Osage Exploration and Development Announces 608 BOE IP Rate on Horizontal Mississippian Well
16 9월 2013 - 10:00PM
Business Wire
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 a one day peak IP on
the Tontz 2-32H of 608 BOE. The Tontz 2-32H, operated by Stephens
Production Company, is the second well to be drilled in Section
32-17N-3W and directly offsets the previously announced Tontz
1-32H. Osage owns 8.23% of the well.
Management Comments
“The significance of the early production from the Tontz 2-32H,
which is the second horizontal Mississippian well in Section
32-17N-3W, may be more than meets the eye,” stated Mr. Kim
Bradford, Chairman and CEO of Osage Exploration and Development
(OTCBB:OEDV). “The Tontz 1-32H, which was the first horizontal
Mississippian well in the section, has already produced over 30,000
barrels of oil and over 30 million cubic feet of natural gas.
Osage's Wolf 1-29H, which literally shares a drilling pad with the
Tontz 2-32, has already produced over 80,000 barrels of oil and
over 80 million cubic feet of natural gas.
“Conventional wisdom about drilling additional wells in close
proximity to other producing horizontal wells suggests that the
later wells may not be as strong. However, this has not been the
case with the Tontz 2-32H. Despite the fact that so much oil and
gas has been produced in very close proximity to the Tontz 2-32H,
we are still seeing virgin reservoir IP rates. This result is a
powerful testament to the oil saturation in this area and across
our entire block. If this holds true for future drilling of the
second, third, fourth, or fifth well in each section, the value of
the reserves in Osage’s Nemaha Ridge project will be greatly
enhanced over what has been previously projected.”
Mr. Bradford continued, “Our well results and those of
offsetting operators in the Mississippian and Woodford formations
in Logan County continue to redefine what the industry previously
understood about the Horizontal Mississippian and oily Woodford
plays. Osage’s Mississippian and Woodford acreage is simply in a
superior part of the reservoir.”
About Osage Exploration and Development, Inc.
Based in San Diego, California, with production offices in
Oklahoma City, Oklahoma, and executive offices in Bogotá, Colombia,
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. and Colombia.
http://www.osageexploration.com
About Stephens Production Company
Stephens Production Company (SPC) explores for and produces
natural gas and oil. Acquired in the early 50's through a series of
acquisitions, SPC is one of the largest privately owned,
independent natural gas companies in the U.S. The company,
headquartered in Fort Smith, Arkansas, is active in Arkansas,
Oklahoma, Texas, Louisiana, Mississippi, Colorado, Wyoming and the
Gulf of Mexico.
http://www.stephensgroup.com/aboutourpartners/currinv-energy.html
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.
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