Osage Exploration and Development Announces 608 BOE IP Rate on Horizontal Mississippian Well
Osage Exploration and Development Announces 608 BOE 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 2-32H of 608 BOE. The Tontz 2-32H, operated by Stephens Production Company, is the second well to be drilled in Section 32-17N-3W and directly offsets the previously announced Tontz 1-32H. Osage owns 8.23% of the well.
Management Comments
"The significance of the early production from the Tontz 2-32H, which is the second horizontal Mississippian well in Section 32-17N-3W, may be more than meets the eye," stated Mr. Kim Bradford, Chairman and CEO of Osage Exploration and Development (OTCBB:OEDV). "The Tontz 1-32H, which was the first horizontal Mississippian well in the section, has already produced over 30,000 barrels of oil and over 30 million cubic feet of natural gas. Osage's Wolf 1-29H, which literally shares a drilling pad with the Tontz 2-32, has already produced over 80,000 barrels of oil and over 80 million cubic feet of natural gas.
"Conventional wisdom about drilling additional wells in close proximity to other producing horizontal wells suggests that the later wells may not be as strong. However, this has not been the case with the Tontz 2-32H. Despite the fact that so much oil and gas has been produced in very close proximity to the Tontz 2-32H, we are still seeing virgin reservoir IP rates. This result is a powerful testament to the oil saturation in this area and across our entire block. If this holds true for future drilling of the second, third, fourth, or fifth well in each section, the value of the reserves in Osage's Nemaha Ridge project will be greatly enhanced over what has been previously projected."
Mr. Bradford continued, "Our well results and those of offsetting operators in the Mississippian and Woodford formations in Logan County continue to redefine what the industry previously understood about the Horizontal Mississippian and oily Woodford plays. Osage's Mississippian and Woodford acreage is simply in a superior part of the reservoir."
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 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
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
619-677-3956
kbradford@osageexploration.com
or
Jack Zedlitz, VP of Corporate Development
405-270-0989
jzedlitz@osageexploration.com
http://www.osageexploration.com
KEYWORDS: United States North America California Oklahoma
INDUSTRY KEYWORDS:
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