Osage Exploration and Development Announces Sale of Wholly-Owned Subsidiary for $6.8 Million
2013年10月14日 - 11:21PM
ビジネスワイヤ（英語）
Osage Exploration and Development, Inc.
(OTCBB:OEDV), an independent exploration and
production company focused on the Horizontal Mississippian and
Woodford plays in Oklahoma, announced today the sale of a
wholly-owned subsidiary, effective as of September 30, 2013, for
$6.8 million in cash less settlement of debt of approximately
$254,000. The sale of Cimarrona, LLC to Bogota, Colombia-based
Raven Pipeline Company, LLC includes Osage’s 9.4% working interest
in oil and gas assets in the Guaduas field in the Middle Magdalena
Valley in Colombia and the Company’s 9.4% working interest in the
Guaduas pipeline. An additional $1 million cash will be paid to
Osage so long as the per barrel transportation rate charged with
respect to the pipeline is not adjusted prior to March 31, 2014.
The sale of Cimarrona, LLC satisfies the amendment to the Apollo
Note Purchase Agreement dated August 12, 2013.
Management Comments
“Three years ago, Osage consisted solely of our Colombian
assets, a small amount of cash, and a strong geological thesis
about Logan County. That small amount of capital and the cash flows
from our Colombian assets enabled Osage to build an acreage
position in Logan County that has positively transformed the
Company. We now have a Horizontal Mississippian project in Oklahoma
that is second to none, and the potential for a highly economic
Woodford Shale project on the same acreage,” stated Mr. Kim
Bradford, Chairman and CEO of Osage Exploration and Development,
Inc. (OTCBB:OEDV).
“With cash flows and asset values from our Nemaha Ridge project
growing, the time is right to sell the Colombian assets. This $6.8
million sale of non-core assets fortifies Osage’s balance sheet and
hones our focus as a domestic exploration and production
company.”
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 U.S. and Colombia.
http://www.osageexploration.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.
Osage Exploration and Development, Inc.Kim Bradford,
President and CEO619-677-3956kbradford@osageexploration.comorJack
Zedlitz, VP of Corporate
Development405-270-0989jzedlitz@osageexploration.comhttp://www.osageexploration.com
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