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Osage Releases Initial Production from Krittenbrink 1-1H

Source: www.gulfoilandgas.com 1/22/2013, Location: North America

Osage Exploration and Development, Inc., an independent exploration and production company focused on the Horizontal Mississippian and Woodford plays in Oklahoma, announced preliminary production results on its Horizontal Mississippian well in Logan County, Oklahoma. The Krittenbrink 1-1H, located in Section 1-18N-4W, had its first oil sale on December 30th and within two weeks achieved one-day production of 623 BOE. It has produced 6,740 BOE to date. Total volumes of hydrocarbons produced have been composed of over 90% crude oil.

Management Comments

"We are very pleased with the initial production of the Krittenbrink 1-1H and with the early results of our accelerated drilling program," stated Mr. Kim Bradford, Chairman and CEO of Osage Exploration and Development. "With the Krittenbrink 1-1H we have now gotten the time from spud to first sales down to about 70 days. Coupled with the high initial production rates that we are experiencing, the economics of this program are outstanding. The success of the Krittenbrink 1-1H is a reminder of the potential of our Nemaha Ridge project. Along with our partners US Energy Development Corporation and project operator Slawson Exploration Company, we intend to drill over twenty wells this year in Logan County with the objective of amassing a portfolio of repeatable, highly economic oil wells."

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