Tag Archives: PUD

Business, Finance, Occupation & Industry

Osage Exploration and Development Announces Record Annual Revenues, Production, and Reserves

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By Business Wirevia The Motley Fool

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Osage Exploration and Development Announces Record Annual Revenues, Production, and Reserves

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 its financial and operational results for the full year 2012. Year-over-year highlights from Osage Exploration and Development include:

  • 74% increase in total revenues from $3,515,723 to $6,120,024;
  • 107% improvement in oil sales from $1,920,834 to $3,973,666; and,
  • 107% growth in annual oil production from 19,162 Bbls in 2011 to 39,684 Bbls.

The full text of the Company’s Form 10-K for 2012 is available on the SEC EDGAR system or on Osage’s website: http://www.osageexploration.com.

Drilling Status

The Company’s previously announced accelerated drilling program is proceeding ahead of initial estimates. Initially planning to drill two wells per month, Osage and its partners have spud ten wells to date in 2013, fully 50% ahead of the planned pace. Currently, there are eight wells in production and an additional twelve wells in various stages of drilling, completion, and flowback. Osage and its partners are employing two rigs full-time, and are utilizing a third rig opportunistically.

Quarterly Production

Since the commencement of production in the Company’s Nemaha Ridge project in Logan County, Oklahoma, average daily production net to Osage has increased 115% from 112 Boe/d in the second quarter of 2012 to 241 Boe/d in the first quarter of 2013.

Reserve Report

Osage’s third party independent reserve engineer, Pinnacle Energy Services, provided a year-end reserve report on the Company’s oil and gas assets in Logan County, Oklahoma. The report is based on the first five Proved Developed Producing locations (PDP), three Proved Developed Not Producing locations (PDNP), nine reported Proved Undeveloped (PUD) well locations, and 370 Non-Proved (NP) locations. The Estimated Ultimate Recovery (EUR) per PUD location is approximately 285,000 Boe. The product mix is estimated to be 60% crude oil and 40% natural gas. Based on Pinnacle’s report, Osage’s Nemaha …read more
Source: FULL ARTICLE at DailyFinance

Business, Finance, Occupation & Industry

Saratoga Resources, Inc. High Bidder on Four Leases (19,814 Acres) in Central GOM Lease Sale

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By Business Wirevia The Motley Fool

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Saratoga Resources, Inc. High Bidder on Four Leases (19,814 Acres) in Central GOM Lease Sale

HOUSTON–(BUSINESS WIRE)– Saratoga Resources, Inc. (NYSE MKT: SARA; the “Company” or “Saratoga”) today announced that it was the apparent high bidder on four leases at the Central Gulf of Mexico Lease Sale 227 held yesterday in New Orleans, Louisiana.

The four lease blocks covered by the bids total 19,814 acres on a net and gross basis and are all located in the shallow Gulf of Mexico Shelf in water depths of 13 to 77 feet. Lease bonuses under the bids total $880,000. The U.S. Bureau of Ocean Energy Management, Regulation and Enforcement (“BOEMRE“) will review all apparent high bids prior to awarding the lease blocks to Saratoga.

Andy C. Clifford, Saratoga’s President, commented, “We are extremely pleased at the prospect of securing these four blocks in our first foray into the Gulf of Mexico Shelf. The leases include two in the Ship Shoal area and two in the Vermilion area. Our internal gross potential reserve estimates, as yet unaudited by third party engineers, relative to these blocks are 51.3 million barrels of oil equivalent (“MMBOE”), of which 5.4 MMBOE are expected to be qualified as proved undeveloped (“PUD“). We are attracted by the high liquid content of these reserves, which we estimate to exceed 8 MMBO of gross 3P reserves.”

About Saratoga Resources

Saratoga Resources is an independent exploration and production company with offices in Houston, Texas and Covington, Louisiana. Principal holdings cover 32,027 gross/net acres, mostly held-by-production (all depths), currently located in the transitional coastline and protected in-bay environment on parish and state leases of south Louisiana. Most of the company’s large drilling inventory has multiple pay objectives that range from as shallow as 1,000 feet to the ultra-deep prospects below 20,000 feet in water depths of less than 10 feet. For more information, go to Saratoga’s website at www.saratogaresources.com and sign up for regular updates by clicking on the Updates button.

Forward-Looking Statements

This press release includes certain estimates and other forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, including statements regarding the ultimate award of the lease blocks following BOEMRE review, the ultimate reserves associated with the lease blocks, the portion of reserves qualifying as PUD and constituting liquids and the ultimate ability …read more
Source: FULL ARTICLE at DailyFinance