By OGJ editors
HOUSTON, May 26 – Slawson Exploration Co. Inc. and US Energy Development Corp. have acquired 45% and 30% interests, respectively, in the Nemaha Ridge project in Oklahoma held by Osage Exploration & Development Inc., San Diego.
Proceeds are $4.875 million plus a 10% net carry on the first three horizontal Mississippian wells, Osage said. Osage holds more than 10,000 acres in Logan County, Okla., on the east side of the Nemaha Ridge where the Mississippian carbonate has been developed for oil through vertical wells.
Slawson, which has drilled more than 150 horizontal Bakken wells in the Williston basin, becomes operator of the Nemaha Ridge project. US Energy is one of the largest operators in New York and Pennsylvania and has drilled more than 2,500 wells since 1980 in eight states and Canada.