Osage Exploration and Development Releases Initial Production Rate of 623 BOE from Horizontal Mississippian Well

  Osage Exploration and Development Releases Initial Production Rate of 623
  BOE from Horizontal Mississippian Well

Business Wire

SAN DIEGO -- January 22, 2013

Osage Exploration and Development, Inc. (OTCBB:OEDV), an independent
exploration and production company focused on the Horizontal Mississippian and
Woodford plays in Oklahoma, announced today preliminary production results on
its Horizontal Mississippian well in Logan County, Oklahoma. The Krittenbrink
1-1H, located in Section 1-18N-4W, had its first oil sale on December 30th and
within two weeks achieved one-day production of 623 BOE. It has produced 6,740
BOE to date. Total volumes of hydrocarbons produced have been composed of over
90% crude oil.

Management Comments

“We are very pleased with the initial production of the Krittenbrink 1-1H and
with the early results of our accelerated drilling program,” stated Mr. Kim
Bradford, Chairman and CEO of Osage Exploration and Development. “With the
Krittenbrink 1-1H we have now gotten the time from spud to first sales down to
about 70 days. Coupled with the high initial production rates that we are
experiencing, the economics of this program are outstanding. The success of
the Krittenbrink 1-1H is a reminder of the potential of our Nemaha Ridge
project. Along with our partners US Energy Development Corporation and project
operator Slawson Exploration Company, we intend to drill over twenty wells
this year in Logan County with the objective of amassing a portfolio of
repeatable, highly economic oil wells.”

About Osage Exploration and Development, Inc.

Based in San Diego, California, with production offices in Oklahoma City,
Oklahoma, and executive offices in Bogotá, Colombia, Osage Exploration and
Development, Inc. is an independent exploration and production company with
interests in oil and gas wells and prospects in the U.S. and Colombia.
http://www.osageexploration.com

About Slawson Exploration Company, Inc.

Headquartered in Wichita, Kansas, with regional offices in Denver, Houston,
and Oklahoma City, Slawson began oil and gas exploration in 1957.
http://www.slawsoncompanies.com/exploration.html

About U.S. Energy Development Corporation

U.S. Energy Development Corporation was formed in 1980 as a successor to
Oilmark & Company, Inc., founded in 1978. The company has consistently been
ranked among the Top 50 Independent Oil & Natural Gas Drillers in the United
States and is one of the largest drillers in both New York and Pennsylvania.
Since 1980, U.S. Energy has acted as operator with respect to the drilling of
more than 2,500 wells. http://www.usedc.com/

Safe Harbor Statement

The information in this release includes certain forward-looking statements as
defined by the Securities and Exchange Commission that are based on
assumptions that in the future may prove not to have been accurate. Those
statements and Osage Exploration and Development, Inc. are subject to a number
of risks, including production variances from expectations, volatility of
product prices, inability to raise sufficient capital to fund its operations,
environmental risks, competition, government regulation, and the ability of
the Company to execute its business strategy, among others.

Contact:

Osage Exploration and Development, Inc.
Kim Bradford, President and CEO
Phone: 619-677-3956
kbradford@osageexploration.com
or
Jack Zedlitz, VP of Corporate Development
Phone: 405-270-0989
jzedlitz@osageexploration.com
http://www.osageexploration.com
 
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