Red Bluff Resources Operating, LLC won a bid to acquire substantially all assets from Osage Exploration and Development, Inc. (OTCPK:OEDV.Q) for $8.4 million in cash on March 24, 2016. Red Bluff Resources Operating, LLC also entered into an asset purchase agreement to acquire substantially all assets on March 24, 2016. The transaction consideration is subject to adjustment. Red Bluff has deposited the sum of $0.1 million as the initial deposit while the remaining balance will be paid at closing. Terms of the agreement include individual prices for each oil well assets. On the event of termination, Red Bluff is entitled to refund of initial deposits. The transaction is expected to close no later than April 1, 2016. As on March 31, 2016, the transaction received approval from the bankruptcy court. Mark A. Craige, Michael R. Pacewicz, William H. Hoch and John Paul K. Napier of Crowe & Dunlevy acted as legal advisors to Osage Exploration and Development.

Red Bluff Resources Operating, LLC completed the acquisition of substantially all assets of Osage Exploration and Development, Inc. (OTCPK:OEDV.Q) on April 15, 2016.