American Energy Development Corp. (OTCBB:AEDC) entered into a letter of intent to acquire 43.75% stake in White-Tail prospect from Range Michigan LLC for $0.2 million in stock on March 6, 2012. As part of the terms, American Energy Development will be eligible for 35% net revenue interest. As consideration, American Energy Development will issue its 0.2 million shares, pay $0.088 million in cash to reimburse Range for development costs, and American Energy Development has an obligation to pay 100% of the authority for expenditure costs for a 3D high resolution seismic survey of the prospect. The deal is subject to the execution and delivery of definitive agreements and completion all due diligence related prior to the closing. The transaction is expected to close no later than March 31, 2012. As of June 15, 2012, American Energy signed a definitive agreement to acquire White-Tail prospect. American Energy Development Corp. (OTCBB:AEDC) completed the acquisition of 43.75% stake in White-Tail prospect from Range Michigan LLC on June 15, 2012.