Osage Exploration and Development Releases Initial Production Rate of 557 BOE from Horizontal Mississippian Well
SAN DIEGO--(BUSINESS WIRE)-- Osage Exploration and Development, Inc.(OTCBB:OEDV), an independent exploration and production company focused on the Horizontal Mississippian and Woodford plays in Oklahoma, announced today preliminary production results on the Blevins 1-7H Horizontal Mississippian well in Logan County, Oklahoma. The Blevins 1-7H, located in Section 7-17N-3W and operated by Stephens Production Company, achieved one-day peak production of 557 BOE on a gas lift and has averaged 466 BOE in the seven days since that peak.
"The Blevins 1-7H is further indicative that the decision to look to Logan County as the cornerstone of our Horizontal Mississippian and Woodford exploration was the correct one," stated Mr. Kim Bradford, Chairman and CEO of Osage Exploration and Development. "We have been able to replicate the results generated with our project operator Slawson Exploration Company, Inc. and also with other top quality oil companies that we participate with, such as Devon Energy Corporation and Stephens Production Company. While this is somewhat at odds with the conventional wisdom regarding the high variability of results to be expected in the Miss Lime, we are seeing a growing consistency across not only our entire area but also across operating teams and methods. This boosts our confidence even more."
About Osage Exploration and Development, Inc.
Based in San Diego, California, with production offices in Oklahoma City, Oklahoma, and executive offices in Bogotá, Colombia, Osage Exploration and Development, Inc. is an independent exploration and production company with interests in oil and gas wells and prospects in the U.S. and Colombia. http://www.osageexploration.com
About Slawson Exploration Company, Inc.
Headquartered in Wichita, Kansas, with regional offices in Denver, Houston, and Oklahoma City, Slawson began oil and gas exploration in 1957. http://www.slawsoncompanies.com/exploration.html
About Stephens Production Company
Stephens Production Company (SPC) explores for and produces natural gas and oil. Acquired in the early 50's through a series of acquisitions, SPC is one of the largest privately owned, independent natural gas companies in the U.S. The company, headquartered in Fort Smith, Arkansas, is active in Arkansas, Oklahoma, Texas, Louisiana, Mississippi, Colorado, Wyoming and the Gulf of Mexico. http://www.stephensgroup.com/aboutourpartners/currinv-energy.html
About Devon Energy
Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is a leading U.S.-based independent oil and gas producer and is included in the S&P 500 Index. http://www.devonenergy.com
Safe Harbor Statement
The information in this release includes certain forward-looking statements as defined by the Securities and Exchange Commission that are based on assumptions that in the future may prove not to have been accurate. Those statements and Osage Exploration and Development, Inc. are subject to a number of risks, including production variances from expectations, volatility of product prices, inability to raise sufficient capital to fund its operations, environmental risks, competition, government regulation, and the ability of the Company to execute its business strategy, among others.
Osage Exploration and Development, Inc.
Kim Bradford, President and CEO
Jack Zedlitz, VP of Corporate Development
KEYWORDS: United States North America South America Colombia California Oklahoma
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