Osage Exploration and Development, Inc., an independent energy company, engages in the acquisition, development, production and sale of oil, natural gas, and natural gas liquids. The company generates oil, natural gas and natural gas liquid sales from its production operations in Logan County in the state of Oklahoma. In 2014, the company commenced its own drilling operations and became the operator of nine wells. The company also has a working interest in 47 other wells operated by Stephens Production Company and Stephens Energy Corp. (collectively ‘Stephens’); Devon Energy Production Co. LLC (Devon); and certain other operators, as well as earns an over-riding royalty interest from an additional 17 wells. In 2011, the company began to acquire leases in Coal County, Oklahoma, targeting the Woodford Shale formation. The Woodford Shale formation is located primarily in southeastern Oklahoma in the Arkoma Basin. As of December 31, 2014, the company had 4,367 net (10,106 gross) acres leased in Coal County. In 2011, the company also began to acquire leases in Pawnee County, Oklahoma, targeting the Mississippian formation. The Mississippian formation is located on the Anadarko Shelf in northern Oklahoma and south-central Kansas. As of December 31, 2014, the company had 3,934 net acres (5,085 gross) leased in Pawnee County. Customers In 2014, Slawson Exploration Company, Phillips 66, Stephens, and Devon accounted for 32.5%, 31.2%, 17.3%, and 13.7% of the company’s revenues from continuing operations, respectively. Reserves As of December 31, 2014, the company had estimated proved developed and proved undeveloped reserves of crude oil of 678,000 barrels and 2,248,000 barrels, respectively; estimated proved developed and proved undeveloped reserves of natural gas of 2,485,000 Mcf and 6,541,000 Mcf, respectively; and estimated proved developed and proved undeveloped reserves of natural gas liquids of 414,000 barrels and 1,090,000 barrels, respectively. Drilling Activity During 2014, the company participated in drilling 14 gross productive development wells (2.7 net wells), 2 gross dry development wells (1.8 net wells) and 2 gross development wells (0.4 net wells). Government Approvals The company is required to get approval from the Oklahoma Corporation Commission before any work could begin on any well in Oklahoma and before production could be sold. History The company was formerly known as Osage Energy Corporation and changed its name to Osage Exploration and Development, Inc. in 2007.
osage exploration & developm
2445 Fifth Avenue
San Diego, CA 92101
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