American Energy Development Corp. (AED) (OTC BB: AEDC) reported financial results and filed its Form 10-K for its fiscal year ended June 30, 2012.
Fiscal 2012 Highlights
• Brown 2-12 well brought online in December 2011, continued in full production with limited 'water cut' through mid-year.
• Produced more than 1,100 bbl of oil on a net basis, with an average sales price of $92.25.
• Completed the lease acquisition of approximately 4,000 acres in northern lower Michigan, known as the White-tail prospect.
• Closed acquisition of 24,700 acre Windsor prospect in the Weald Basin, U.K.
• Generated revenue of $89,011
Herold Ribsskog, CEO of AED, commented, "In fiscal 2013, we plan to conduct a new 3-D seismic study on the White-tail prospect to identify what is likely to be the next two to three drill sites. The drill program on White-tail should provide us with short-lead projects and the potential for near term revenue. Our objective is to exit fiscal 2013 with multiple producing sites, augmenting production from our successful Brown 2-12 well on the Dansville prospect.”
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