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 4380 ft. AED anticipates drilling to a Total Depth within the next 24-36 hours, before running geophysical logging to measure rock and fluid properties of the formation, and collect data on density, porosity, permeability, oil and water saturation, which are necessary to determine the potential productivity of the well.
During the drilling process, AED has provided image updates on our homepage 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 led 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.
"We are pleased with the progress of drilling, and the logging will provide the data required to best complete the well, and maximize both production and recoverable rates. The drilling has taken a little longer than expected, but since the operator has a turnkey contract with the drilling contractor, there are no additional costs to AED," 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 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, 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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