Diversified Resources Inc. (OTCPK:DDRI) entered into an agreement to acquire oil and gas properties in the Horseshoe-Gallup field in San Juan County, New Mexico from BIYA Operators Inc. in cash and stock on June 6, 2014. The purchase price for the oil and gas properties was to be payable in cash of $6,000,000, and 900,000 restricted shares of our common stock. The closing of the transaction is subject to the completion of title reviews by Diversified Resources Inc., customary due diligence, financing and approval of the mineral owners and other conditions which are normal for a transaction of his nature. The Ute Mountain Ute Tribe have rendered their verbal approval for the purchase. Final closing of the transaction is expected in the third calendar quarter of the year 2014.

On August 7, 2014 the agreement was amended such that Diversified Resources would acquire all of the outstanding shares of the independent oil and gas company for the same price. Brandt Thrower and Paul Laird of Thrower Law Firm, P.C acted as legal advisor to Diversified Resources, Inc.