2011-06-17-2011-05-26-2011-05-26

Transaction Type
Sellers
Buyers
Announce Date
Post Date
Close Date
Estimated Price
5MM
Description

Acquired 45% & 30% WI respectively in Nemaha Ridge project in OK.

Wichita, Kan.-based Slawson Exploration Co. Inc., and Getzville, N.Y.-based U.S. Energy Development Corp., have acquired 45% and 30% respectively of the Nemaha Ridge project in Oklahoma from Osage Exploration and Development Inc., San Diego, (OTCBB: OEDV) for gross consideration of $4.88 million plus a 10% net carry on the first three horizontal Mississippian wells.

"We are very proud to have attracted such high-quality partners for our horizontal Mississippian project. Not only do we have great financial partners, Slawson, as our operator brings a wealth of horizontal drilling expertise having drilled over 150 horizontal Bakken wells. I believe that the quality of our partners speaks to the quality of our project," says Greg Franklin, Osage's vice president of exploration.