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| January 29, 2009 Osage Announces Suspension of Testing on Rosablanca-1 Well | |
| SAN DIEGO--(BUSINESS WIRE)-- Osage Exploration and Development, Inc. (OTCBB:OEDV), in conjunction with its partners Gold Oil, plc, Lewis Energy Colombia, and EMPESA, SA has elected to suspend testing of the Rosablanca-1 well. The drilling rig is being demobilized after testing of the lower and middle sections of the target reservoirs failed to find producible hydrocarbons. The Joint Venture partners, Osage, Gold Oil plc, Lewis Energy Colombia, and EMPESA will come to a decision shortly on whether to re-enter the well with a smaller work over rig and retest the middle sections and test the upper section encountered after considering the logs, sidewall core, and data collated to date from testing operations. 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 South 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, drill programs, and engineering/geosciences studies 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. Osage Exploration and Development Inc. Kim Bradford President and CEO 619-677-3956 Fax: 619-677-3964 kbradford@osageexploration.com www.osageexploration.com | |
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