AEDC American Energy Development Corporation (CE)

American Energy Development Corp. (AED) (OTCBB:AEDC) an emerging energy company involved in the acquisition, exploration, development and production of established oil and gas basins, has initiated a Reserve Report study with Netherland, Sewell & Associates Inc on the Dansville prospect, Ingham County, Michigan.

Completing the Brown 2-12 Well on the Dansville Prospect (Photo: Business Wire)

AED has initiated the report on the well with the aim of booking proved developed and potentially proved undeveloped (PUD) reserves. The report will apply industry standard practices to engineering evaluations as well as applying SEC reserves definitions and guidelines.

The Dansville Prospect contains 3 potential Niagaran reef formations with the acreage found in the midst of a 12 to 15 mile wide proven oil bearing reef belt which encircles the entire Michigan Basin. Two of the identified reef prospects have been drilled with the first well, Brown 2-12, continuing to show no decline with zero water production.

Herold Ribsskog, CEO of AED, said, "We have chosen one of the most respected firms in independent reserve reporting. As the company grows, our aim is to build the proven asset base giving the company increased flexibility when making development decisions by opening avenues such as reserve based lending."

Netherland, Sewell & Associates, Inc. (NSAI) is a worldwide leader of petroleum property analysis for industry and financial organizations and government agencies. NSAI was founded in 1961 and performs consulting petroleum engineering services under Texas Board of Professional Engineers Registration No. F-2699.

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. Royal Dutch Shell (NYSE: RDS.A) has been a major player in the state having drilled and produced from over 490 wells.

Players in Michigan include Devon Energy (NYSE:DVN), which has amassed 240,000 net acres, and according to the company has 1.54 billion BOE in unrisked resources. The company recently signed a $2.2 Billion Transaction with Sinopec International Petroleum Exploration & Production Corporation (NYSE:SNP) to drill and develop Devon’s asset base. Other players in Michigan include Encana (NYSE:ECA) with 430,000 net acres, who drilled two horizontal wells in 2011, Chesapeake Energy (NYSE: CHK) with 450,000 acres, and the recently acquired Atlas Energy, owned by Chevron (NYSE:CVX), with over 380,000 net acres.

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.

Forward 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, risks associated with drilling and production programs resulting from geological, technical, drilling, seismic and other unforeseen problems; unexpected results of exploration and development drilling and related activities; continued availability of capital and financing; increases in operating costs; risks associated with oil and gas operations in general; availability of skilled personnel; unpredictable weather conditions; 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," "recoverable" or "proven" "reserves" and "resources" 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.

Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=50346679&lang=en

American Energy Developm... (CE) (USOTC:AEDC)
Gráfico Histórico do Ativo
De Nov 2024 até Dez 2024

American Energy Developm... (CE) (USOTC:AEDC)
Gráfico Histórico do Ativo
De Dez 2023 até Dez 2024