Osage Exploration and Development Inc. (OTCBB:OEDV), an independent exploration and production company focused on the Horizontal Mississippian and Woodford plays in Oklahoma, announced a one-day peak rate on the Everest 1-9MH and 30-day production rates from two previously announced Horizontal Mississippian wells, the George Plagg 1-18MH and the George Plagg 1-19MH, located in Logan County, Okla.
Peak One-Day Rate on Everest 1-9MH
Osage’s most recent well to be put into production, the Everest 1-9MH, has reached a one-day peak rate of 850 Boe, with a product mix of approximately 78% crude oil and natural gas liquids, and 22% natural gas. The company has a working interest of approximately 65% in the well.
Initial 30-Day Rate on George Plagg 1-18MH
In its first 30 days of production, the George Plagg 1-18MH, a horizontal Mississippian well in Section 18-17N-2W, has produced 21,028 Boe. Production from this well was 91% higher than the average or “type” Mississippian well in the area, which projects production of 11,000 BOE during the same period. In its first 30 days, the product mix was 86% oil and natural gas liquids, and 14% natural gas. Osage has approximately a 49% Working Interest in the well.
Peak 30-Day Rate on George Plagg 1-19MH
Similarly, the George Plagg 1-19MH, a horizontal Mississippian well in Section 19-17N-2W, produced 17,466 Boe during its peak 30-day period for oil and gas production. Production from the George Plagg 1-19MH was 59% higher than the type well projection during the same period and yielded a product mix of 88% crude oil and natural gas liquids and 12% natural gas. Osage has approximately a 63% Working Interest in the well.
Separately, Osage announced the promotion of Jack Zedlitz to the position of executive vice president, effective January 1, 2015. His responsibilities will now include asset acquisition and divestitures, and leading the company’s capital markets activities. Zedlitz will report to Osage’s chairman and CEO, Kim Bradford.
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