Osage All Smiles over Mississippian Well
Osage Exploration and Development, Inc. announced that the 72-hour Initial Production rate on the Wolf 1-29 averaged over 1185 barrels of oil equivalent per day (boepd). The total production was composed of approximately 85% oil, and 15% high BTU natural gas. The average production during the first full 30 days on the Wolf was over 876 boepd.
The Wolf 1-29H, of which Osage owns a 25% Working Interest and a 19.5% Net Revenue Interest, was drilled to a vertical depth of 5,816 feet with a lateral bore length of 4,104 feet and was treated with a 12 stage hydraulic frac job.
"The strength of the Wolf's early production will have a resounding impact on Osage's immediate and long-term future. The initial production at the Wolf is among the highest in the Horizontal Mississippian play to date," stated Mr. Kim Bradford, Chairman and CEO of Osage Exploration and Development. "More significantly, the economics of the well due to the percentage of crude oil versus natural gas and our initial 50 percent water cut are unsurpassed to our knowledge."
"We have expressed our belief that Osage has captured potentially the best Mississippian acreage in the State of Oklahoma with its Nemaha Ridge project, and while our results are very preliminary, we are confident that this team and this prospect will continue to deliver outstanding results for our shareholders," continued Mr. Bradford. "Our geological group consisting of VP Exploration Greg Franklin and Chad Taylor, with assistance by Julie Shannon has truly overachieved on this project."
Greg Franklin, Director, stated, "We are working very hard to systematically prepare all of the acreage for drilling in an aggressive fashion. Our confidence remains high that we can continue to bring highly economic wells online in this project. While our early results have been gratifying, there may yet be room for improvement across this block."