Osage Exploration and Development, Inc. has closed an agreement whereby Slawson Exploration Company, Inc. and U.S. Energy Development Corporation have acquired 45% and 30% respectively of Osage's Nemaha Ridge project in Oklahoma for gross consideration of $4,875,000.00 plus a 10% net carry on the first three horizontal Mississippian wells.

"We are very proud to have attracted such high quality partners for our horizontal Mississippian project. Not only do we have great financial partners, Slawson, as our Operator brings a wealth of horizontal drilling expertise having drilled over 150 Horizontal Bakken wells. I believe that the quality of our partners speaks to the quality of our project," stated Greg Franklin, Osage's VP Exploration.

Tags: Osage Exploration and Development