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, updated the status of its accelerated drilling program by announcing the spudding of two wells in the Company’s 31,000 acre Nemaha Ridge project during the month of November. The two wells spudded in November bring the number of wells drilled by the Company and its partners, Slawson Exploration and U.S. Energy Development Corp., to seven. The McPhail 1-19H was spud on November 16th, and the Chambers 1-5H was spud on November 27th.
Additionally, Osage is pleased to announce the completion and commencement of flowback on the Hopfer 1-17H, a Horizontal Mississippian well operated by Devon Energy in which Osage owns a 14.6% working interest. The fracture treatment of the Hopfer well was completed on November 25th, and the well is currently flowing back fluids used in the hydraulic fracture of the wellbore. The Devon Hopfer location is on the section immediately adjacent to Osage's two McPhail wells.
Regarding planned completions, Osage intends to complete three wells by hydraulic fracture treatment during the month of December: the Krittenbrink 1-1H, the McPhail 2-18H, and the McPhail 1-19H.
Management Comments
Addressing the current drilling program, Mr. Kim Bradford, Chairman and Chief Executive Officer of Osage Exploration and Development, stated, “Our early results have justified the acceleration in our drilling program which is designed to hold progressively over 100 sections by production over the next few years. The increase in our drilling rate will have a significant impact on Osage’s production, revenue, and reserves. With several well results expected in January, and more to come on a monthly basis thereafter, 2013 will be a year of radical transformation for Osage.”
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 Slawson Exploration Company, Inc.
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
About U.S. Energy Development Corporation
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/
About Devon Energy Corporation
Devon Energy Corporation is an Oklahoma City-based independent energy company engaged in oil and gas exploration and production. Devon is a leading U.S.-based independent oil and gas producer and is included in the S&P 500 Index. http://www.devonenergy.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.