QualityStocks would like to highlight American Energy Development Corp.(OTCBB: AEDC), 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, AED's goal is to locate, drill, and produce oil and gas in the U.S. and secure regions. The company is currently focused on the development of Niagaran oil reefs in Michigan and the underexplored onshore basins in the UK.
In the company’s news yesterday,
Independent energy company American Energy Development announced it has re-started development on its 1,343 acre Dansville Prospect after an early end to Michigan’s Frost laws, which took effect in late February and were lifted on March 15.
Frost laws are seasonal restrictions implemented to curb traffic weight limits and speeds on roadways that are subject to thaw weakening. The laws were lifted early this year due to unseasonably warm temperatures in the region, which allows for American Energy to move forward on its second well, Cremer 1-1.
Cremer 1-1 has been surveyed and bonded, and the company said it expects to begin the drilling phase and spud in late April. The Cremer 1-1 well, as Brown 2-12, is located within the Niagaran oil reef structure, which covers roughly 4,000 square miles.
According to historical records of the Niagaran Reef Play in Michigan, there are more than 4,200 wells being drilled, targeting reef formations and producing a total of 472 MMBO and 2.8 TCF gas. Current development of these reef trends are being driven by Royal Dutch Shell, BP, and ExxonMobil.
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