AED to Acquire Reservoir Resources
American Energy Development (AED) has entered into an agreement to acquire Reservoir Resources Ltd., an Ireland based oil and gas company focused on the exploration of oil and gas basins in the United Kingdom.
AED's acquisition, which is subject to the approval of United Kingdom Department of Energy and Climate Control, positions the company for exposure to the international oil and gas industry. The acreage totals approximately 24,000 acres in an oil producing area located among companies such as BP with its Wytch farm oil field.
As part of AED's strategy to develop acreage using proven technology, the acreage contains a seismic survey outlining the prospect and drill locations, which we believe will minimize risk.
AED now plans to construct a development program for the region with the commencement of drilling planned to commence in 2012.
Herold Ribsskog, President of American Energy Development Corp. said, "AED is continuing its planned acquisition of high quality assets and using technology for best results. We are excited about the prospect of the Reservoir acreage."