Osage's First Woodford Well Drilled Ahead of Schedule and under Budget

Well Completion Scheduled for Late May

Osage Exploration and Development, Inc. (OTCBB:OEDV), announced today that it reached Total Depth nine days ahead of schedule on the Whitten 1-2WH, the Company’s first operated horizontal Woodford well. Osage reached Total Depth for the well in just 14 days as opposed to the 23 day plan, resulting in substantial cost savings in the drilling phase. Hydraulic fracture treatment for the Whitten 1-2WH and the Whitten 1-3MH is scheduled for late May.

Management Comments

“From the outset of its operated drilling program earlier this year, Osage has had a laser focus on efficient, high-quality operations,” stated Jack Zedlitz, Vice President of Corporate Development. “In order to achieve the best results, we hand-picked a top-tier core operating team with over ninety years of experience.

“Reaching Total Depth on our first Woodford well nine days ahead of schedule while keeping the wellbore exactly where we planned speaks to the skill of our team. Specifically, after drilling to a total measured depth of 10,455 feet, we were within 1.5 inches vertically of our proposed target.

“At the end of the day, what matters most is putting oil in the tank in a highly economic manner. We believe that we are on our way to doing so with our first two operated wells, and we expect that those results will be repeatable.”

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.VP of Corporate DevelopmentJack Zedlitz, 405-270-0989jzedlitz@osageexploration.comorPresident and CEOKim Bradford, 619-677-3956kbradford@osageexploration.comorhttp://www.osageexploration.com

Osage Exploration and De... (CE) (USOTC:OEDVQ)
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