Osage has increased its land position targeting the Mississippian Lime in the Nemaha Ridge project to 20,000 net acres. Osage also announced the commencement of drilling its first salt water disposal well on the Company's prospect by Slawson Exploration Company, the Operator and 45% owner of the project. Osage retains 25% ownership and a third partner, US Energy Development Corporation, owns 30%.
This is the final precedent step to drilling the first Horizontal Mississippian well on the prospect acreage.
"The culmination of our scientific work, land acquisition, and Slawson Exploration's well planning and design takes on an immediate relevance to the Osage shareholder," stated Kim Bradford, Chairman and CEO of Osage Exploration and Development. "Based on the success in the Mississippian by SandRidge Energy, Chesapeake Energy, Range Resources, Devon Energy, Continental Resources, Eagle Energy, and others, we are moving forward aggressively and confidently with drilling our block."
For a visual depiction of the horizontal drilling technique that will be utilized in the Nemaha Ridge project, click on the video link: http://www.osageexploration.com/video/index.htm.
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