Osage
Exploration and Development, Inc. (OTCBB:OEDV),
an independent exploration and production company focused on the
Horizontal Mississippian and Woodford plays in Oklahoma, announced
preliminary production results from two Horizontal Mississippian wells,
the George Plagg 1-18MH and the George Plagg 1-19MH, located in Logan
County, Oklahoma.
The George Plagg 1-18MH, a horizontal Mississippian well in Section
18-17N-2W, has reached a peak one-day production rate of 892 BOE. The
product mix is 90% crude oil and natural gas liquids with 10% natural
gas. Osage has approximately a 49% Working Interest in the well.
The George Plagg 1-19MH, a horizontal Mississippian well in Section
19-17N-2W, has reached a one-day production rate of 746 BOE. The product
mix is 94% crude oil and natural gas liquids with 6% natural gas. Osage
has approximately a 63% Working Interest in the well.
Management Comments
“Since Osage began drilling in Logan County in 2012, we have constantly
pointed to a singular fact: that we had put together the best
Mississippian acreage in the play. Once we gained operational control
late last year, we have been talking about another key attribute: that
we have put together a premier Operating team to execute our plans,”
stated Mr. Kim Bradford, Chairman and CEO of Osage Exploration. “Today
you see the culmination of those two things, as these results are among
the very best achieved by anyone to date in this play. Sequentially,
Osage has brought wells online that have produced 611 BOE, 695 BOE, 746
BOE, and 892 BOE as peak IP rates. These results are blowing out all
projections and predictions to date.
"The conventional wisdom is that the Horizontal Mississippian is a
statistical play and that for every good well, you will get a less than
good well. That may be true across the width and breadth of the play,
but Osage's results seem to indicate that our application of the science
has led us to a sweet spot, which is what we have asserted all along."
Mr. Bradford continued, "I am personally proud of our results, but even
more proud of the performance of the entire Osage team. We hold a
tremendous acreage position, we drill our wells fast and accurately, we
design and execute our fracs as well as anyone and take a very
restrained approach to production. I expect to continue to set new high
water marks going forward."
About
Osage Exploration and Development, Inc.
Based in San Diego, California, with production offices in Oklahoma
City, Oklahoma, 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. http://www.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.
Copyright Business Wire 2014