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Osage Exploration and Development, Inc. Announces Colombian Project Update

Posted on: Thursday, 19 June 2008, 09:01 CDT

Osage Exploration and Development, Inc. (OTCBB:OEDV), an independent oil and gas exploration and production company focused in Colombia, is pleased to announce an update regarding the Company's Rosablanca joint venture with Gold Oil, plc (GOO:AIM) in the Middle Magdalena Valley.

Osage has received notification from the National Hydrocarbon Agency of Colombia (ANH) that the joint venture's phase one exploration period has been extended through December, 2008. Prior to this decision, the phase one exploration period was set to expire on July 3, 2008. This gives the joint venture additional time to drill the first well at Rosablanca following completion of the ongoing environmental review.

"We have anticipated receiving this notification for the past few months. We have received tremendous cooperation and support from the Environmental Agency as well as the ANH throughout this process. The ANH has given us until December 25, 2008 to complete our phase one work program, which is extremely fair. The open communication and cooperation between government and industry are perfect examples of why Osage believes that Colombia is the best place in the world to explore for oil and gas," stated Kim Bradford, President and CEO.

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 Gold Oil, plc

Gold Oil, plc is a publicly traded company listed on the Alternative Investment Market (AIM) operated by the London Stock Exchange. Gold Oil is an oil and gas exploration and exploitation company focused on Central and Southern America. Gold Oil has exploration efforts ongoing in Peru, Brazil, and Colombia. www.goldoilplc.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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