American Energy Development Corp. has finalized the agreement to acquire oil and gas rights to approximately 4000 additional acres in Northern Michigan, known as the White-tail Prospect.
The White-tail Prospect significantly expands AED’s presence within the state’s prolific Niagaran reef proven reef play, and brings the company’s total Michigan acreage to over 5300 acres.
Reefs in Northern Michigan are typically 50-400 acres in size, 200-700ft in depth, and located within the oil bearing 12 -15mi wide reef belt. There are more than 110 oil fields in the area with reserves larger than 1 million barrels, with the average size of these fields being approximately 2.4 million barrels recoverable.