Osage Exploration and Development, Inc. has released an Operational Update on its progress in the Nemaha Ridge Project in Logan County, Oklahoma.
• Osage's first horizontal Mississippian well, the Wolf 1-29H, began selling oil and gas in late February, and is currently producing at a sustained rate of over 300 BOE/D.
• Osage's second horizontal Mississippian well, the Krittenbrink 2-36H, is still undergoing cleanup after the hydraulic fracturing operation. Our optimistic outlook on the Krittenbrink 2-36H is undiminished based on its early production volumes.
• Osage's third horizontal Mississippian well, the Davis Farms 2-5H, spudded May 27, 2012. Drilling has commenced on the horizontal leg. We expect to complete the well on time and on budget.
• Osage and its partners plan to begin running two rigs simultaneously beginning September 2012 on the Nemaha Ridge Project.