QualityStocks would like to highlight American Energy Development Corp.(OTCBB: AEDC), 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.
In the company’s news Friday, American Development Corp. announced the successful delivery of its inaugural shipment of production from its Brown #2-12 well. The company said that geophysical data recorded from the Brown #2-12’s reef structure indicates good porosity and permeability. The production test results confirm data with production results showing negligible traces of water production.
As such, the company estimates the reef structure to contain ultimate recoverable reserves of up to 650,000 barrels of oil with produced oil sold in the market at a premium to West Texas Intermediate Crude Oil prices.
AED said the inaugural oil shipment provides the foundation for the growth of its portfolio moving forward.
“AED is excited in hitting this milestone, AED’s first shipment of product is the beginning of a much larger growth strategy of monetizing its various well assets,” Herold Ribsskog, president of AED stated in the press release. “The well has proven to be an oil producer and the very small water cut is something I believe is very bullish for the health of the well.”
AED also announced that as part of the commencement of the production test the company has installed production equipment. In the meantime, permanent equipment is undergoing construction calibrated to production test results.
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