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| March 23, 2009 Osage Completes Testing of Rosablanca-1 Well | |
| San Diego, California, March 23, 2009 -- Osage Exploration and Development, Inc. (OTCBB: OEDV), has completed testing of the Rosablanca-1 well without find producible hydrocarbons in any of the zones evaluated. Plug and abandon operations were initiated this past weekend. "The Rosablanca-1 structure was by far the largest target on the concession, which is why we began our exploration efforts there. We carried high expectations for this part of the concession and are disappointed by not making a well. Our next order of business will be to assimilate the knowledge that we have gained by drilling this well with possible additional seismic to advance our next target. The prospectivity of this concession is very much intact and we intend to proceed expeditiously with the exploration program together with our operator Lewis Energy Colombia and our other partners Gold Oil plc, and EMPESA, SA," stated 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 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 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 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. 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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