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Osage Updates Nemaha Ridge Project

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Osage Exploration and Development on Monday updated the status of its accelerated drilling program by announcing the spudding of two wells in the Company’s 31,000 acre Nemaha Ridge project during the month of November. The two wells spudded in November bring the number of wells drilled by the company and its partners, Slawson Exploration and U.S. Energy Development Corp., to seven. The McPhail 1-19H was spud on Nov. 16, and the Chambers 1-5H was spud on Nov. 27.

Additionally, Osage is pleased to announce the completion and commencement of flowback on the Hopfer 1-17H, a Horizontal Mississippian well operated by Devon Energy in which Osage owns a 14.6 percent working interest. The fracture treatment of the Hopfer well was completed on Nov. 25, and the well is currently flowing back fluids used in the hydraulic fracture of the wellbore. The Devon Hopfer location is on the section immediately adjacent to Osage's two McPhail wells.

Regarding planned completions, Osage intends to complete three wells by hydraulic fracture treatment during the month of December: the Krittenbrink 1-1H, the McPhail 2-18H, and the McPhail 1-19H.

Addressing the current drilling program, Kim Bradford, chairman and chief executive officer of Osage Exploration and Development, stated, "Our early results have justified the acceleration in our drilling program which is designed to hold progressively over 100 sections by production over the next few years. The increase in our drilling rate will have a significant impact on Osage’s production, revenue, and reserves. With several well results expected in January, and more to come on a monthly basis thereafter, 2013 will be a year of radical transformation for Osage."

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