Osage Exploration and Development Announces New Well Rates of 1306 BOE
October 15 2014 - 9:00AM
Business Wire
300% Increase in Daily Production in Last
120 Days
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 preliminary production
results from the McNally 1-29MH and the McNally 1-20WH, located in
Logan County, Oklahoma.
The McNally 1-29MH, a horizontal Mississippian well in Section
29-17N-2W, has reached a one-day production rate of 695 BOE. The
product mix is 84% crude oil and 16% natural gas. Osage has
approximately a 58% Working Interest in the well.
The McNally 1-20WH, a horizontal Woodford well in Section
20-17N-2W, has reached a one-day production rate of 611 BOE. The
product mix is also 84% crude oil and 16% natural gas. Osage has
approximately a 76% Working Interest in the well.
Management Comments
"Since Osage took operational control in Logan County we have
reiterated that the second half of 2014 would be a time of great
change for our shareholders. We ended the first half of this year
producing about 425 barrels of oil equivalent net to Osage from 43
non-operated wells. With only four Osage-operated wells added to
that total, we have more than tripled our daily production to 1,392
barrels of oil equivalent, far in excess of the target year-end
exit rate that we promised publicly just 45 days ago," stated Kim
Bradford, Chairman and CEO.
"Our Mississippian well, while still early in its production
life, is well ahead of the type curve and promises to be an
exceptional well with early payback. Our Woodford well is without a
doubt the best Woodford well drilled in southern Logan County, and
better by far than any Woodford well drilled by any offset operator
outside of Devon Energy. The impact of this is enormous to the
Osage shareholder because it proves our assertion that we can drill
multiple Mississippian wells and multiple Woodford wells in every
section that we operate," stated Jack Zedlitz, VP Corporate
Development.
"The quality of our rock has never been seriously questioned,
but it took the right operational team with the right philosophy to
bring everything to fruition," stated Greg Franklin, Osage’s Vice
President of Exploration and Senior Geologist.
"Looking beyond these exceptional results, we already have two
more Mississippian wells drilled which we will frac later this
month, and our next two drilling pads under construction to move
our rig to sequentially. We have built a team of exceptional
individuals to execute this plan and our results speak for
themselves. Even with the high level of production that we are
seeing, our primary focus is on cutting drilling and completion
costs, which is crucial in this volatile commodity price
environment. While these are still the early days of our
development program, we have put exclamation points on our geology,
our team, and our ability to deliver results, all to the benefit of
our shareholders," concluded Kim Bradford.
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.
Osage Exploration and Development, Inc.Kim Bradford,
President and CEOPhone:
619-677-3956kbradford@osageexploration.com
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