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| March 02, 2009 Osage updates Rosablanca operations | |
| San Diego, California, March 2, 2009 -- Osage Exploration and Development, Inc. (OTCBB: OEDV), in conjunction with its partners in the Rosablanca Concession in Colombia have elected to re-enter the Rosablanca-1 to continue testing the two upper zones in the well bore. In January, the testing operations on the Rosblanca-1 well were suspended and the rig taken off site with a view to come back into the well with a lower cost work-over rig to continue testing. The bottom formation was tested and failed to flow hydrocarbons from the tight reservoir. The middle of the Rosablanca formation was tested for three hours and swabbed at a rate of over 1,000 bbls per day of nearly fresh water before the decision was made to suspend testing operations. Osage expects to have a work-over rig mobilized shortly with a goal of completing the testing as soon as possible. "We remain confident that the well has very good potential to produce hydrocarbons. While the middle of the Rosablanca formation was wet, the high permeability of the reservoir rock is very encouraging going forward," stated Kim Bradford, president and CEO. The program will test the top of the Rosablanca formation first and then move further up hole to test the Tablazo formation. "Nearby our location, the best production from the Rosablanca has usually come from the top of the formation," stated Greg Franklin, VP Exploration, "for this reason as well as our core data, we are eagerly anticipating the results from the upper two zones." "Osage has over two years invested in this project so far but we have only seen the tip of the iceberg in terms of the potential for this well and for this Concession. We are in an area of historic production that was realized with relatively antiquated technology which bodes well for us. We have a large land holding with multiple targets and sophisticated, experienced partners. We have existing production and an interest in a highly profitable pipeline. Given the current state of the markets, we are increasingly seeing more new projects available to us at better and better prices every day. We are also cautiously bullish over the medium term for oil and gas prices. Perhaps all of this helps explain why we are confident that our commitment to produce oil and gas in Colombia is the right thing for our shareholders," commented Kim Bradford, president and CEO. 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 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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