Osage Exploration and Development Inc. (OTCBB:OEDV), an independent exploration and production company focused on the Horizontal Mississippian and Woodford plays in Oklahoma, announced preliminary production results from the McNally 1-29MH and the McNally 1-20WH, located in Logan County, Okla.
The McNally 1-29MH, a horizontal Mississippian well in Section 29-17N-2W, has reached a one-day production rate of 695 boe. The product mix is 84% crude oil and 16% natural gas. Osage has about a 58% working interest (WI) in the well.
The McNally 1-20WH, a horizontal Woodford well in Section 20-17N-2W, has reached a one-day production rate of 611 boe. The product mix is also 84% crude oil and 16% natural gas. Osage has approximately a 76% WI in the well.
"Since Osage took operational control in Logan County we have reiterated that the second half of 2014 would be a time of great change for our shareholders," stated Kim Bradford, chairman and CEO. "We ended the first half of this year producing about 425 barrels of oil equivalent net to Osage from 43 non-operated wells. With only four Osage-operated wells added to that total, we have more than tripled our daily production to 1,392 barrels of oil equivalent, far in excess of the target year-end exit rate that we promised publicly just 45 days ago."
The company is based in San Diego.
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