Osage Terminates Participation in Rosa Blanca Concessionadmin
Osage Exploration and Development, Inc. (OTCBB: OEDV), has terminated its participation in the Rosa Blanca block in Colombia. After drilling the RB 1 well without finding producible hydrocarbons in Phase One of its exploration contract at Rosa Blanca and analyzing the corrected seismic data, Osage believes that it is unlikely that the additional structures on the property will be productive. Osage Exploration and Development, Inc. and Lewis Energy Colombia have negotiated a release with the remaining partners from continuing on in the ANH exploration contract, and will have no further obligations on the concession.
“Osage is continuing to seek to upgrade its inventory of Colombian projects, which is anchored by our ownership of the Guaduas Field and pipeline. Colombia is clearly one of the pre-eminent places to explore for oil and gas given the attractive fiscal and royalty terms, the relatively large percentage of under explored basin acreage, and the well developed industry infrastructure,” stated Kim Bradford, President and CEO.