|To: Celtictrader who wrote (107622)||4/23/2012 1:15:23 PM|
|From: Celtictrader||Read Replies (1) | Respond to of 111447|
OEDV-Osage Releases Initial Production Rate of 1185 BOE/D from First Horizontal Mississippian Well
9:00a ET April 23, 2012 (Business Wire)
Osage Exploration and Development, Inc. (OTCBB: OEDV) is pleased to announce that the 72-hour Initial Production rate on the Wolf 1-29 averaged over 1185 BOE/D. The total production was composed of approximately 85% oil, and 15% high BTU natural gas. The average production during the first full 30 days on the Wolf was over 876 BOE/D.
The Wolf 1-29H, of which Osage owns a 25% Working Interest and a 19.5% Net Revenue Interest, was drilled to a vertical depth of 5,816 feet with a lateral bore length of 4,104 feet and was treated with a 12 stage hydraulic frac job.
"The strength of the Wolf's early production will have a resounding impact on Osage's immediate and long-term future. The initial production at the Wolf is among the highest in the Horizontal Mississippian play to date," stated Mr. Kim Bradford, Chairman and CEO of Osage Exploration and Development. "More significantly, the economics of the well due to the percentage of crude oil versus natural gas and our initial 50% water cut are unsurpassed to our knowledge."
"We have expressed our belief that Osage has captured potentially the best Mississippian acreage in the State of Oklahoma with its Nemaha Ridge project, and while our results are very preliminary, we are confident that this team and this prospect will continue to deliver outstanding results for our shareholders," continued Mr. Bradford. "Our geological group consisting of VP Exploration Greg Franklin and Chad Taylor, with assistance by Julie Shannon has truly overachieved on this project."
Greg Franklin, Director, stated, "We are working very hard to systematically prepare all of the acreage for drilling in an aggressive fashion. Our confidence remains high that we can continue to bring highly economic wells online in this project. While our early results have been gratifying, there may yet be room for improvement across this block."
For pictures of the Nemaha Ridge project to date, click on the URL below:
For a visual depiction of the horizontal drilling technique that will be utilized in the Nemaha Ridge project, click on the video link below:
About Osage Exploration and Development, Inc.
Based in San Diego, California, with production offices in Oklahoma City, Oklahoma, and executive offices in Bogota, 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. 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.
SOURCE: Osage Exploration and Development, Inc.
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Osage Exploration and Development, Inc. Kim Bradford, President and CEO Phone: 619-677-3956 Fax: 619-677-3964 email@example.com www.osageexploration.com or Portage Equity Market Advisors, LLC Jack Zedlitz, Managing Advisor Phone: (405) 230-1182 firstname.lastname@example.org www.portagellc.com