Osage Exploration and Development Announces 584 BOE IP Rate onrnFirst Operated Horizontal Mississippian Well

摘要

2014 AUG 8 (VerticalNews) -- By a News Reporter-Staff News Editor at Energy Business Journal -- Osage Exploration and Development, Inc. (OTCBB:OEDV), an independent exploration and production company focused on the Horizontal Mississippian and Woodford plays in Oklahoma, announced a peak twenty-four hour rate on its first operated Horizontal Mississippian well, the Whitten 1-3MH, of 584 Barrels of Oil Equivalent (BOE). The product mix was composed of approximately 65% oil, 15% Natural Gas Liquids (NGLs), and 20% natural gas. Osage has a 62.5% Working Interest in the well, which is located in Section 3 Township 16N 3W in Logan County, Oklahoma. Management Comments "Osage is off to a very strong start," stated Mr. Kim Bradford, Chairman and CEO of Osage Exploration and Development (OTCBB:OEDV). "Our first operated well has only been in production for several days and has already given us a high peak rate. Further, we are producing a very high quality crude oil, and because of the Natural Gas Liquids content, our natural gas is selling for an approximate 65% premium over NYMEX spot pricing.