Osage Exploration and Development Inc., a San Diego-based independent energy exploration and production company, reported a first quarter net loss of $73,425 compared with a net profit of $456,026 for the like quarter of 2012.
The adjusted operating profit was $1.4 million compared to $596,000 in the like quarter of last year.
Revenue in the quarter came in at $2.4 million, compared with $1.35 million for the like period of 2012.
CEO Kim Bradford said the company ended 2012 with five producing oil wells in its Nemaha Ridge project, and during the first quarter increased that to eight, while spudding nine additional wells.
“We are continuing to drive progress through the drillbit,” Bradford said.
— SDBJ Staff Report