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| December 08, 2008 Osage Drills Exploration Well on 165 Square Mile Colombian Prospect | |
| San Diego, California, December 8, 2008 -- Osage Exploration and Development, Inc. (OTCBB: OEDV), is pleased to announce that Saturday, December 6 drilling has begun on its first exploratory well on the Rosablanca concession in Colombia. Osage is joined in the Rosablanca concession by Gold Oil plc, Lewis Energy Colombia and EMPESA, SA. "This well is the culmination of a project that was begun almost exactly two years ago," stated Kim Bradford, Chairman and CEO, "we saw the opportunity that Colombia offered and have worked tirelessly since to bring this exploration program to fruition." "In addition to acquiring a fantastic project, we have been able to bring together a very strong team anchored by our operator, Lewis Energy Colombia. Every partner in the Joint Venture has made a significant contribution in bringing this project from concept to reality," stated Greg Franklin, VP Exploration. Lewis Energy Colombia's number 3 rig was mobilized from San Antonio, Texas to drill the Rosablanca-1 well. Osage expects to reach total depth of around 3800 feet before the end of December, with testing to follow. The Rosablanca concession is located in Colombia's Middle Magdalena Valley, the second most highly productive basin in the country, and on trend with several current and historically productive fields. The concession was acquired before the Agencia Nacional de Hidrocarburos (ANH) instituted competitive bidding for concession rights and as such, carries only an eight percent royalty to the government which compares favorably worldwide. About Osage Exploration and Development, Inc. Based in San Diego, California with production offices in Oklahoma City, Oklahoma, and executive offices in Bogota, Colombia, Osage Exploration and Development, Inc. is an independent exploration and production company with interests in oil and gas wells and prospects in the US and Colombia. www.osageexploration.com About Gold Oil, plc Gold Oil, plc is a publicly traded company listed on the Alternative Investment Market (AIM) operated by the London Stock Exchange. Gold Oil is an oil and gas exploration and exploitation company focused on Central and Southern America. Gold Oil has exploration efforts ongoing in Peru, Brazil, and Colombia. www.goldoilplc.com About Lewis Energy Colombia Lewis Energy Colombia is a Colombian subsidiary of a closely held US company that is engaged in oil and gas exploration, development, production, pipeline, drilling and production services in Texas and Latin America. About Empesa SA Compania Petrolera de Servicios y Acesorias S.A. (Empesa) is a multi-disciplinary group of professionals with wide experience in the petroleum industry in Colombia. Empesa executes well design, well planning, and drill programs for customers in Colombia such as Occidental Colombia, Lukoil, Gulfsands, and Ecopetrol. www.empesa.com Safe Harbor Statement The information in this release includes certain forward-looking statements as defined by the Securities and Exchange Commission that are based on assumptions that in the future may prove not to have been accurate. Those statements and Osage Exploration and Development, Inc. are subject to a number of risks, including production variances from expectations, volatility of product prices, inability to raise sufficient capital to fund its operations, environmental risks, competition, government regulation, and the ability of the Company to execute its business strategy, among others. For more information, please contact: Kim Bradford, President and CEO Osage Exploration and Development, Inc. kbradford@osageexploration.com Phone: 619-677-3956 Fax: 619-677-3964 www.osageexploration.com | |
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