Diversified Resources Inc. (OTCPK:DDRI) agreed to acquire 98% stake in BIYA Operators Inc. from Richard and Debbie Baldwin for $5.3 million on October 7, 2014. As reported, Diversified Resources will pay at closing a cash consideration of $0.5 million, 0.9 million restricted shares of Diversified's common stock, a promissory note in the principal amount of approximately $1.8 million and the assumption of liabilities of BIYA Operators in the approximate amount of $1.7 million (subject to adjustment for unknown liabilities). In addition, Diversified Resources will also provide as additional consideration to Richard and Debbie Baldwin on a quarterly basis, certain percentages of all production revenue actually received by it for any production over certain barrels a day. On closing, Richard Baldwin shall be an employee of Diversified Resources and Baldwin's title shall be Chief Executive Officer of BIYA Operators, Inc. or a substantially similar title. The closing of the transaction is subject to certain conditions including the completion of a Public Company Audit Diversified Resources of financial records pertaining to the assets, the representations and warranties of both the parties shall be true and accurate as of and on the closing date, both parties shall have performed all obligations and complied with all covenants required by the agreement and others. The transaction is expected to close on or before October 14, 2014. Hart and Hart, P.C. acted as the escrow agent in the transaction. Brandt Thrower and Paul Laird of Thrower Law Firm, P.C. acted as legal advisors to Diversified Resources.

Diversified Resources Inc. (OTCPK:DDRI) completed the acquisition of 98% stake in BIYA Operators Inc. from Richard and Debbie Baldwin for $5.3 million on October 14, 2014. As reported, Diversified Resources paid at closing a cash consideration of $0.2 million, 0.9 million restricted shares of Diversified's common stock, a promissory note in the principal amount of approximately $1.8 million and the assumption of liabilities of BIYA Operators in the approximate amount of $2 million.