Osage Exploration and Development, Inc. Acquires Producing Field and Pipeline Assets
Posted on: Monday, 14 April 2008, 09:01 CDT
Osage Exploration and Development, Inc. (OTCBB:OEDV), a Colombian focused independent oil and gas exploration and production company, is pleased to announce that it has acquired 100% of Cimarrona LLC which owns a 9.4% interest in the producing Guaduas oil field in Colombia. The Guaduas Field is made up of the Dindal and Rio Seco blocks in the prolific Middle Magdalena Valley. The acquisition also includes 9.4% of a pipeline that can transport up to 20,000 bbls/day. The remaining 90.6% interest in both assets is held by Pacific Rubiales Energy (PEG-TSE), one of the largest independent Exploration and Production companies in Colombia.
"Osage has now established long term reserves and production in Colombia and will participate in the pipeline revenues as well. With this acquisition and our drilling commitments, we are solidly on schedule to achieve the substantial growth in reserves and cash flow in 2008 that we are seeking," stated Greg Franklin, VP Exploration.
"The value in working with Pacific Rubiales Energy cannot be overstated. They have executed a tremendous acquisition strategy combined with superb exploration, and we can certainly learn from their experience. What Pacific has accomplished is clearly a blueprint for us and we are pleased to have been welcomed by such an impressive team," stated Kim Bradford, President and CEO.
Osage Exploration and Development Inc. was exclusively advised by Energy Capital Solutions, LP ("ECS") out of Dallas, Texas on the Cimarrona, LLC acquisition. "ECS played a pivotal role in evaluating and helping us acquire this company," said Ran Furman, CFO, "their relationships and strategic advice were fundamental in closing this transaction."
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. www.osageexploration.com
About Pacific Rubiales Energy
Pacific Rubiales Energy, a Canadian-based company and producer of heavy crude oil and natural gas, owns 100 percent of Meta Petroleum Limited, a Colombian oil and gas operator which operates the Rubiales and Piriri oil fields in the Llanos Basin in association with Ecopetrol S.A. the Colombian, state-owned oil company. Pacific Rubiales Energy also owns 100 percent of Pacific Stratus Energy Colombia which operates the Dindal, Rio Seco, Creciente and Moriche fields. The company is focused on identifying opportunities primarily within the eastern Llanos Basin of Colombia and the upstream Sub Andean basins. Pacific Rubiales has a current net production of approximately 19,050 barrels of oil equivalent per day, with working interests in the Rubiales, Piriri and Quifa concessions and the Caguan, Dindal, Rio Seco, Puli B, La Creciente, Moriche, Guama, Arauca, Tacacho and Jagueyes blocks in Colombia and blocks 135, 137 and 138 in Peru. The company has offices in Toronto, Vancouver, Caracas and Bogota. www.pacificrubiales.com
About Energy Capital Solutions, LP
Energy Capital Solutions, LP (ECS) is a Dallas, TX based investment banking firm focused on raising private capital and providing merger and acquisition advisory services to public and private companies involved in the energy sector. Since its inception in 2001, ECS has raised over $2.2 billion in 67 financing transactions including private equity and debt financings and has advised on merger and acquisition transactions with an aggregate transaction value of approximately $1.9 billion. www.energycapitalsolutions.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.
Source: Business Wire
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