Raven Pipeline Company, LLC entered into a membership interest purchase agreement to acquire Cimarrona LLC from Osage Exploration and Development, Inc. (OTCPK:OEDV) for $7.8 million in cash, on September 30, 2013. The deal value includes settlement of debt of Cimarrona of $0.254 million and also includes $0.25 million to be held in escrow for 12 months to secure any post closing purchase price adjustments and any indemnity obligations pursuant to the agreement. In addition as the per barrel transportation rate charged with respect to the pipeline is not adjusted prior to March 31, 2014, then Raven will pay Osage Exploration an additional $1 million in cash within five business days of that date. The agreement became definitive upon funding on October 7, 2013. Corey C. Brown of Porter Hedges LLP acted as legal advisor to Raven Pipeline and Tom Williams of Robertson & Williams acted as legal advisor to Osage Exploration. Amegy Bank, N.A. acted as escrow agent in the transaction.


Raven Pipeline Company, LLC completed the acquisition of Cimarrona LLC from Osage Exploration and Development, Inc.(OTCPK:OEDV) on October 7, 2013.