Oil and Gas Drilling Plans for the Mississippian: (OTCBB: OEDV), (NasdaqGM: RAM), (NYSE: RRC), (NYSE: SD)
Point Roberts, WA - October 24, 2011 (Investorideas.com Energy Newswire) - www.InvestorIdeas.com, a leader in sector research for independent investors including oil and gas stocks, issues an update on publicly traded oil and gas stocks reporting drilling plans for the Mississippian Formation for the fourth quarter and into 2012.
NYSE: SD) raised investor awareness to the significance of the Mississippian Formation play when it announced in August it entered into a joint venture with an affiliate of Atinum Partners Co., Ltd., an investment firm in the Republic of Korea. According to the agreement, SandRidge will transfer a 13.2% non-operated working interest in approximately 860,000 acres, or approximately 113,000 net acres to Atinum for $500 million.
Osage Exploration and Development, Inc. ( OTCBB: OEDV) noted in its September release, when the Company also reported an increase in its net acreage to 15,000 acres: “Slawson Exploration as Operator is focused on drilling the project in the fourth quarter this year, yet is bringing a tremendous amount of leadership to the land acquisition process as well. The synergy that has been created by the contribution of U.S. Energy on the land side, coupled with Slawson's and our own efforts, has increased the overall acquisition efficiency dramatically from my perspective," stated Kim Bradford, Chairman and CEO.
Slawson Exploration Company is the Operator of the project and owns 45%, U.S. Energy Development Corporation owns 30%, and Osage Exploration has 25%.
RAM Energy Resources, Inc (NasdaqGM: RAM ) reported in a recent update it is tentatively planning to drill its first horizontal Mississippi well in early 2012. The processing and interpretation of the company's Phase II seismic survey, which covers 31 square miles of the concession to the south and east of the 25 square-mile Phase I survey, is complete. The identification of potential new drilling locations over the Phase II survey is beginning, setting the stage for future drilling.
Range Resources Corporation (NYSE: RRC) reported to shareholders that leasing activity expanded during the quarter in the Mississippian horizontal play of northern Oklahoma. Having started the year with 15,000 net acres, Range's position has increased to over 92,000 net acres. Reserve projections are estimated in the range of 400-500 MBOE per well for approximately 2,000 foot laterals at depths of 5,000 feet. These potential reserves generate attractive finding and development costs, along with strong rates of return in this liquids-rich play. Range's production from the Mississippi horizontal area continues to hold at 3,400 gross (2,709 net) BOE per day. With its larger acreage position, Range is targeting a two rig drilling program in 2012 and is currently focused on adding the necessary infrastructure to facilitate future development
Sandridge Energy Inc. (NYSE: SD ), the most dominant player in the Mississippian Play, previously told Investorideas.com, "As far as our drilling plans for 2011, our capital plan has us drilling about 140 producers in the Mississippian.". Sandridge recently sold $231 Million in assets in its East Texas natural gas properties to focus on its core plays including the Mississippian.
This asset sale is part of the capital plan to execute our 3 Year Strategy of tripling EBITDA, doubling oil production, and lowering our debt ratio by the end of 2014 by continuing to develop high rate of return oil wells in the Central Basin Platform and the Mississippian play in the Mid-Continent."
More about Osage:
Osage Exploration and Development, Inc. ( OTCBB: OEDV)
Based in San Diego, California with production offices in Oklahoma City, Oklahoma, and executive offices in Bogotá, 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
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