Wednesday, January 18, 2012

Oil and Gas Stock News; Osage (OTCBB: OEDV.OB) Spuds Second Horizontal Mississippian Well in Nemaha Ridge Project; Total Depth Reached on First Well

SAN DIEGO - January 18, 2012 ( Energy Newswire) - Osage Exploration and Development, Inc. (OTCBB: OEDV.OB) is pleased to announce the spudding of the Krittenbrink 2-36H on January 8, 2012 in Logan County, Oklahoma two days after the completion of the Company�s second disposal well. The Krittenbrink 2-36H is the second horizontal Mississippian well to commence drilling in conjunction with its partners, Slawson Exploration Company and US Energy Development Corporation.
Osage is also pleased to announce that total measured depth of 9,917 feet has been reached on the Wolfe 1-29H, the first horizontal Mississippian well in the Company's previously announced 20,000 acre Nemaha Ridge project.
"Osage is methodically achieving its early goals," stated Kim Bradford, Chairman and CEO of Osage Exploration and Development. "Additionally, as the drilling of our first two horizontal Mississippian wells progresses, we are witnessing a significant increase in both drilling and leasing activity by major producers adjacent to the Company�s Logan County acreage. This activity is targeting both the Mississippian and more notably, the Woodford formations to which Osage also owns rights across its acreage block. We believe that this activity provides strong third-party validation of our geological thesis and points to the value of the multiple formations in the acreage block that we have assembled."
Greg Franklin, Osage�s Vice President of Exploration, stated, "In order to optimize the results in our initial wells, we have been carefully studying the hydraulic fracturing and completion techniques utilized to date by the other significant players in the horizontal Mississippian play. We feel that as a result, we are oriented to achieve outstanding results in the early wells of this program."
For a visual depiction of the horizontal drilling technique that will be utilized in the Nemaha Ridge project, click on the video link below:
About Osage Exploration and Development, Inc.
Based in San Diego, California, with production offices in Oklahoma City, Oklahoma, and executive offices in Bogot�, 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.
About Slawson Exploration Company, Inc.
Headquartered in Wichita, Kansas, with regional offices in Denver, Houston, and Oklahoma City, Slawson began oil and gas exploration in 1957.
About U.S. Energy Development Corporation
U.S. Energy Development Corporation was formed in 1980 as a successor to Oilmark & Company, Inc., founded in 1978. The company has consistently been ranked among the Top 50 Independent Oil & Natural Gas Drillers in the United States and is one of the largest drillers in both New York and Pennsylvania. Since 1980, U.S. Energy has acted as operator with respect to the drilling of more than 2,500 wells.
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.
Kim Bradford, President and CEO
Phone: 619-677-3956
Fax: 619-677-3964
Portage Equity Market Advisors, LLC
Jack Zedlitz, Managing Advisor
Phone: 405-230-1182
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