Osage Exploration and Development Announces IP Rate on 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 a one day peak IP on the Tontz 1-32H of 642 BOE. The product mix from the well, located in Section 32-17N-3W, contains approximately 84% crude oil. Osage owns 8.88% of the well, which is operated by Stephens Production Company.
Regarding the initial production result on the Tontz 1-32H, Osage's Chairman and CEO, Mr. Kim Bradford stated, "The Tontz 1-32H, located in the heart of Osage's acreage block in Logan County, is yet another data point to support our geological thesis that Logan County is among the best Mississippian acreage in the play. Superb well results are being achieved by multiple operators in the area, and as we continue to execute our accelerated drilling program, Osage will be participating opportunistically in wells in addition to those drilled by our Project Operator, Slawson Exploration. Owing to this strategy, in February Osage participated in three wells. In March, we are participating in four gross wells. Our top priority is to deliver a very high return to our shareholders by developing this asset efficiently."
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
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
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
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 California Oklahoma
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