Osage Exploration and Development Inc (OEDVQ)

[Ed Ajootian]

Hannibal, first of all Hoffman sold only a very small amount of his position and still has something like 5.7M shares left. From what I understand he bought most if not all his position for a few pennies per share a coupla years ago so he would be a complete idiot not to be taking a few chips off the table at this time. There is little geologic risk to the wells that Osage is participating in the drilling of but there is a fairly wide range of possible logged pay and/or production results.

No telling whether Hoffman is finished or not but in as little as a few weeks from now that will be somewhat moot since we will hopefully be starting to hear results of their first well. I believe SandRidge has drilled some of their wells to the north in as little as 20 days. This is not Slawson's first rodeo, they in fact are currently considered "best in class" for the horizontal drilling in the Bakken, so even though this is Slawson's first horizontal well targeting the Mississippian in OK it would not be an immense surprise if it hit TD in 20 days or so, which would mean we could be hearing of logging results as soon as the first week of the year.