Osage Exploration and Development, Inc. announced that by virtue of a Partition Agreement reached with its partners, Osage has become the project operator on a majority of its acreage in the Nemaha Ridge project in Logan County, Oklahoma. Effective September 1, 2013, Osage will operate approximately 5,015 net acres in thirty sections, and will remain joint-venture partners with Slawson Exploration in approximately 4,475 net acres across forty-five sections. Further, the Company announced that it has put under multi-year contract two key members collectively having over sixty-five years of industry experience to form the nucleus of Osage's operating team.
With the Partition Agreement, Osage becomes the Operator of approximately 53% of its 9,490 acres in the Nemaha Ridge project. The remaining 47% of the acreage that is held by production will continue to be operated by Slawson Exploration. Osage retains its ownership share of all existing production from wells drilled prior to September 1, 2013, as well as ownership of the Proved Developed Producing reserves from those wells.