Osage Exploration and Development, Inc., an independent oil and gas exploration and production company focused in Colombia, provides an update regarding the Company's Rosablanca joint venture with Gold Oil, plc in the Middle Magdalena Valley.

Osage has received notification from the National Hydrocarbon Agency of Colombia (ANH) that the joint venture's phase one exploration period has been extended through December, 2008. Prior to this decision, the phase one exploration period was set to expire on July 3, 2008. This gives the joint venture additional time to drill the first well at Rosablanca following completion of the ongoing environmental review.

"We have anticipated receiving this notification for the past few months. We have received tremendous cooperation and support from the Environmental Agency as well as the ANH throughout this process. The ANH has given us until December 25, 2008 to complete our phase one work program, which is extremely fair. The open communication and cooperation between government and industry are perfect examples of why Osage believes that Colombia is the best place in the world to explore for oil and gas," stated Kim Bradford, President and CEO.

Tags: Gold Oil plc