American Energy Development Corp. (OTC: AEDC), an independent energy company in the U.S. focused on creating American energy independence through the development of acreage in established oil and gas basins, today, announced the commencement of drilling on the Cremer 1-1 well site.
Like Brown 2-12, AEDC’s first drill site, Cremer 1-1 is located on the 1,343 acre Dansville Prospect in Southern Lower Michigan. With the commencement of drilling at Cremer 1-1, AEDC continues its strategic plan to target a pinnacle structure within the Niagaran reef formation.
AEDC expects the drilling program to continue for the next 9-10 days.
Commenting on the development, Herold Ribsskog, President of American Energy Development, said that AEDC is excited to start the drilling program on the Cremer 1-1 and the next few days will be critical in continuing to execute the company’s strategy of exploring the well sites in a timely and cost effective manner. Ribsskog said that AEDC plans to provide timely updates of its progress during the course of the operations.
Despite the positive development, American Energy Development shares are marginally lower in trading today. At last check, the stock was down 1.72% to $1.14.
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