Osage Exploration and Development, Inc. Reports Financial and Operational Results for the Third Quarter Ended September 30, 2014
For the quarter, the company reported average daily production net of royalties of 537 barrels of oil equivalent per day (BOEPD), a 26.1% increase versus the previous quarter; and, quarterly production of 49,440 BOE, 27.5% higher quarter-over-quarter and 63.8% higher than the third quarter of 2013. Cumulative production on the McNally 1-29MH has reached in excess of 18,400 BOE in its first six weeks of production with a product mix composed of approximately 82% oil. Cumulative production on the McNally 1-20WH has topped 10,700 BOE in just over five weeks of production with a product mix of approximately 80% crude oil. In order to preserve the long-term value of the reservoir, both wells were initially produced on a tightly controlled choke.