SOURCE: Osage Exploration and Development

Osage Exploration and Development

July 14, 2011 09:00 ET

Osage, Slawson, and USEDC Continue to Expand Horizontal Mississippian Project

SAN DIEGO, CA--(Marketwire - Jul 14, 2011) - Osage Exploration and Development, Inc. (OTCBB: OEDV) along with its partners, Slawson Exploration Company, Inc. and U.S. Energy Development Corporation are pleased to announce that their Nemaha Ridge Mississippian prospect has now reached 12,000 net mineral acres, an increase from 10,000 net acres announced in late May 2011.

"The growth of the horizontal Mississippian play in Oklahoma is accelerating at an amazing rate. Devon Energy is the latest major Oklahoma oil company to announce the acquisition of a significant land position prospective for the Mississippian and the Woodford Shale. With SandRidge Energy, Inc., Chesapeake Energy Corporation, and Range Resources already extensively involved in the horizontal Mississippian, it is beginning to look unanimous. The finest oil companies in Oklahoma have all chosen to participate in what appears to be one of the most economic onshore oil plays that we have seen in decades. At Osage, we feel that our scientific work has been substantially validated simply by the presence of these industry leaders in our focus play," stated Kim Bradford, President and CEO.

"With over 200 successful horizontal Mississippian wells already drilled in Oklahoma, the focus in this play is going to rapidly shift to execution and cost control. In that regard, with Slawson Exploration and U.S. Energy Development Corp., we have two of the very best in our corner. We are confident that the Nemaha Ridge will be a highly productive area and that we can efficiently extract the minerals, given our operating partner's horizontal success in the Bakken and other basins," stated Greg Franklin, VP Exploration.

We have posted an investor presentation on our website concurrent with this news release. Please click on the link below to view the presentation:

http://www.osageexploration.com

For a visual depiction of the horizontal drilling technique that will be utilized in the Nemaha Ridge project, click on the video link below:

http://www.osageexploration.com/video/index.htm

About Osage Exploration and Development, Inc.

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

About Slawson Exploration Company, Inc.

Headquartered in Wichita, KS, with regional offices in Denver, Houston, and Oklahoma City, Slawson was founded in 1957. http://www.slawsoncompanies.com/exploration.html

About U.S. Energy Development Corporation

U.S. Energy Development Corporation was formed in 1980 as a successor to Oilmark & Company, Inc., founded in 1978. The company has consistently been ranked among the Top 50 Independent Oil & Natural Gas Drillers in the United States and is one of the largest drillers in both New York and Pennsylvania. Since 1980, U.S. Energy has acted as operator with respect to the drilling of more than 2,500 wells. www.usenergydevcorp.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.

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