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American Energy Development Provides Drilling Update-2 on Cremer 1-1

Date : 05/04/2012 @ 2:39PM
Source : GlobeNewswire Inc.
Stock : American Energy Development Corp. (AEDC)
Quote : 0.03  0.0 (0.00%) @ 7:45AM
Quote Chart

American Energy Development Provides Drilling Update-2 on Cremer 1-1


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.

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," or "recoverable" "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.

Company Contact:
American Energy Development Corp.
Joel Felix, Chief Financial Officer
Tel 646-756-2851
info@aed-corp.com
 
Investor Contact:
Justin Vaicek
Liolios Group, Inc.
Tel (855) OIL-AEDC (645-2332)
ir@aed-corp.com


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