Since 2007, several operators have been drilling horizontally and completing the Mississippi formation. Based on available public information, SandRidge Energy and Chesapeake Energy have completed over 45 horizontal wells in Woods and Alfalfa Counties, with initial rates ranging up to 1250 BOPD and 3100 Mcfd. Although a distance away, the Osage prospects are approximately on strike with the Woods and Alfalfa County wells.
Excerpts highlighting recoverable reserves on the Osage acreage :
The prospects are located in Townships T16-19N, 3&4W of Logan County, Oklahoma. Pinnacle relied on geological maps, log data, and drilling and completion information provided by Osage which was supplemented by well data, production data, and other information gathered from public sources.
In summary, based on volumetric calculations, the calculated projected oil and gas recoverable volumes per 640 acre section are:
Marshall Ridge 1,043,000 bbls oil and 3,128 Mmcf natural gas
Crescent Ridge 909,000 bbls oil and 3,634 Mmcf natural gas
Cimarron Ridge 824,000 bbls oil and 4,118 Mmcf natural gas
The overall arithmetic average of the three prospects is 992,000 bbls of oil and 3.5 BCF of natural gas per section.
Osage Exploration and Development, Inc. currently owns in excess of 14 net sections, broken down thusly:
Marshall Ridge approximately 10 sections
Crescent Ridge approximately 3 sections
Cimarron Ridge approximately 1 section
The full, unabridged report done by Pinnacle Energy Services, LLC is available on the Osage Exploration website, www.osageexploration.com
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Company News:
Osage (OTCBB: OEDV) Joint Ventures Its 10,000 Acre Horizontal Mississippian Nemaha Ridge Project
Full News: http://www.investorideas.com/CO/OEDV/news/2011/05261.asp
About Osage Exploration and Development, Inc. ( OTCBB: OEDV)
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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Disclosure: (6 months starting May 24, 2011 thirty five hundred per month, 100,000 144 shares)
Visit the company showcase profile at Investorideas.com
Request news and stock alerts for Osage Exploration and Development, Inc. (OEDV.OB)
Disclosure: (6 months starting May 24, 2011 thirty five hundred per month, 100,000 144 shares)
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