Osage Exploration and Development, Inc. filed a motion in the US Bankruptcy seeking approval for the sale of substantially all its assets on February 17, 2016. As per the motion, debtor seeks to sell substantially all its assets to U.S. Energy Development Corporation for $5 million. The buyer has deposited $0.05 million as initial deposit and will pay additional deposit of $0.05 million.

Buyer will be entitled to the break-up fee of 3% of the purchase-price plus reasonable documented costs of up to $0.08 million. The initial competing bid amount will be in the amount of purchase price plus $0.23 million in cash and should accompany with a deposit of 10% of the bid. The each subsequent bid for the purchased assets shall be in increments of at least of $0.1 million in cash.

Bid deadline has been set for March 22, 2016 and auction will be held on March 24, 2016. The sale hearing will be held on March 31, 2016. Transaction is expected to close by April 1, 2016.