Osage Terminates Participation in Rosa Blanca Concession
After drilling the RB 1 well without finding producible hydrocarbons in Phase One of its exploration contract at Rosa Blanca and analyzing the corrected seismic data, Osage believes that it is unlikely that the additional structures on the property will be productive. Osage Exploration and Development, Inc. and Lewis Energy Colombia have negotiated a release with the remaining partners from continuing on in the ANH exploration contract, and will have no further obligations on the concession.
"Osage is continuing to seek to upgrade its inventory of Colombian projects, which is anchored by our ownership of the Guaduas Field and pipeline. Colombia is clearly one of the pre-eminent places to explore for oil and gas given the attractive fiscal and royalty terms, the relatively large percentage of under explored basin acreage, and the well developed industry infrastructure," 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.
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.
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Osage Exploration and Development
Inc.
Kim Bradford
619-677-3956
Fax: 619-677-3964
President and CEO
kbradford@osageexploration.com
www.osageexploration.com
Osage Completes Testing of Rosablanca-1 Well
"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
Osage updates Rosablanca operations
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
Osage Announces Suspension of Testing on Rosablanca-1 Well
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
Osage Makes Casing Election on Rosablanca-1 Well
"The Rosablanca section was thicker than we had anticipated and we encountered 30 feet of the lower Tambor sand with good shows." stated Greg Franklin, VP Exploration, "We will perforate and test four different zones, and remain very excited about the prospectivity of this well and this project," he added.
"After drilling the Rosablanca-1, then taking logs and core samples, it is apparent that casing the well is in the best interest of the joint venture," stated Kim Bradford, Chairman and CEO, "we are pleased and encouraged by the preliminary information."
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, 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.
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