American Energy Development is an independent energy company working on the development of acreage in established oil and gas basins. The company is currently focused on the development of the Niagaran oil reefs in Michigan and the under-explored onshore basins in the United Kingdom.
The company reported today the notification of the arrival date of the drilling rig and proposed spud date for the Creamer 1-1, on the 1,343 acre Dansville Prospect in southern Michigan. The rig is to arrive during the week starting April 16th and will target the Niagaran oil reef structure. Dirtwork on the site location in preparation for start of drilling has been ongoing.
American Energy Development will be applying its proprietary technology on the reef structure, particularly targeting areas of highest porosity. The company believes these areas will contain the best potential for both the highest production rates and recoverable resources. The plan is for a vertical well to be drilled to a depth of 4,500 feet which is similar to the depth of the company's initial well on the Dansville Prospect, Brown 2-12. It is expected to take 10-14 days to reach that depth.
The company should have a good chance of success. Historical records of the Niagaran reef production confirm over 4,200 wells being drilled. These wells produced a total of 472 million barrels of oil and 2.8 trillion cubic feet of natural gas. According to a recent United States Geological Survey 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. Another positive factor in the company's favor is that major energy companies including ExxonMobil, BP and Royal Dutch Shell have been successful in the area.
For more information about American Energy Development and the Niagaran Reef in Michigan, please visit the company's website at www.aed-corp.com
Please see disclaimer on the MissionIR website http://www.missionir.com/disclaimer.html