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Osage Exploration and Development, Inc. Signs Letter of Intent to Acquire Producing Field
SAN DIEGO-(Business Wire)-March 14, 2008 - Osage Exploration and Development, Inc. (OTCBB:OEDV), an independent oil and gas exploration and production company, is pleased to announce that it has signed a Letter of Intent and issued a $100,000 cash deposit to acquire a minority interest in a producing oil field in Colombia. Osage anticipates closing the transaction within the next thirty days, at which time additional information about the property and the transaction will be disclosed.
"This acquisition will immediately make us cash flow positive. This new field will yield roughly 115 barrels a day net to Osage's interest at current production rates before operating expenses. Following our joint venture on the Rosablanca concession last year, this is another example of our commitment to defining Osage as a Colombian-focused oil exploration and production company," stated Kim Bradford, President and CEO.
"Drilling Osage's big exploration targets will drive our value and is clearly our focus in Colombia this year, but we remain keenly interested in all Colombian oil opportunities with high quality partners," said Greg Franklin, VP Exploration and Director.
"This transaction is a credit to the entire team at Osage," according to Ran Furman, CFO, "not only have we extensively reviewed the geological aspects of this field, we also anticipate additional tax and corporate efficiencies by combining this operation with our own established Colombian infrastructure."
About Osage Exploration and Development, Inc.
Based in San Diego, California with production offices in Oklahoma City, Oklahoma, and executive offices in Bogota, Colombia, Osage Exploration and Development, Inc. is an independent exploration and production company with interests in oil and gas wells and prospects in the US and Colombia. Osage Exploration and Development, Inc. is traded on the OTC Bulletin Board under the symbol OEDV.
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.
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