Osage Exploration and Development, Inc., a domestic E&P company focused on the Horizontal Mississippian play in Oklahoma, announced the spudding of the Davis Farms 2-5H in Logan County, Oklahoma. The Davis Farms 2-5H was immediately preceded by the drilling and completion of the Davis Farms 1-5 SWD disposal well. This is the third horizontal oil well drilled in the 28,000 acre Nemaha Ridge project by Osage in conjunction with its partners, project operator Slawson Exploration Company and US Energy Development Corporation.
The Davis Farms 2-5H well is located approximately two miles south of Osage's Wolf 1-29H which had a 72-hour Initial Production rate of 1,185 BOE/D, of which 84% was forty degree gravity crude oil and 16% high BTU wet gas, making it one of the best wells drilled in the Horizontal Mississippian play to date.
"With Osage's recently announced 40% acreage expansion, our intentions should be very clear: to systematically drill every single acre that we and our partners have leased. Our ability to simultaneously bring in tremendous results and expand the acreage position within the core area will be an explosive combination for the Osage shareholder over the next 12-18 months," stated Kim Bradford, Chairman and CEO of Osage Exploration and Development. "Further, we are no longer alone in drilling Logan County. Three of the largest Oklahoma-based public E&P companies are drilling or participating in sections that are contiguous with our acreage block," he added.
Greg Franklin, Vice President of Exploration and Director, stated, "It is a well-known fact that industry observers are now calling the Horizontal Mississippian the most economic oil play in the lower 48 states. At a time when commodity prices are volatile, superior well economics and the ability to bring oil to the surface as cheaply as possible underscores Osage's value proposition. Based on what we have seen so far, our theories have been validated and our expectations have been exceeded."
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