Osage Exploration and Development, Inc. Reports Financial and Production Results for the Second Quarter Ended June 30, 2013; Provides Update on Field Operations
The company participated in drilling ten wells during the second quarter, bringing the total number of wells in which Osage has an interest to twenty-nine as of June 30, 2013. Additionally, the company reported average daily production roughly in-line with first quarter production.
Improved field operations and production from wells brought online in the third quarter have resulted in large gains in oil production in Osage's Nemaha Ridge project. As of August 12, 2013 oil production on Slawson-operated wells has more than doubled in the six weeks since the end of the second quarter to a one-day rate of 2,000 barrels of oil per day plus gas, bringing Osage's net oil production from those wells to over 400 barrels of oil per day plus gas. Additionally, production from five wells operated by Devon, Stephens Production Company, and Sundance Energy in which Osage has a working interest bring the company's current net daily production rate from the Nemaha Ridge Project to roughly double Osage's average production rate in the second quarter.