OEDV-Osage Exploration and Development Spuds First Operated Horizontal Well
Date : 03/18/2014 @ 9:00AM
Source : Business Wire
Stock : Osage Exploration And Development, Inc. (QB) (OEDV)
Quote : 1.15 0.0 (0.00%) @ 7:18AM
Osage Exploration and Development Spuds First Operated Horizontal Well
Osage Exploration And Development, Inc. (QB) (USOTC:OEDV)
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Today : Tuesday 18 March 2014
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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 the spudding of the Company’s first operated horizontal well in Logan County, Oklahoma. The Osage Whitten 1-3MH, targeting the Mississippian formation, was spud in Section 3 of Township 16 North 3 West on March 17 by Nabors Rig 357.
"For Osage shareholders, this is the beginning of a period from which we believe Osage will emerge as a radically changed entity. We intend to keep one rig running continuously this year in Logan County, steadily drilling one well per month. The Osage Whitten 1-3MH will immediately be followed by Osage’s first operated horizontal Woodford well in April, the Osage Whitten 1-2WH, with both wells to be completed at the same time. We expect results from the first two wells early in the third quarter of this year, soon to be followed by results from our third and fourth wells. Beginning in the third quarter, our shareholders should expect to see gains in production and reserves that will make our previous growth rate pale in comparison.
"For the first time, Osage is now in control of the timing of our capital expenditures and the methods of drilling, completion, and production. True to our style, we have hand selected an operating team that we believe to be second to none, and we intend to prosecute the development of this asset rapidly, carefully, and professionally," stated Jack Zedlitz, VP of Corporate Development.
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.
Jack Zedlitz, VP of Corporate Development
Kim Bradford, President and CEO