Osage Exploration, along with its partners Slawson Exploration and U.S. Energy Development Corporation, announced Wednesday that the companies have increased their net land position to 15,000 acres in the highly prospective area east of the Nemaha Ridge in the Oklahoma horizontal Mississippian play.
Slawson Exploration is the Operator of the project and owns 45 percent. U.S. Energy Development Corporation owns 30 percent. Osage Exploration has 25 percent.
“Slawson Exploration as Operator is focused on drilling the project in the fourth quarter this year, yet is bringing a tremendous amount of leadership to the land acquisition process as well. The synergy that has been created by the contribution of U.S. Energy on the land side, coupled with Slawson's and our own efforts, has increased the overall acquisition efficiency dramatically from my perspective," stated Osage Exploration Chairman and CEO Kim Bradford.
"Our approach has been and continues to be acquiring land that we feel is highly prospective, given the substantial amount of well control that we have. At no time have we acquired acreage that we feel might be marginally productive, instead we have leased in high-graded, geologically significant areas east of the Nemaha Ridge. Slawson is moving forward with a timetable of drilling our first wells later this year, because our stated goal is to drill every one of our leasehold acres," stated Osage Exploration Vice President of Exploration Greg Franklin.
For a visual depiction of the horizontal drilling technique that will be utilized in the Nemaha Ridge project, click here to watch a short video.
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