Slawson Exploration Company is the Operator of the project and owns 45%, U.S. Energy Development Corporation owns 30%, and Osage Exploration has 25%.
"Slawson Exploration as Operator is focused on drilling the project in the fourth quarter this year, yet is bringing a tremendous amount of leadership to the land acquisition process as well. The synergy that has been created by the contribution of U.S. Energy on the land side, coupled with Slawson's and our own efforts, has increased the overall acquisition efficiency dramatically from my perspective," stated Kim Bradford, Chairman and CEO.
"Our approach has been and continues to be acquiring land that we feel is highly prospective, given the substantial amount of well control that we have. At no time have we acquired acreage that we feel might be marginally productive, instead we have leased in high-graded, geologically significant areas east of the Nemaha Ridge. Slawson is moving forward with a timetable of drilling our first wells later this year, because our stated goal is to drill every one of our leasehold acres," stated Greg Franklin, VP Exploration and Director.
For a visual depiction of the horizontal drilling technique that will be utilized in the Nemaha Ridge project, click on the video link below:
http://www.osageexploration.com/video/index.htm
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. www.osageexploration.com
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. http://www.slawsoncompanies.com/exploration.html
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. www.usedc.com
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.
Figure 1. EIP-1 Controller
Contact:
Osage Exploration and Development, Inc.
Kim Bradford, President and CEO
Phone: 619-677-3956
Fax: 619-677-3964
kbradford@osageexploration.com
www.osageexploration.com
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