DavisCocaineJailDropped230.jpgTwo months after being arrested for cocaine possession, oil heir Brandon Davis pleaded guilty to the charge in an LA court Thursday morning.

Davis, 31, was arrested outside of Beacher's Madhouse at the Roosevelt Hotel in Hollywood on April 28. Police were called after Davis reportedly punched comedian Ben Gleib. Cocaine was found on Davis, who was released on $10,000 bail.

Thursday morning he pleaded guilty to possession of a controlled substance and no-contest to the battery charge. He was ordered to enter a drug diversion program. If he completes the program, both charges will be dropped.

See what multi-million dollar deal Brandon Davis was surprisingly involved in recently after the jump ...