News
SAN DIEGO, CALIFORNIA, October 14, 2013 - Osage Exploration and Development, Inc. (OTCBB:OEDV), an independent exploration and production company focused on the Horizontal Mississippian and Woodford plays in Oklahoma, announced today the sale of a wholly-owned subsidiary, effective as of September 30, 2013, for $6.8 million in cash less settlement of debt of approximately $254,000. The sale of Cimarrona, LLC to Bogota, Colombia-based Raven Pipeline Company, LLC includes Osage's 9.4% working interest in oil and gas assets in the Guaduas field in the Middle Magdalena Valley in Colombia and the Company's 9.4% working interest in the Guaduas pipeline. An additional $1 million cash will be paid to Osage so long as the per barrel transportation rate charged with respect to the pipeline is not adjusted prior to March 31, 2014. The sale of Cimarrona, LLC satisfies the amendment to the Apollo Note Purchase Agreement dated August 12, 2013.