AI
Columbia
The Rosa Blanca Property
In June 2007, the Company entered into an agreement with Gold Oil, Plc ("Gold") and Empesa Petrolera de Servicios y Asesorias, S.A. ("EMPESA), whereby they farmed-in to the approximately 165 square mile Rosa Blanca concession in Columbia awarded by the Agencia Nacional de Hidrocarburos ("ANH") to Gold in June, 2007.
Under the Agreement, Osage is considered the operators of the concession and will pay all costs associated with drilling and testing of the first well on the Rosa Blanca project. Revenues generated from the first well will be allocated 50% to Osage, 40% to Gold and 10% to EMPESA.
The block, known as Rosa Blanca, is surrounded by the nearby oil producing fields of Cristalina, Santa Lucia, Tisquirama, Totumal, Buturama and South Bolivar Block.
The most attractive oil play within the Rosa Blanca Block has a geological structural trap of a faulted anticline of 300 feet of vertical closure of 12,699 Ha, between 3,900 and 4,200 feet from which the Company has interpreted to have the same geological signature of the nearby Buturama oil field. The Buturama field adjoins the Rosa Blanca property to the south, and successfully produced at rates as high as 7600 barrels a day. Osage plans to initiate drilling on the Rosa Blanca in Q2, 2008.
EcoPetrol originally enlisted EMPESA with the task of evaluating Colombia's highest potential oil and gas concessions. EMPESA presented EcoPetrol with 28 concessions. Ecopetrol subsequently asked for the top 25% of these concessions, resulting in EMPESA recommending seven to EcoPetrol for development. The Rosa Blanca is one of those top seven concessions.
Buturama, Harken's adjoining Analogy Field
The Rosa Blanca Property
In June 2007, the Company entered into an agreement with Gold Oil, Plc ("Gold") and Empesa Petrolera de Servicios y Asesorias, S.A. ("EMPESA), whereby they farmed-in to the approximately 165 square mile Rosa Blanca concession in Columbia awarded by the Agencia Nacional de Hidrocarburos ("ANH") to Gold in June, 2007.
Under the Agreement, Osage is considered the operators of the concession and will pay all costs associated with drilling and testing of the first well on the Rosa Blanca project. Revenues generated from the first well will be allocated 50% to Osage, 40% to Gold and 10% to EMPESA.
The block, known as Rosa Blanca, is surrounded by the nearby oil producing fields of Cristalina, Santa Lucia, Tisquirama, Totumal, Buturama and South Bolivar Block.
The most attractive oil play within the Rosa Blanca Block has a geological structural trap of a faulted anticline of 300 feet of vertical closure of 12,699 Ha, between 3,900 and 4,200 feet from which the Company has interpreted to have the same geological signature of the nearby Buturama oil field. The Buturama field adjoins the Rosa Blanca property to the south, and successfully produced at rates as high as 7600 barrels a day. Osage plans to initiate drilling on the Rosa Blanca in Q2, 2008.
EcoPetrol originally enlisted EMPESA with the task of evaluating Colombia's highest potential oil and gas concessions. EMPESA presented EcoPetrol with 28 concessions. Ecopetrol subsequently asked for the top 25% of these concessions, resulting in EMPESA recommending seven to EcoPetrol for development. The Rosa Blanca is one of those top seven concessions.
Buturama, Harken's adjoining Analogy Field
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