10th Aug 2007 14:00
Osage Exploration and Development, Inc. (Pink Sheets:OEDV) ispleased to announce a major Colombian acquisition in partnership withGold Oil Plc (LSE:GOO) and Empesa, a private Colombian petroleumconsulting company in the prolific Middle Magdalena Basin. £ Osage has farmed-in to a 50% interest in the approximately 165square mile Rosablanca concession awarded by the Agencia Nacional deHidrocarburos (ANH) to Gold Oil, plc in June, 2007. Osage will pay allcosts associated with drilling the first well on the Rosablancaproject to earn its interest. Gold Oil will retain a 40% share, andEmpesa will remain as a 10% participant. £ "This announcement is the culmination of months of planning andgeological evaluation designed to transition Osage into a Colombianexploration and development play. In cooperation with our highlycompetent and experienced partners Gold Oil and Empesa, Osage hasestablished a large exploration footprint with multiple identifiedtargets in one of the most productive onshore basins in Colombia. Thedirectors, consultants, and legal team at Osage have worked tirelesslyin pursuit of this acquisition to build value for our shareholders. Weare especially grateful for the leadership of Managing Director GaryMoore of Gold Oil in finalizing this transaction with us," stated KimBradford, Chairman and CEO. £ "Our corporate vision for Osage involves large targets in highlyprospective areas in Colombia, and the acquisition of the Rosablancacertainly fulfills this mandate. We will continue to evaluateColombian opportunities seeking additional high quality projects tocomplement the Rosablanca," stated Greg Franklin, Director. £ About Osage Exploration and Development, Inc. £ Based in La Jolla, California with production offices in OklahomaCity, Oklahoma, and executive offices in Bogota, Colombia, OsageExploration and Development, Inc. is an independent exploration andproduction company with interests in oil and gas wells and prospectsin the US and Colombia. www.osageenergyinc.com £ About Gold Oil, plc £ Gold Oil, plc is a publicly traded company listed on theAlternative Investment Market (AIM) operated by the London StockExchange. Gold Oil is an oil and gas exploration and exploitationcompany focused on Central and Southern America. Gold Oil hasexploration efforts ongoing in Peru, Brazil, and Colombia.www.goldoilplc.com £ About Empesa £ Compania Petrolera de Servicios y Acesorias S.A. (Empesa) is amulti-disciplinary group of professionals with wide experience in thepetroleum industry in Colombia. Empesa executes well design, wellplanning, and drill programs for customers in Colombia such asOccidental Colombia, Lukoil, Gulfsands, and Ecopetrol. £ Safe Harbor Statement £ The information in this release includes certain forward-lookingstatements as defined by the Securities and Exchange Commission thatare based on assumptions that in the future may prove not to have beenaccurate. Those statements and Osage Exploration and Development, Inc.are subject to a number of risks, including production variances fromexpectations, volatility of product prices, inability to raisesufficient capital to fund its operations, environmental risks,competition, government regulation, and the ability of the Company toexecute its business strategy, among others. Copyright Business Wire 2007Related Shares:
BOIL.L