On May 16, Osage Exploration and Development Inc. (OTC: OEDV) detailed its first-quarter 2014 financial results. The quarter ended March 31, the company said.
Revenues from operations increased 117.6% from first-quarter 2013, the company said. They were $2.6 million during first-quarter 2014, up from $1.2 million, the company added.
Oil sales were about $2.1 million, an 80.9% increase from first-quarter 2013’s roughly $1 million, Osage said. Natural gas sales were $504,598, a 19.1% increase from first-quarter 2013’s $124,033, the company added.
“We are pleased with our operational and financial results during a quarter in which we added production from small interests in two wells,” said company chairman and CEO Kim Bradford.
He added, “When we achieved the asset partition in December of 2013 giving Osage operational control of a majority of its acreage in Logan County, we understood then that all eyes would be appropriately focused on the results of our first operated wells. Both wells are scheduled for fracture stimulation toward the end of May, and we anticipate results from those wells thereafter, followed by results from our third and fourth wells.”
Bradford continued, “Our confidence in the quality of this asset has only increased with the availability of new data, and we maintain our belief that the period beginning in the second half of this year is going to be one of rapid growth and positive change for Osage.”
San Diego-based Osage Exploration and Development Inc. operates domestic oil and natural gas assets.
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