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Osage Adds 55 Wells in 2014; Halts Future Drilling Plans
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Osage Exploration and Development, Inc. reported its operational and financial results for 2014.
Operational ResultsAs of year-end, 2014, the Company had interests in 55 productive wells, eight of which were drilled as Operator during 2014. Largely due to the results of Osage’s operated wells, oil production net of royalties was 124,278 BBLs, an increase of 47,869 BBLs, or 62.6%, for the year ended December 31, 2014 compared to 76,409 BBLs for the year ended December 31, 2013. On a barrels of oil equivalent basis, Osage grew production by 103.4% year-over-year. Further the Company’s production cost per barrel of oil equivalent fell 38.5% from $14.76 during 2013 to $9.07 in 2014.
In January of 2015, Osage stopped drilling due to economic conditions brought on by the fall in crude oil…
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