AED’s acquisition of Reservoir Resources is subject to the approval of UK Department of Energy and Climate Control.
The acquisition enables AED to focus on the international oil and gas industry.
Reservoir Resources acreage totals about 24,000 acres in an oil producing area located among companies such as BP with its Wytch farm oil field.
AED intends to construct a development program for the region with the commencement of drilling planned to commence in next year.
AED president Herold Ribsskog said the company is continuing its planned acquisition of high quality assets and using technology for best results.
AED is focused on the development of Niagaran oil reefs in Michigan and the underexplored onshore basins in the UK.
Reservoir Resources is focused on the exploration of oil and gas basins in the UK.
