Osage Exploration and Development Inc. - Press Releases - Osage Exploration and Development, Inc. announces record revenues and quarterly earnings

OSAGE EXPLORATION AND DEVELOPMENT, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS

	Six months Ended June 30,		Three months Ended June 30,
	2008	2007	2008	2007
	(unaudited)	(unaudited)	(unaudited)	(unaudited)
Operating Revenues
Oil & Gas Sales	$ 909,086	$ 162,700	$ 874,520	$ 92,443
Pipeline Revenues	206,807	-	206,807	-
Total Operating Revenues	1,115,893	162,700	1,081,327	92,443

Operating Costs and Expenses
Operating Expenses	371,655	50,049	353,233	27,536
Depreciation, Depletion and Accretion	64,261	3,269	61,528	2,240
Non Cash Compensation Expense	1,531,860	-	849,930	-
General and Administrative Expenses	777,311	258,981	378,702	172,808
Total Operating Costs and Expenses	2,745,087	312,299	1,643,393	202,584

Operating (Loss)	(1,629,194)	(149,599)	(562,066)	(110,141)

Other Income (Expenses):
Interest Income	78,361	4,469	51,562	4,055
Interest Expense	(501,134)	(520,841)	(250,566)	(154,282)
Other	4,529		4,529
(Loss) before Income Taxes	(2,047,438)	(665,971)	(756,541)	(260,368)

Provision for Income Taxes	83,670	-	83,670	-

Net (Loss)	(2,131,108)	(665,971)	(840,211)	(260,368)

Other Comprehensive Income, net of tax:
Foreign Currency Translation Adjustment	(8,591)	-	(133,562)	-
Other Comprehensive Income	(8,591)	-	(133,562)	-

Comprehensive (Loss)	$ (2,139,699)	$ (665,971)	$ (973,773)	$ (260,368)


Basic and Diluted Loss per Share	$ (0.06)	$ (0.02)	$ (0.02)	$ (0.01)

Weighted average number of common share
and common share equivalents used to
compute basic and dilluted Loss per Share	37,368,017	30,478,352	38,776,259	30,805,791

OSAGE EXPLORATION AND DEVELOPMENT, INC.
CONSOLIDATED BALANCE SHEETS

	June 30, 2008	December 31, 2007
	(unaudited)
ASSETS

Current Assets:
Cash and cash equivalents	$ 978,489	$ 689,545
Short term Investments	138,261	$ -
Colombian Deposits	1,026,982	1,029,601
Accounts Receivable	495,096	11,541
Bank CD pledged for Letter of Credit	144,000	147,043
Other Current Assets	80,256	-
Prepaid Expenses	23,014	64,632
Inventory	496	-
Deposits (Note 5)	-	140,000
Deferred Financing Costs	11,294	33,638
Total Current Assets	2,897,888	2,116,000

Property and Equipment, at cost:
Oil and gas properties and equipment	2,583,934	253,641
Capitalized asset retirement costs	13,675	13,675
Other property & equipment	60,426	23,520
	2,658,035	290,836
Less: accumulated depletion, depreciation
and amortization	(70,589)	(10,761)
	2,587,446	280,075

Deposits	82,000	82,000
Bank CD pledged for Bond	30,000	30,000

Total Assets	$ 5,597,334	$ 2,508,075

LIABILITIES AND STOCKHOLDERS' EQUITY

Current Liabilities:
Accounts payable	$ 714,485	$ 53,491
Income Tax Payable	193,535
Accrued Expenses	91,171
Current Maturity of Promissory Note	3,657	3,518
Unsecured Convertible Promissory Note, net of
$219,173 and $652,753 of unamortized discount as
of June 30, 2008 and December 31, 2007, respectively
unamortized discount	880,827	447,247
Total Current Liabilities	1,883,675	504,256

Promissory Note, net of Current Maturity	5,421	7,289
Liability for Asset Retirement Obligations	17,375	16,547

Commitments and Contingencies

Stockholders' Equity:
Common stock, $0.0001 par value, 190,000,000 shares
authorized; 39,459,775 and 35,959,775 shares	3,945	3,595
issued and outstanding as of June 30, 2008 and
December 31, 2007, respectively.

Additional-Paid-in-Capital	9,797,762	7,478,768
Deferred Compensation	(1,386,341)	(2,750,201)
Stock Purchase Notes Receivable	(142,500)	(309,875)
Accumulated Deficit	(4,544,481)	(2,413,373)
Accumulated Other Comprehensive Loss -
Currency Translation (Loss)/Gain	(37,522)	(28,931)
	3,690,863	1,979,983

Total Liabilities and Stockholders' Equity	$ 5,597,334	$ 2,508,075