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Osage Exploration and Development, Inc. has reported the spudding of the Company’s first operated horizontal well in Logan County, Oklahoma.
The Osage Whitten 1-3MH, targeting the Mississippian formation, was spud in Section 3 of Township 16 North 3 West on March 17 by Nabors Rig 357.
Jack Zedlitz, VP of Corporate Development, commented: "For Osage shareholders, this is the beginning of a period from which we believe Osage will emerge as a radically changed entity. We intend to keep one rig running continuously this year in Logan County, steadily drilling one well per month. The Osage Whitten 1-3MH will immediately be followed by Osage’s first operated horizontal Woodford well in April, the Osage Whitten 1-2WH, with both wells to be completed at the same time. We expect results from the first two wells early in the third quarter of this year, soon to be followed by results from our third and fourth wells. Beginning in the third quarter, our shareholders should expect to see gains in production and reserves that will make our previous growth rate pale in comparison.
"For the first time, Osage is now in control of the timing of our capital expenditures and the methods of drilling, completion, and production. True to our style, we have hand selected an operating team that we believe to be second to none, and we intend to prosecute the development of this asset rapidly, carefully, and professionally."