Osage Exploration and Development, Inc. reported financial and operational results for the third quarter ended September 30, 2014. For the quarter, net income from continuing operations was $107,137 compared to net loss from continuing operations of $4,397,749 for the second quarter of 2014. Adjusted EBITDA was $2,042,225 compared to $1,248,268 for the second quarter of 2014. Revenue from continuing operations was $3.3 million, a 34.3% increase over the previous quarter.

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.