The US Bankruptcy Court gave an order approving the sale of substantially all the assets of Osage Exploration and Development, Inc. on March 31, 2016. The debtor has been authorized to sell substantially all its assets to Red Bluff Resources Operating, LLC, the winning bidder at the auction, for a purchase price of $8.4 million in cash, as per the agreement dated March 24, 2016. At the auction held, Red Bluff Resources Operating, LLC emerged as the winning bidder by offering a purchase price of $8.40 million and Black Oak Resources, LLC with a bid of $8.35 million, emerged as second highest bid.