Red Bluff Wins Ch. 11 Auction For Osage With $8.4M Bid

By Matt Chiappardi (March 25, 2016, 9:25 PM EDT) -- A unit of Oklahoma City's Red Bluff Resources put in the winning $8.4 million bid for Osage Exploration and Development Inc. at an auction for the bankrupt oil and gas developer's assets, a deal the company intends to present for court approval March 31, the debtor said Thursday.

In a notice before the bankruptcy court in Oklahoma's Western District, Osage said that the $8.4 million bid from Red Bluff Resources Operating LLC came during a roughly 90-minute auction that commenced Thursday afternoon and involved six qualified bidders.

An $8.35 million bid from Black Oak Energy LLC was deemed the next-highest bidder,...

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