U.S. Energy Development Corporation entered into an agreement to acquire substantially all assets from Osage Exploration and Development, Inc. (OTCPK:OEDV.Q) for $5 million on February 4, 2016. U.S. Energy Development has deposited a sum of $0.05 with the Osage Exploration and Development's attorney. At the time of closing, the initial deposit shall be applied to the purchase price. Upon the approval of the agreement, by the bankruptcy court, U.S. Energy Development shall deposit the additional sum of $0.05 million. At the time of closing, the additional deposit shall be applied to the purchase price. At the closing, the balance of the purchase price shall be paid by U.S. Energy Development to Osage Exploration and Development. Osage must pay a termination fee of $0.15 million (3%) in case the agreement is terminated. In the event, the agreement is terminated due to default of U.S. Energy Development, then the initial and the additional deposit shall be paid to Osage Exploration and Development as liquidated damages. The transaction may be terminated if not completed by May 1, 2016. The transaction is subject to approval of bankruptcy court. As of March 9, the court approved the sale. The transaction is expected to close on April 1, 2016. Mark A. Craige, Michael R. Pacewicz and John Paul K. Napier of Crowe & Dunlevy acted as legal advisor for Osage Exploration.

U.S. Energy Development Corporation cancelled the acquisition of substantially all assets from Osage Exploration and Development, Inc. (OTCPK:OEDV.Q) on March 24, 2016. On the auction of substantially all assets of Osage, Red Bluff Resources Operating, LLC made a superior bid of $8.4 million.