By Business Wirevia The Motley Fool
Filed under: Investing
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.
Management Comments
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.”
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