Osage Ups Credit Facility by 50%; Eyes MidContinent Ops
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Osage Exploration and Development, Inc. has increased its existing drawdown credit facility with Apollo Investment Corporation from $10 million to $20 million.
The proceeds from the expanded facility will fully fund the Company’s planned 2013 capital expenditures in its Nemaha Ridge project in Logan County, Oklahoma.
Mr. Kim Bradford, Chairman and CEO of Osage Exploration, commented, "Our lender, Apollo Investment Corporation, has been extremely supportive of our activities in Logan County over the last year. Since our initial agreement in April of 2012, Apollo made it clear to us that early success would translate into an expanded facility whenever Osage was ready. With the revenues from our first three wells surpassing the capital invested in those wells, Osage has amply demonstrated…
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