Osage Exploration and Development announces 494 barrel average 30-day production on latest horizontal Mississippian well
Tuesday, Feb 12, 2013
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 average 30-day initial production on its Krittenbrink 1-1H horizontal Mississippian well located in Section 1-18N-4W. The average 30-day initial production rate on the Krittenbrink 1-1H was 494 BOE with a product mix composed of approximately 88% crude oil and 12% high-BTU natural gas.
Regarding the 30-day initial production result, Osage’s Chairman and CEO, Mr. Kim Bradford stated, “The thirty-day result from the Krittenbrink 1-1H demonstrates the quality of the reservoir across our acreage in Logan County. Osage earlier announced a one-day peak initial production number of 623 BOE. To average 494 BOE over thirty days after a one-day peak of 623 BOE is a very, very strong result. Interestingly, the Krittenbrink 1-1H produced more on its 30th day than the 494 barrel 30-day average, so we may not have seen the best of it yet.
“The oily product mix in this well further supports our thesis that Logan County economics may be among the best economics anywhere in the Horizontal Mississippian play. The pace of drilling activity in Logan County is another indicator of the quality of Osage’s acreage. When we drilled our Wolf 1-29H well one year ago this month, it was the second Horizontal Mississippian well ever drilled in Logan County. In the past six months alone, there have been 39 Intent to Drill filings for horizontal Mississippian wells in Logan County with the Corporation Commission. We are no longer alone in our conclusions about the potential of the area.”
Source: Business Wire
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