American Energy Development Corp. Expands Into Northern Michigan With the White-tail Prospect, Containing 5 Reef Targets on 4...
March 07 2012 - 8:00AM
American Energy Development Corp. (OTCBB:AEDC) hereafter "AED", is
pleased to report that the company is expanding its presence in
Michigan by entering into an agreement to add approximately 4,200
acres to its asset portfolio.
The White-tail Prospect is located within the region's proven
reef play covering approximately 2,500,000 acres in the prolific
Northern Michigan region. AED is targeting Niagaran reef structures
in an area developed by Royal Dutch Shell, ExxonMobil and BP. The
largest reefs drilled in the area are the Chester 18A field with 14
million barrels of recoverable oil drilled by Royal Dutch Shell and
the Grant 13 field which has approximately 47 billion cubic feet of
recoverable natural gas.
Reefs in Northern Michigan are typically 50-400 acres in size,
200-700 ft in depth, and located within the oil bearing 12 -15 mile
wide reef belt. There are over 110 oil fields in the area larger
than 1 million barrels with the average size of the fields
approximately 2.4 million barrels recoverable.
"AED has aggressively been looking at increasing its Michigan
position with quality assets as we strive to become a major player
in Michigan. With big American players Encana, Chevron and
Chesapeake all recently taking sizable positions, the area has
recognized potential," stated Herold Ribsskog, President of
AED.
From the initial seismic survey, 5 reefs have been identified on
the White-tail Prospect. AED will now conduct a new high 3D
resolution seismic survey to further define each reef prospect. By
applying latest geological, geophysical technology prior to
drilling, AED targets to mitigate risk for the planned drilling
program.
According to the USGS report on the basin, the recoverable
reserves are in excess of 1.8 billion barrels of oil and 17
trillion cubic feet of natural gas. There are a total of 4,212
wells that have reported production from the Niagaran reefs in
Michigan. These reefs have produced a total of 472 million
barrels oil and 2.8 trillion cubic feet of natural gas.
Herold Ribsskog, President of AED, continued "Moving into the
Northern trend gives us an exciting project inventory and
substantial growth potential. We're pleased to be able to
demonstrate to our shareholders, as with our recent successful
Brown 2-12 well, that we firmly believe we can mitigate risk while
exploiting high reward oil plays. We believe reefs in Northern
Michigan can be more successfully explored and developed through
the application of these 3D seismic data surveys and advanced
interpretation."
To receive further information about American Energy Development
Corp., telephone (855) OIL-AEDC or email ir@aed-corp.com
About American Energy Development Corp.
American Energy Development Corp. is an independent US 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,
the Company's goal is to locate, drill, and produce oil and gas in
the United States and secure regions. American Energy Development's
focus is on the development of Niagaran oil reefs in Michigan and
the underexplored onshore basins in the United Kingdom.
Forwarding Looking Statements
This press release contains forward-looking statements (as
defined in Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended)
concerning future events and the Company's growth and business
strategy. Words such as "expects," "will," "intends," "plans,"
"believes," "anticipates," "hopes," "estimates," and variations on
such words and similar expressions are intended to identify
forward-looking statements. Although the Company believes that the
expectations reflected in such forward-looking statements are
reasonable, no assurance can be given that such expectations will
prove to have been correct. These statements involve known and
unknown risks and are based upon a number of assumptions and
estimates that are inherently subject to significant uncertainties
and contingencies, many of which are beyond the control of the
Company. Actual results may differ materially from those expressed
or implied by such forward-looking statements. Factors that
could cause actual results to differ materially include, but are
not limited to, changes in the Company's business; competitive
factors in the market(s) in which the Company operates; risks
associated with oil and gas operations inside and outside the
United States; and other factors listed from time to time in the
Company's filings with the Securities and Exchange Commission. The
Company expressly disclaims any obligations or undertaking to
release publicly any updates or revisions to any forward-looking
statements contained herein to reflect any change in the Company's
expectations with respect thereto or any change in events,
conditions or circumstances on which any statement is
based.
Cautionary Note to U.S. Investors - The United States
Securities and Exchange Commission permits oil and gas companies,
in their filings with the SEC, to disclose only reserves that
comply with the definitions presented at Rule 4-10(a) of Regulation
S-X. We use certain terms in this press release that the SEC's
guidelines strictly prohibit us from including in filings with the
SEC. Examples of such disclosures would be statements regarding
"probable," "possible," or "recoverable" reserves among others.
U.S. Investors are urged to consider closely the disclosure in our
Annual Report on Form 10-K and Form S-1, File No. 333-169014,
available from us at American Energy Development Corp., 1230 Avenue
of the Americas, 7th Floor, New York, NY 10020.
CONTACT: Company Contact:
American Energy Development Corp.
Joel Felix, Chief Financial Officer
Tel 855-645-2332
ir@aed-corp.com
Investor Contact:
Justin Vaicek
Tel (855) OIL-AEDC
ir@aed-corp.com
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