QualityStocks would like to highlight American Energy Development Corp.(OTCBB: AEDC), an independent U.S. energy company, committed to creating American energy independence through the development of acreage in established oil and gas basins. Using the latest geological, geophysical, and environmental technology, AED's goal is to locate, drill, and produce oil and gas in the U.S. and secure regions. The company is currently focused on the development of Niagaran oil reefs in Michigan and the underexplored onshore basins in the UK.
In the company’s news last week,
American Energy Development announced it has identified its second well location on the 1,343-acre Dansville Prospect in Southern Michigan, with spudding scheduled to begin later this month.
The Cremer 1-1 well is the second of a series of wells planned on the prospect, and AED said it believes Cremer 1-1’s reef structure to be comparable in pinnacle height to the company’s successful Brown 2-12 well, which is located approximately one mile away.
“The success at Brown 2-12 has provided a road map for development at Cremer 1-1,” Herold Ribsskog, president of AED stated in the press release. “We expect that the drilling stage of the Cremer 1-1 well will follow a similar timeline as was achieved with the Brown 2-12 well, while again delivering positive results to our stockholders.”
AED used its high-resolution 3-D seismic data to compose a detailed analysis of Cremer 1-1’s potential reef structure to identify areas with the best potential for recoverable reserves. The company said it will now apply the knowledge from the drilling of the Brown 2-12 to develop Cremer 1-1.
To execute the development, the drill location for Cremer 1-1 is already surveyed, bonded, and permitted. Preparation for a direct access road is underway, and the drilling rig is expected to arrive in the second week of April, with drilling to begin shortly after.
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Forward-Looking Statement:
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