SAN DIEGO--(BUSINESS WIRE)--Osage Exploration and Development, Inc. (OTCBB: OEDV), a domestic E&P company focused on the Horizontal Mississippian play in Oklahoma, is pleased to announce the spudding of the Davis Farms 2-5H in Logan County, Oklahoma. The Davis Farms 2-5H was immediately preceded by the drilling and completion of the Davis Farms 1-5 SWD disposal well. This is the third horizontal oil well drilled in the 28,000 acre Nemaha Ridge project by Osage in conjunction with its partners, project operator Slawson Exploration Company and US Energy Development Corporation.
The Davis Farms 2-5H well is located approximately two miles south of Osage's Wolf 1-29H which had a 72-hour Initial Production rate of 1,185 BOE/D, of which 84% was forty degree gravity crude oil and 16% high BTU wet gas, making it one of the best wells drilled in the Horizontal Mississippian play to date.
"With Osage's recently announced 40% acreage expansion, our intentions should be very clear: to systematically drill every single acre that we and our partners have leased. Our ability to simultaneously bring in tremendous results and expand the acreage position within the core area will be an explosive combination for the Osage shareholder over the next 12-18 months," stated Kim Bradford, Chairman and CEO of Osage Exploration and Development. “Further, we are no longer alone in drilling Logan County. Three of the largest Oklahoma-based public E&P companies are drilling or participating in sections that are contiguous with our acreage block,” he added.
Greg Franklin, Vice President of Exploration and Director, stated, "It is a well-known fact that industry observers are now calling the Horizontal Mississippian the most economic oil play in the lower 48 states. At a time when commodity prices are volatile, superior well economics and the ability to bring oil to the surface as cheaply as possible underscores Osage's value proposition. Based on what we have seen so far, our theories have been validated and our expectations have been exceeded."
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:
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
U.S. Energy Development Corporation was formed in 1980 as a successor to Oilmark & Company, Inc., founded in 1978. The company has consistently been ranked among the Top 50 Independent Oil & Natural Gas Drillers in the United States and is one of the largest drillers in both New York and Pennsylvania. Since 1980, U.S. Energy has acted as operator with respect to the drilling of more than 2,500 wells. http://www.usedc.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.