Osage Exploration and Development Announces 494 Barrel Average 30-Day Production on Latest Horizonta
Osage Exploration and Development Announces 494 Barrel Average 30-Day Production on Latest 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 the average 30-day initial production on its Krittenbrink 1-1H horizontal Mississippian well located in Section 1-18N-4W. The average 30-day initial production rate on the Krittenbrink 1-1H was 494 BOE with a product mix composed of approximately 88% crude oil and 12% high-BTU natural gas.
Regarding the 30-day initial production result, Osage's Chairman and CEO, Mr. Kim Bradford stated, "The thirty-day result from the Krittenbrink 1-1H demonstrates the quality of the reservoir across our acreage in Logan County. Osage earlier announced a one-day peak initial production number of 623 BOE. To average 494 BOE over thirty days after a one-day peak of 623 BOE is a very, very strong result. Interestingly, the Krittenbrink 1-1H produced more on its 30th day than the 494 barrel 30-day average, so we may not have seen the best of it yet.
"The oily product mix in this well further supports our thesis that Logan County economics may be among the best economics anywhere in the Horizontal Mississippian play. The pace of drilling activity in Logan County is another indicator of the quality of Osage's acreage. When we drilled our Wolf 1-29H well one year ago this month, it was the second Horizontal Mississippian well ever drilled in Logan County. In the past six months alone, there have been 39 Intent to Drill filings for horizontal Mississippian wells in Logan County with the Corporation Commission. We are no longer alone in our conclusions about the potential of the area."
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
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, 619-677-3956
President and CEO
Jack Zedlitz, 405-270-0989
VP of Corporate Development
KEYWORDS: United States North America California Oklahoma
The article Osage Exploration and Development Announces 494 Barrel Average 30-Day Production on Latest Horizontal Mississippian Well originally appeared on Fool.com.Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
Copyright © 1995 - 2013 The Motley Fool, LLC. All rights reserved. The Motley Fool has a disclosure policy.