Point Roberts, WA. - September 16, 2011 (Investorideas.com Energy Newswire) - www.InvestorIdeas.com, a leader in sector research including oil and gas stocks reports on recent news and developments in the Mississippian Formation play.
OTCBB: OEDV) reported, along with its partners Slawson Exploration Company and U.S. Energy Development Corporation, had increased the net land position to 15,000 acres in the highly prospective area east of the Nemaha Ridge in the Oklahoma horizontal Mississippian play.
Slawson Exploration Company is the Operator of the project and owns 45%, U.S. Energy Development Corporation owns 30%, and Osage Exploration has 25%.
On Tuesday, PetroQuest Energy, Inc. (NYSE:PQ) announced it had closed its Mississippian Lime acquisition of 28,250 acres for an adjusted purchase price of $24,100,000. The acreage is located in Pawnee County, Oklahoma and has approximately 50 Boe/d of production and five saltwater disposal wells. Approximately 4,500 of the 28,250 acres are held by production with the remaining acreage subject to multi-year leases.
Subsequent to the closing of this acquisition, the Company sold a 50% working interest in the Pawnee County acreage for approximately $14,500,000. After completing this acquisition and subsequent sell-down, the Company has approximately 24,000 net acres in Pawnee, Grant and Kay Counties in Oklahoma and Sumner County, Kansas and expects to spud its first well targeting the Mississippian Lime near the end of the year.
For a visual depiction of the horizontal drilling technique that OEDV will be utilizing in the Nemaha Ridge project, click on the video link below:
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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 US and Colombia. www.osageexploration.com
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