all necessary approvals by its directors, shareholders and others have
      been obtained to authorize execution and performance of this Subscription
      Agreement on behalf of the
Subscriber;

              

      

       

      
        	
              	
                (j)  

              	
                the
      entering into of this Subscription Agreement and the transactions
      contemplated hereby do not result in the violation of any of the terms and
      provisions of any law applicable to, or, if applicable, the constating
      documents of, the Subscriber, or of any agreement, written or oral, to
      which the Subscriber may be a party or by which the Subscriber is or may
      be bound;

              

      

       

      
        	
              	
                (k)  

              	
                the
      Subscriber has duly executed and delivered this Subscription Agreement and
      it constitutes a valid and binding agreement of the Subscriber enforceable
      against the Subscriber;

              

      

       

      
        	
              	
                (l)  

              	
                the
      Subscriber has received and carefully read this Subscription
      Agreement;

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
              	
                (m)  

              	
                the
      Subscriber (i) has adequate net worth and means of providing for its
      current financial needs and possible personal contingencies, (ii) has no
      need for liquidity in this investment, and (iii) is able to bear the
      economic risks of an investment in the Securities for an indefinite period
      of time, and can afford the complete loss of such
    investment;

              

      

       

      
        	
              	
                (n)  

              	
                the
      Subscriber has the requisite knowledge and experience in financial and
      business matters as to be capable of evaluating the merits and risks of
      the investment in the Securities and the Company, and the Subscriber is
      providing evidence of knowledge and experience in these matters through
      the information requested in the
Questionnaire;

              

      

       

      
        	
              	
                (o)  

              	
                the
      Subscriber understands and agrees that the Company and others will rely
      upon the truth and accuracy of the acknowledgements, representations,
      warranties, covenants and agreements contained in this Subscription
      Agreement and the Questionnaire, and agrees that if any of such
      acknowledgements, representations and agreements are no longer accurate or
      have been breached, the Subscriber shall promptly notify the
      Company;

              

      

       

      
        	
              	
                (p)  

              	
                the
      Subscriber is aware that an investment in the Company is speculative and
      involves certain risks, including the possible loss of the
      investment;

              

      

       

      
        	
              	
                (q)  

              	
                the
      Subscriber is purchasing the Shares for its own account for investment
      purposes only and not for the account of any other person and not for
      distribution, assignment or resale to others, and no other person has a
      direct or indirect beneficial interest is such Shares, and the Subscriber
      has not subdivided his interest in the Shares with any other
      person;

              

      

       

      
        	
              	
                (r)  

              	
                the
      Subscriber is not an underwriter of, or dealer in, the shares of the
      Company's common stock, nor is the Subscriber participating, pursuant to a
      contractual agreement or otherwise, in the distribution of the
      Shares;

              

      

       

      
        	
              	
                (s)  

              	
                the
      Subscriber has made an independent examination and investigation of an
      investment in the Securities and the Company and has depended on the
      advice of its legal and financial advisors and agrees that the Company
      will not be responsible in anyway whatsoever for the Subscriber's decision
      to invest in the Securities and the
Company;

              

      

       

      
        	
              	
                (t)  

              	
                if
      the Subscriber is acquiring the Shares as a fiduciary or agent for one or
      more investor accounts, the Subscriber has sole investment discretion with
      respect to each such account, and the Subscriber has full power to make
      the foregoing acknowledgements, representations and agreements on behalf
      of such account;

              

      

       

      
        	
              	
                (u)  

              	
                the
      Subscriber is not aware of any advertisement of any of the Shares and is
      not acquiring the Shares as a result of any form of general solicitation
      or general advertising including advertisements, articles, notices or
      other communications published in any newspaper, magazine or similar media
      or broadcast over radio or television, or any seminar or meeting whose
      attendees have been invited by general solicitation or general
      advertising;

              

      

       

      
        	
              	
                (v)  

              	
                no
      person has made to the Subscriber any written or oral
      representations:

              

      

       

      
        	
              	
                (i)  

              	
                that
      any person will resell or repurchase any of the
  Securities,

              

      

       

      
        	
              	
                (ii)  

              	
                that
      any person will refund the purchase price of any of the
      Securities,

              

      

       

      
        	
              	
                (iii)  

              	
                as
      to the future price or value of any of the Securities,
  or

              

      

       

      
        	
              	
                (iv)  

              	
                that
      any of the Securities will be listed and posted for trading on any stock
      exchange or automated dealer quotation system or that application has been
      made to list and post any of the Securities of the Company on any stock
      exchange or automated dealer quotation system;
  and

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
              	
                (w)  

              	
                the
      Subscriber acknowledges and agrees that the Company shall not consider the
      Subscriber's Subscription for acceptance unless the undersigned provides
      to the Company, along with an executed copy of this Subscription
      Agreement:

              

      

       

      
        	
              	
                (i)  

              	
                if
      resident in Canada, a fully completed and executed Questionnaire in the
      form attached hereto as Schedule A,
and

              

      

       

      
        	
              	
                (ii)  

              	
                such
      other supporting documentation that the Company or its legal counsel may
      request to establish the Subscriber's qualification as a qualified
      investor.

              

      

       

      5.2     
In this
Subscription Agreement, the term "U.S. Person" shall have the meaning ascribed
thereto in Regulation S promulgated under the 1933 Act and for the purpose
of the Subscription Agreement includes any person in the United
States.

       

      
        	
                6.  

              	
                ACKNOWLEDGEMENT AND
      WAIVER

              

      

       

      6.1     
The
Subscriber has acknowledged that the decision to purchase the Shares was solely
made on the Company Information.  The Subscriber hereby waives, to the
fullest extent permitted by law, any rights of withdrawal, rescission or
compensation for damages to which the Subscriber might be entitled in connection
with the distribution of any of the Shares.

       

      
        	
                7.  

              	
                REPRESENTATIONS AND
      WARRANTIES WILL BE RELIED UPON BY THE
  COMPANY

              

      

       

      7.1     
The
Subscriber acknowledges that the acknowledgements, representations and
warranties contained herein and in the Questionnaire are made by it with the
intention that they may be relied upon by the Company and its legal counsel in
determining the Subscriber's eligibility to purchase the Shares under applicable
securities legislation, or (if applicable) the eligibility of others on whose
behalf it is contracting hereunder to purchase the Shares under applicable
securities legislation.  The Subscriber further agrees that by
accepting delivery of the certificates representing the Shares, it will be
representing and warranting that the acknowledgements representations and
warranties contained herein and in the Questionnaire are true and correct as of
the date hereof and will continue in full force and effect notwithstanding any
subsequent disposition by the Subscriber of such Shares.

       

      
        	
                8.  

              	
                RESALE
      RESTRICTIONS

              

      

       

      8.1     
The
Subscriber acknowledges that any resale of the Securities will be subject to
resale restrictions contained in the securities legislation applicable to the
Subscriber or proposed transferee.  The Subscriber acknowledges that
none of the Securities have been registered under the 1933 Act or the securities
laws of any state of the United States.  None of the Securities may be
offered or sold in the United States unless registered in accordance with
federal securities laws and all applicable state securities laws or exemptions
from such registration requirements are available.

       

      
        	
                9.  

              	
                LEGENDING AND
      REGISTRATION OF SUBJECT
SECURITIES

              

      

       

      9.1     
The
Subscriber hereby acknowledges that upon the issuance thereof, and until such
time as the same is no longer required under the applicable securities laws and
regulations, the certificates representing the Shares will bear a legend in
substantially the following form:

       

      THE
SECURITIES REPRESENTED HEREBY HAVE BEEN OFFERED IN AN OFFSHORE TRANSACTION TO A
PERSON WHO IS NOT A U.S. PERSON (AS DEFINED HEREIN) PURSUANT TO REGULATION S
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE "1933
ACT").

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      NONE OF
THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE 1933 ACT, OR
ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR
SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES (AS DEFINED HEREIN) OR TO
U.S. PERSONS EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S UNDER THE
1933 ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS.  IN ADDITION, HEDGING
TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE 1933 ACT.  "UNITED STATES" AND "U.S. PERSON" ARE AS DEFINED
BY REGULATION S UNDER THE 1933 ACT.

       

      9.2     
The
Subscriber hereby acknowledges and agrees to the Company making a notation on
its records or giving instructions to the registrar and transfer agent of the
Company in order to implement the restrictions on transfer set forth and
described in this Subscription Agreement.

       

      
        	
                10.  

              	
                COLLECTION OF PERSONAL
      INFORMATION

              

      

       

      10.1    The
Subscriber acknowledges and consents to the fact that the Company is collecting
the Subscriber's personal information for the purpose of fulfilling this
Subscription Agreement and completing the Offering.  The Subscriber's
personal information (and, if applicable, the personal information of those on
whose behalf the Subscriber is contracting hereunder) may be disclosed by the
Company to (a) stock exchanges or securities regulatory authorities, (b) the
Company's registrar and transfer agent, (c) Canadian tax authorities, (d)
authorities pursuant to the Proceeds of Crime (Money Laundering)
and Terrorist Financing Act (Canada) and (e) any of the other parties
involved in the Offering, including legal counsel, and may be included in record
books in connection with the Offering.  By executing this Subscription
Agreement, the Subscriber is deemed to be consenting to the foregoing
collection, use and disclosure of the Subscriber's personal information (and, if
applicable, the personal information of those on whose behalf the Subscriber is
contracting hereunder) and to the retention of such personal information for as
long as permitted or required by law or business
practice.  Notwithstanding that the Subscriber may be purchasing
Shares as agent on behalf of an undisclosed principal, the Subscriber agrees to
provide, on request, particulars as to the identity of such undisclosed
principal as may be required by the Company in order to comply with the
foregoing.

       

      
        	
                11.  

              	
                COSTS

              

      

       

      11.1    The
Subscriber acknowledges and agrees that all costs and expenses incurred by the
Subscriber (including any fees and disbursements of any special counsel retained
by the Subscriber) relating to the purchase of the Shares shall be borne by the
Subscriber.

       

      
        	
                12.  

              	
                GOVERNING
      LAW

              

      

       

      12.1    This
Subscription Agreement is governed by the laws of the State of
Nevada.  The Subscriber, in its personal or corporate capacity and, if
applicable, on behalf of each beneficial purchaser for whom it is acting,
irrevocably attorns to the exclusive jurisdiction of the Courts of the State of
Nevada.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                13.  

              	
                SURVIVAL

              

      

       

      13.1    This
Subscription Agreement, including without limitation the representations,
warranties and covenants contained herein, shall survive and continue in full
force and effect and be binding upon the parties hereto notwithstanding the
completion of the purchase of the Shares by the Subscriber pursuant
hereto.

       

      
        	
                14.  

              	
                ASSIGNMENT

              

      

       

      14.1    This
Subscription Agreement is not transferable or assignable.

       

      
        	
                15.  

              	
                SEVERABILITY

              

      

       

      15.1    The
invalidity or unenforceability of any particular provision of this Subscription
Agreement shall not affect or limit the validity or enforceability of the
remaining provisions of this Subscription Agreement.

       

      
        	
                16.  

              	
                ENTIRE
      AGREEMENT

              

      

       

      16.1    Except as
expressly provided in this Subscription Agreement and in the agreements,
instruments and other documents contemplated or provided for herein, this
Subscription Agreement contains the entire agreement between the parties with
respect to the sale of the Shares and there are no other terms, conditions,
representations or warranties, whether expressed, implied, oral or written, by
statute or common law, by the Company or by anyone else.

       

      
        	
                17.  

              	
                NOTICES

              

      

       

      17.1    All
notices and other communications hereunder shall be in writing and shall be
deemed to have been duly given if mailed or transmitted by any standard form of
telecommunication.  Notices to the Subscriber shall be directed to the
address on page 2 and notices to the Company shall be directed to it at the
first page of this Subscription Agreement.

       

      
        	
                18.  

              	
                COUNTERPARTS AND
      ELECTRONIC MEANS

              

      

       

      18.1    This
Subscription Agreement may be executed in any number of counterparts, each of
which, when so executed and delivered, shall constitute an original and all of
which together shall constitute one instrument.  Delivery of an
executed copy of this Subscription Agreement by electronic facsimile
transmission or other means of electronic communication capable of producing a
printed copy will be deemed to be execution and delivery of this Subscription
Agreement as of the date hereinafter set forth.

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      

      SCHEDULE
A

       

      CANADIAN
QUESTIONNAIRE

       

      All
capitalized terms herein, unless otherwise defined, have the meanings ascribed
thereto in the Subscription Agreement.

       

      The
purpose of this Questionnaire is to assure the Company that the Subscriber will
meet certain requirements of National Instrument 45-106 ("NI
45-106").  The Company will rely on the information contained in this
Questionnaire for the purposes of such determination.

       

      The
Subscriber covenants, represents and warrants to the Company that:

       

      
        	
                 
      

              	
                1.

              	
                the
      Subscriber has such knowledge and experience in financial and business
      matters as to be capable of evaluating the merits and risks of the
      transactions detailed in the Subscription Agreement and the Subscriber is
      able to bear the economic risk of loss arising from such
      transactions;

              

      

       

      
        	
                 
      

              	
                2.

              	
                the
      Subscriber is (tick one
      or more of the following
boxes):

              

      

      
        
          
            	
                    (A)

                  	
                    a
      director, executive officer, employee or control person of the Company or
      an affiliate of the Company

                  	 
      o
	
                    (B)

                  	
                    a
      spouse, parent, grandparent, brother, sister or child of a director,
      executive officer, founder or control person of the Company or an
      affiliate of the Company

                  	 
      o
	
                    (C)

                  	
                    a
      parent, grandparent, brother, sister or child of the spouse of a director,
      executive officer, founder or control person of the Company or an
      affiliate of the Company

                  	 
      o
	
                    (D)

                  	
                    a
      close personal friend of a director, executive officer, founder or control
      person of the Company

                  	 
      o
	
                    (E)

                  	
                    a
      close business associate of a director, executive officer, founder or
      control person of the Company or an affiliate of the
    Company

                  	 
      o
	
                    (F)

                  	
                    an
      accredited investor

                  	 
      o
	
                    (G)

                  	
                    a
      company, partnership or other entity of which a majority of the voting
      securities are beneficially owned by, or a majority of the directors are,
      persons described in paragraphs A to F

                  	 
      o
	
                    (H)

                  	
                    a
      trust or estate of which all of the beneficiaries or a majority of the
      trustees or executors are persons described in paragraphs A to
      F

                  	 
      o
	
                    (I)

                  	
                    purchasing
      as principal Securities with an aggregate acquisition cost of not less
      than CDN$150,000

                  	 
      o

          

        

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	
                3.

              	
                if
      the Subscriber has checked box B, C, D, E, G or H in Section 2 above, the
      director, executive officer, founder or control person of the Company with
      whom the undersigned has the relationship
is:

              

      

       

      _______________________________________________________________________________

       

      (Instructions to Subscriber: fill in
the name of each director, executive officer, founder and control person which
you have the above-mentioned relationship with.  If you have checked
box G or H, also indicate which of A to F describes the securityholders,
directors, trustees or beneficiaries which qualify you as box G or H and provide
the names of those individuals.  Please attach a separate page if
necessary).

       

      
        	
                 
      

              	
                4.

              	
                if
      the Subscriber is resident in Ontario, the Subscriber is (tick one or more of the
      following boxes):

              

      

      
        
          	
                  (A)

                	
                  a
      founder of the Company

                	 
      o
	
                  (B)

                	
                  an
      affiliate of a founder of the Company

                	 
      o
	
                  (C)

                	
                  a
      spouse, parent, brother, sister, grandparent or child of a director,
      executive officer or founder of the Company

                	 
      o
	
                  (D)

                	
                  a
      person that is a control person of the Company

                	 
      o
	
                  (E)

                	
                  an
      accredited investor

                	 
      o
	
                  (F)

                	
                  purchasing
      as principal Securities with an aggregate acquisition cost of not less
      than CDN$150,000

                	 
      o

        

      

       

      
        	
                 
      

              	
                5.

              	
                if
      the Subscriber has checked box A, B, C or D in Section 4 above, the
      director, executive officer, founder or control person of the Company with
      whom the undersigned has the relationship
is:

              

      

       

      _______________________________________________________________________________

       

      (Instructions
to Subscriber: fill in the name of each director, executive officer, founder,
affiliate and control person which you have the above-mentioned relationship
with.)

       

      
        	
                 
      

              	
                6.

              	
                if
      the Subscriber has ticked box F in Section 2 or box E in Section 4 above,
      the Subscriber satisfies one or more of the categories of "accredited
      investor" (as that term is defined in NI 45-106) indicated below (please
      check the appropriate box):

              

      

       

      
        	
                 
      

              	 o	
                (a)
      a Canadian financial institution as defined in National Instrument 14-101,
      or an authorized foreign bank listed in Schedule III of the Bank
      Act (Canada);

              

      

       

      
        	
                 
      

              	 o	
                (b)
      the Business Development Bank of Canada incorporated under the Business
      Development Bank Act
(Canada);

              

      

       

      
        	
                 
      

              	 o	
                (c)
      a subsidiary of any person referred to in any of the foregoing categories,
      if the person owns all of the voting securities of the subsidiary, except
      the voting securities required by law to be owned by directors of that
      subsidiary;

              

      

       

      
        	
                 
      

              	 o	
                (d)
      an individual registered or formerly registered under securities
      legislation in a jurisdiction of Canada, as a representative of a person
      or company registered under securities legislation in a jurisdiction of
      Canada, as an adviser or dealer, other than a limited market dealer
      registered under the Securities
      Act (Ontario) or the Securities
      Act (Newfoundland);

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	 o	
                (e)
      an individual registered or formerly registered under the securities
      legislation of a jurisdiction of Canada as a representative of a person
      referred to in paragraph (d);

              

      

       

      
        	
                 
      

              	 o	
                (f)
      the government of Canada or a province, or any crown corporation or agency
      of the government of Canada or a
province;

              

      

       

      
        	
                 
      

              	 o	
                (g)
      a municipality, public board or commission in Canada and a metropolitan
      community, school board, the Comite de gestion de la taxe scholaire de
      l'ile de Montreal or an intermunicipal management board in
      Québec;

              

      

       

      
        	
                 
      

              	 o	
                (h)
      a national, federal, state, provincial, territorial or municipal
      government of or in any foreign jurisdiction, or any agency
      thereof;

              

      

       

      
        	
                 
      

              	 o	
                (i)
      a pension fund that is regulated by either the Office of the
      Superintendent of Financial Institutions (Canada) or a pension commission
      or similar regulatory authority of a jurisdiction of
    Canada;

              

      

       

      
        	
                 
      

              	 o	
                (j)
      an individual who either alone or with a spouse beneficially owns,
      directly or indirectly, financial assets (as defined in NI 45-106) having
      an aggregate realizable value that, before taxes but net of any related
      liabilities, exceeds CDN$1,000,000;

              

      

       

      
        	
                 
      

              	 o	
                (k)
      an individual whose net income before taxes exceeded CDN$200,000 in each
      of the two more recent calendar years or whose net income before taxes
      combined with that of a spouse exceeded $300,000 in each of those years
      and who, in either case, reasonably expects to exceed that net income
      level in the current calendar year;

              

      

       

      
        	
                 
      

              	 o	
                (l)
      an individual who, either alone or with a spouse, has net assets of at
      least CDN $5,000,000;

              

      

       

      
        	
                 
      

              	 o	
                (m)
      a person, other than an individual or investment fund, that had net assets
      of at least CDN$5,000,000 as reflected on its most recently prepared
      financial statements;

              

      

       

      
        	
                 
      

              	 o	
                (n)
      an investment fund that distributes it securities only to persons that are
      accredited investors at the time of distribution, a person that acquires
      or acquired a minimum of CDN$150,000 of value in securities, or a person
      that acquires or acquired securities under Sections 2.18 or 2.19 of NI
      45-106;

              

      

       

      
        	
                 
      

              	 o	
                (o)
      an investment fund that distributes or has distributed securities under a
      prospectus in a jurisdiction of Canada for which the regulator or, in
      Québec, the securities regulatory authority, has issued a
      receipt;

              

      

       

      
        	
                 
      

              	 o	
                (p)
      a trust company or trust corporation registered or authorized to carry on
      business under the Trust
      and Loan Companies Act (Canada) or under comparable legislation in
      a jurisdiction of Canada or a foreign jurisdiction, acting on behalf of a
      fully managed account managed by the trust company or trust corporation,
      as the case may be;

              

      

       

      
        	
                 
      

              	 o	
                (q)
      a person acting on behalf of a fully managed account managed by that
      person, if that person (i) is registered or authorized to carry on
      business as an adviser or the equivalent under the securities legislation
      of a jurisdiction of Canada or a foreign jurisdiction, and (ii) in
      Ontario, is purchasing a security that is not a security of an investment
      fund;

              

      

       

      
        	
                 
      

              	 o	
                (r)
      a registered charity under the Income
      Tax Act (Canada) that, in regard to the trade, has obtained advice
      from an eligibility advisor or an advisor registered under the securities
      legislation of the jurisdiction of the registered charity to give advice
      on the securities being traded;

              

      

       

      
        
           

        

        
           

          
            

          

        

        
           

        

      

       

      
        	
                 
      

              	 o	
                (s)
      an entity organized in a foreign jurisdiction that is analogous to any of
      the entities referred to in paragraphs (a) to (d) or paragraph (i) in form
      and function;

              

      

       

      
        	
                 
      

              	 o	
                (t)
      a person in respect of which all of the owners of interests, direct,
      indirect or beneficial, except the voting securities required by law are
      persons or companies that are accredited
  investors;

              

      

       

      
        	
                 
      

              	 o	
                (u)
      an investment funds that is advised by a person registered as an advisor
      or a person that is exempt from registration as an advisor;
    or

              

      

       

      
        	
                 
      

              	 o	
                (v)
      a person that is recognized or designated by the securities regulatory
      authority or, except in Ontario and Québec, the regulator as (i) an
      accredited investor, or (ii) an exempt purchaser in Alberta or British
      Columbia after this instrument comes into
force;

              

      

       

      The
Subscriber acknowledges and agrees that the Subscriber may be required by the
Company to provide such additional documentation as may be reasonably required
by the Company and its legal counsel in determining the Subscriber's eligibility
to acquire the Securities under relevant legislation.

       

      IN WITNESS WHEREOF, the undersigned has
executed this Questionnaire as of the ________ day of __________________,
________.

       

      
        
          
            
              
                
                  	
                          If
      an Individual:

                        	 
      	
                          If
      a Corporation, Partnership or Other Entity:

                        
	 	 	 
	 
      	 
      	 
      
	
                          Signature

                        	 
      	
                          Print
      or Type Name of Entity

                        
	 	 	 
	 
      	 
      	 
      
	
                          Print
      or Type Name

                        	 
      	
                          Signature
      of Authorized Signatory

                        
	 	 	 
	 
      	 
      	 
      
	 
      	 
      	
                          Type
      of
EntityESCROW
AGREEMENT

     

    THIS
ESCROW AGREEMENT is made as of the 21st day of December, 2009, by and among
American Eagle Energy Inc., a Nevada corporation (the “Company”), Golden Vista
Energy, LLC, Thomas G. Lantz, and Steven Swanson (collectively, the
“Stockholders”), and Baker & Hostetler LLP (the “Escrow
Agent”).

     

    WHEREAS:

     

    A. Pursuant
to a series of Private Placement Subscription Agreements dated December 21,
2009, entered into by and between the Company and each of the Stockholders,
respectively, the Company sold and issued 9,500,000 shares of its common stock
(collectively, the “Private Placement Shares”) to the stockholder is
substantially even proportions;

     

    B. The
parties have agreed that 5,000,000 of the Private Placement Shares are to be
held in an escrow (the “Escrow Shares”) until the Company has identified
suitable well candidates in the Williston basin for testing of the “Madison
Fracture Play” (such identification being herein referred to as a “Milestone”
and having the meaning ascribed to it in section 1.1???, below);
and

     

    C. The
Company and the Stockholders desire to appoint the Escrow Agent, and the Escrow
Agent has agreed to act as escrow agent, to hold the Escrow Shares and the
Transfer Documents in accordance with the terms hereof.

     

    NOW,
THEREFORE, in consideration of the mutual covenants and agreements herein
contained and such other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties covenant and agree as
follows:

     

    1.   DEFINITIONS AND
INTERPRETATION

     

    1.1 Wherever
used in this Agreement, unless the context otherwise requires, the following
words and terms will have the meanings shown:

     

    (a) “Agreement”
means this Escrow Agreement and any amendments to it;

     

    (b) “Company”
means American Eagle Energy Inc.;

     

    (c) “Escrow
Agent” means Baker & Hostetler LLP;

     

    (d) “Escrow
Documents” means the Escrow Shares, the transfer Documents, and any other
documents delivered to the Escrow Agent to be held in escrow pursuant
hereto;

     

    (e) 
“Escrow Shares” shall have the meaning ascribed to them in the
Recitals;

     

    (f) “Milestone”
means the Company having determined the existence of one or more “Suitable well
candidates in the Williston basin for testing of the “Madison Fracture Play’,”
which means any of the following:  (i) in the case of a prospective
candidate, a successful, valid test of an appropriate geologic and engineering
model developed by the Company or others for such candidate, (ii) in the case of
a re-entry or recompletion candidate, a wellbore that is mechanically sound and
can be acquired by the Company for terms economically viable to it, whether by
purchase or farm-in, or (iii) in the case of a new drill location, one that can
be developed by the Company more cost effectively than either a re-entry or
recompletion, and, upon the occurrence of any of which alternatives, the Escrow
Shares shall be released from the Escrow;

    
      
         

      

      
        1

        
          

        

      

      
         

      

    

    (g) “Transfer
Documents” means, if required, duly executed Stock Transfer Powers of Attorney
for each share certificate representing the Escrow Shares, authorizing the
transfer thereof to the Company.

     

    1.2 In
this Agreement:

     

    (a) the
headings have been inserted for convenience of reference only and in no way
define, limit, or enlarge the scope or meaning of the provisions of this
Agreement;

     

    (b) all
references to any party, whether a party to this Agreement or not, will be read
with such changes in number and gender as the context or reference requires;
and

     

    (c) when
the context hereof makes it possible, the word “person” includes in its meaning
any firm and any body corporate or politic.

     

    2.  DEPOSIT INTO
ESCROW

     

    2.1 The
Company will, as soon as practicable following execution of this Agreement,
deliver the Escrow Documents to the Escrow Agent and the Escrow Agent will hold
the Escrow Documents in escrow subject to the terms and conditions of this
Agreement.

     

    2.2 The
Escrow Agent will hold the Escrow Documents in escrow and will, unless then
prohibited by an order of a Court of competent jurisdiction, deliver the Escrow
Documents to the respective Stockholders upon confirmation by the Company of the
satisfaction of the Milestone, as set out herein.

     

    2.3 The
parties irrevocably authorize and direct the Escrow Agent to deliver the
relevant Escrow Documents to each of the Stockholders at any time upon the
satisfaction of the Milestone, provided the Share Certificates have been
delivered by the Company to the Escrow Agent in accordance with paragraph 2.1
and the Escrow Agent has received written confirmation and authorization from
the Company that the applicable Milestone has been achieved.

     

    2.4 In
the event that the Milestone has not been achieved by December 21, 2010, the
parties irrevocably authorize and instruct the Escrow Agent to cancel the Escrow
Shares and return them to the treasury of the Company.

     

    3.   ESCROW
PROVISIONS

     

    3.1 The
Company and the Stockholders hereby direct the Escrow Agent to retain the Escrow
Documents and not to cause anything to be done to release the same from Escrow
except in accordance with this Agreement.  The Escrow Agent accepts
its responsibilities hereunder and agrees to perform them in accordance with the
terms hereof.

     

    4.  
ESCROW
AGENT

     

    4.1 In
exercising the rights, duties and obligations prescribed or confirmed by this
Agreement, the Escrow Agent will act honestly and in good faith and will
exercise that degree of care, diligence and skill that a reasonably prudent
person would exercise in comparable circumstances.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    4.2 The
Company and the Stockholders, jointly and severally, covenant and agree from
time to time and at all times hereafter well and truly to save, defend and keep
harmless and fully indemnify the Escrow Agent, its successors and assigns from
and against all loss, costs, charges, suits, demands, claims, damages, and
expenses that the Escrow Agent, its successors or assigns may at any time or
times hereafter bear, sustain, suffer, or be put unto for or by reason or on
account of its acting pursuant to this Agreement or anything in any manner
relating thereto or by reason of the Escrow Agent’s compliance in good faith
with the terms hereof.

     

    4.3 In
case proceedings should hereafter be taken in any court respecting the Escrow
Documents, the Escrow Agent will not be obliged to defend any such action or
submit its rights to the court until it has been indemnified by other good and
sufficient security in addition to the indemnity given in Clause 4.2 against its
costs of such proceedings.

     

    4.4 The
Escrow Agent will have no responsibility in respect of loss of the Escrow
Documents except the duty to exercise such care in the safekeeping thereof as it
would exercise if the Escrow Documents belonged to the Escrow
Agent.  The Escrow Agent may act on the advice of counsel but will not
be responsible for acting or failing to act on the advice of
counsel.

     

    4.5 The
Escrow Agent will not be bound in any way by any contract between the other
parties hereto whether or not it has notice thereof or of its terms and
conditions and the only duty, liability and responsibility of the Escrow Agent
will be to hold the Escrow Documents as herein directed and to pay and deliver
the same to such persons and other such conditions as are herein set
forth.  The Escrow Agent will not be required to pass upon the
sufficiency of any of the Escrow Documents or to ascertain whether or not the
person or persons who have executed, signed or otherwise issued or authenticated
the said documents have authority to so execute, sign or authorize, issue or
authenticate the said documents or any of them, or that they are the same
persons named therein or otherwise to pass upon any requirement of such
instruments that may be essential for their validity, but it shall be sufficient
for all purposes under this Agreement insofar as the Escrow Agent is concerned
that the said documents are deposited with it as herein specified by the parties
executing this Agreement with the Escrow Agent.

     

    4.6 In
the event that the Escrow Documents are attached, garnished, or levied upon
under any court order, or if the delivery of such property is stayed or enjoined
by any court order or if any court order, judgment, or decree is made or entered
affecting such property or affecting any act by the Escrow Agent, the Escrow
Agent may, in its sole discretion, obey, and comply with all writs, orders,
judgments or decrees so entered or issued, whether with or without jurisdiction,
notwithstanding any provision of this Agreement to the contrary.  If
the Escrow Agent obeys and complies with any such writs, orders, judgments, or
decrees, it will not be liable to any of the parties hereto or to any other
person, form or corporation by reason of such compliance, notwithstanding that
such writs, orders, judgments, or decrees may be subsequently reversed,
modified, annulled, set aside, or vacated.

     

    4.7 Except
as herein otherwise provided, the Escrow Agent is authorized and directed to
disregard in its sole discretion any and all notices and warnings which may be
given to it by any of the parties hereto or by any other person, firm,
association, or corporation.  It will, however, obey the order,
judgment, or decree of any court of competent jurisdiction, and it is hereby
authorized to comply with and obey such orders, judgments or decrees and in case
of such compliance, it shall not be liable by reason thereof to any of the
parties hereto or to any other person, firm, association or corporation, even if
thereafter any such order, judgment or decree may be reversed, modified,
annulled, set aside, or vacated.

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    4.8 If
the Escrow Agent receives any written instructions contrary to the instructions
contained in this Agreement, the Escrow Agent may continue to hold the Escrow
Documents until the lawful determination of the issue between the parties
hereto.

     

    4.9 If
written notice of protest is made by any of the Stockholders or the Company to
the Escrow Agent to any action contemplated by the Escrow Agent under this
Agreement, and such notice sets out reasons for such protest, the Escrow Agent
may continue to hold the Escrow Documents until the right to the documents is
legally determined by a court of competent jurisdiction or
otherwise.

     

    4.10 The
Escrow Agent may resign as Escrow Agent by giving not less than 30 days’ notice
thereof to all of the Stockholders and the Company.  All of the
Stockholders and the Company may terminate the Escrow Agent by giving not less
than 30 days’ notice to the Escrow Agent.  The resignation or
termination of the Escrow Agent will be effective and the Escrow Agent will
cease to be bound by this Agreement on the date that is 30 days after the date
of receipt of the termination notice given hereunder or on such other date as
the Escrow Agent, all of the Stockholders, and the Company may
agree.  All indemnities granted to the Escrow Agent herein will
survive the termination of this Agreement or the termination or resignation of
the Escrow Agent.

     

    4.11 Notwithstanding
anything herein to the contrary, the Escrow Agent may act upon any written
instructions given jointly by the Company and all of the
Stockholders.

     

    4.12 Notwithstanding
anything to the contrary contained herein, in the event of any dispute arising
between any of the Stockholders, on the one hand, and the Company, on the other
hand, this Agreement or any matters arising hereto, the Escrow Agent may in its
sole discretion deliver and interplead the Escrow Documents and all funds held
in the Escrow Account into court and such delivery and interpleading will be an
effective discharge to the Escrow Agent.

     

    4.13 It
is understood that in addition to acting as the Escrow Agent hereunder, the
Escrow Agent is also acting as attorney for the Company and not for any other
party to this Agreement and the parties have requested that the Escrow Agent act
in this capacity.

     

    4.14 The
Company and each of the Stockholders acknowledge that they have been advised to
consult their own legal advisors with respect to this Agreement, the applicable
hold periods and resale restrictions regarding the Escrow Shares and they
covenant and agree that they are solely responsible for compliance with all
applicable restrictions in respect of the Escrow Shares.

     

    5. GENERAL

     

    5.1 Except
as herein otherwise provided, no subsequent alteration, amendment, change, or
addition to this Agreement will be binding upon the parties hereto unless
reduced to writing and signed by the parties to be bound.

     

    5.2 This
Agreement will inure to the benefit of and be binding upon the parties and their
respective heirs, executors, administrators, and successors.

     

    5.3 The
parties will execute and deliver all such further documents, do or cause to be
done all such further acts and things, and give all such further assurances as
may be necessary to give full effect to the provisions and intent of this
Agreement.

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    5.4 Each
of the Stockholders will, at the Company’s request, provide all Transfer
Documents to the Escrow Agent necessary to carry out the intent of this
Agreement.

     

    5.5 This
Agreement will be governed by and construed in accordance with the law of the
State of Nevada.

     

    5.6 Any
notice required or permitted to be given under this Agreement will be in writing
and may be given by delivering, sending by electronic facsimile transmission, or
other means of electronic communication capable of producing a printed copy,
overnight courier, or registered or certified mail, return receipt requested,
postage pre-paid, the notice to the following address:

     

    (a)    If
to the Company:

     

    AMERICAN
EAGLE ENERGY INC.

    27 North
27th
Street, Suite 21 G

    Billings,
Montana 59101

     

    (b)   If
to the Stockholders:

     

    GOLDEN
VISTA ENERGY, LLC

    447
Indian Trail

    Billings,
Montana 59105

     

    Thomas G.
Lantz

    5615 W.
Ida Drive

    Littleton,
Colorado 80123

     

    Steven
Swanson

    5720 S.
Benton Circle

    Littleton,
Colorado 80123

     

    (c)   If
to the Escrow Agent:

     

    BAKER
& HOSTETLER LLP

    600 Anton
Blvd., Suite 900

    Costa
Mesa, California, California 92626

    Attn:  Randolf
W. Katz

     

    (or to
such other address as any party may specify by notice in writing to another
party).  Any notice delivered or sent by electronic facsimile
transmission or other means of electronic communication capable of producing a
printed copy on a business day will be deemed conclusively to have been
effectively given on the day the notice was delivered, or the electronic
communication was successfully transmitted, as the case may be, in either case
only if such date is a business day; otherwise, the effective delivery date
shall be the next business day following the date of such
transmission.  Any notice sent by overnight courier mail will be
deemed conclusively to have been effectively given on the next business day
after sending.  Any notice sent by registered or certified mail will
be deemed conclusively to have been effectively given on the third business day
after posting; but, if at the time of posting or between the time of posting and
the third business day thereafter, there is a strike, lockout, or other labor
disturbance affecting postal service, then the notice will not be effectively
given until actually delivered.

     

    5.7 Time
is of the essence of this Agreement.

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

    5.8 It
is understood and agreed by the parties to this Agreement that the only duties
and obligations of the Escrow Agent are those specifically stated herein and no
other.

     

    IN
WITNESS WHEREOF the parties have caused this Agreement to be executed under seal
and delivered as of the 21st day of December, 2009.

     

    AMERICAN
EAGLE ENERGY INC.

     

    
      
        	
                By:

              	
                /s/ Richard Findley

              
	 
      	
                Richard
      Findley, President

              
	 
      	 
      
	
                GOLDEN
      VISTA ENERGY, LLC

              
	 
      	 
      
	
                By:

              	
                /s/ Richard Findley

              
	 
      	
                Richard
      Findley, authorized signatory

              
	 
      
	
                /s/ Thomas G. Lantz

              
	
                THOMAS
      G. LANTZ

              
	 
      
	
                /s/ Steven Swanson

              
	
                STEVEN
      SWANSON

              

      

    

    
      
         

      

      
        6

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