$AEDC News From Friday!!!American Energy Developme
Post# of 18238
$AEDC News From Friday!!!
American Energy Development Provides Drilling Update-2 on Cremer 1-1
NEW YORK, May 4, 2012 (GLOBE NEWSWIRE) -- American Energy Development Corp. (AED) (OTCBB:AEDC) is pleased to provide the following drilling update on the Cremer 1-1, located on the 1,343 acre Dansville Prospect in Southern Lower Michigan.
The Cremer 1-1 is currently at a depth of approximately 3159 feet. During the drilling, gas shows have been found in the Lachine, Paxton, Norwood and Trav. Lime formations. In addition hydrocarbon fluorescents have been encountered in the secondary formation. AED anticipates the target structure will be reached on late May 6th, before drilling to a total depth of approximately 4,500 feet.
During the drilling process, AED has provided image updates on our website at www.aed-corp.com.
Historical records of the Niagaran reef production in Michigan confirm more than 4,200 wells have been drilled targeting reef formations, producing a total of 472 million barrels of oil and 2.8 trillion cubic feet of natural gas, with development of reef trends lead by major industry players, including Royal Dutch Shell, BP and ExxonMobil. According to a recent 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.
"Joel Felix, CFO, and I have been here with the operator on the well site in Michigan. Drilling is progressing at a steady pace and the target structure should be reached over the weekend. With gas typically sitting above an oil reservoir, we feel the multiple gas shows in 4 of the higher zones bode well for results, when the target structure is reached. We'll continue to release regular updates for our shareholders," said Herold Ribsskog, president of AED.
To receive further information about American Energy Development Corp., contact (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.
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