5,015 Operated Acres and 4,475 Joint Venture
Acres
Osage’s Total Operated Acreage Climbs to
13,000+ Acres
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 that by virtue of a
Partition Agreement reached with its partners, Osage has become the
project operator on a majority of its acreage in the Nemaha Ridge
project in Logan County, Oklahoma. Effective September 1, 2013,
Osage will operate approximately 5,015 net acres in thirty
sections, and will remain joint-venture partners with Slawson
Exploration in approximately 4,475 net acres across forty-five
sections. Further, the Company announced that it has put under
multi-year contract two key members collectively having over
sixty-five years of industry experience to form the nucleus of
Osage’s operating team.
Partition Agreement
With the Partition Agreement, Osage becomes the Operator of
approximately 53% of its 9,490 acres in the Nemaha Ridge project.
The remaining 47% of the acreage that is held by production will
continue to be operated by Slawson Exploration. Osage retains its
ownership share of all existing production from wells drilled prior
to September 1, 2013, as well as ownership of the Proved Developed
Producing reserves from those wells.
Operating Team
In addition to its two exploration geologists whose work
provided the geological foundation of the Nemaha Ridge project,
Osage has contracted with two highly experienced key individuals,
Mr. Buddie Livingston as Project Manager and Mr. Jeff Dwiggins as
Manager of Production Engineering, to form the nucleus of our
Operating Team. Together, their sixty-five plus years of experience
in the E&P industry spans all aspects of planning, drilling,
completing, producing, and managing a reservoir. Abbreviated bios
for Mssrs. Livingston and Dwiggins are included below.
Management Comments
“This transformative transaction allows Osage to put its time as
a non-operator in the rear-view mirror,” stated Mr. Kim Bradford,
Chairman and CEO of Osage Exploration and Development, Inc.
(OTCBB:OEDV). “As the Operator of a majority of our acreage in the
Logan County Nemaha Ridge project, we now control the timing of
capital expenditures, the cash flows from oil and gas sales, and
the quality and method of operations. It has been our plan to
transition Osage into an operating company since the beginning, and
with this partition agreement, that objective is achieved. We are
immediately moving forward with drilling in Logan County in 2014,
as well as our previously announced move into our Pawnee
Mississippian project.”
“Having more than one operator in the Nemaha Ridge project will
benefit all parties involved,” continued Mr. Bradford. “We will be
sharing information and techniques with our neighboring operators
in order to optimize all aspects of drilling and completing the
multiple reservoirs that are stacked in the Nemaha Ridge
project.
“Most importantly, Osage now has control of technically and
geologically de-risked Mississippian acreage in Logan County which
contains highly economic known quantities of oil and gas, an
operating team with a proven ability to efficiently extract the oil
and gas, and the upside of the Woodford Shale, which we plan to
exploit very soon. With our existing production providing a base of
cash flows and the financial partnership of one of the largest
private equity firms in the world, Osage has begun a new chapter
which should be very rewarding for its shareholders.”
Operating Team Bios
Buddie Livingston has over forty years in the drilling,
completion, and production sectors. His specific focus and the vast
majority of his industry experience has been on highly technical
drilling projects, including: high pressure, snubbing, horizontal,
underbalanced, and managed pressure drilling projects. He has
served as a Project Manager, Drilling Supervisor, and wellsite
consultant for Energen Resources, ExxonMobil, and others both
onshore and offshore, with extensive experience in the Permian,
Bakken, Anadarko, and Arkoma basins. Buddie has managed or project
managed the drilling of hundreds of horizontal wells and thousands
of vertical wells. Buddie is a third generation oilman and makes
his home in Bristow, Oklahoma.
Jeff Dwiggins has over twenty-five years of experience in the
domestic and international energy industry with a specific focus on
designing and improving artificial lift systems for oil and gas
companies. Most recently, Jeff worked with Apache Corporation as a
production engineering consultant for all forms of artificial lift
worldwide, tasked with improving Apache’s overall artificial lift
performance. Jeff has extensive ESP application and alternative
deployed ESP expertise having worked significant projects in such
places as Qatar, Egypt, Brunei, Chad and others. Jeff has
successfully managed the development of many key facets of coiled
tubing deployed ESPs. He also has a broad background in the oil and
gas sector including project engineering, engineering development
and management, business operations and development, start-up
operations and manufacturing operations. Jeff lives in Edmond,
Oklahoma.
About Osage Exploration and Development, Inc.
Based in San Diego, California, with production offices in
Oklahoma City, Oklahoma, 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.
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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