But it should be Ogilvie, not Olgivie in the last verse.

The piper, Carnegie, of (various spellings) Phinaven, Finaven (currently known as Finavon) was involved in rallying troops for the 1715 Jacobite rising in "Amulrie" (now known as Amulree), but changed sides. Amulree is now a tiny place in rural Perthshire, but was then an important junction on the old military roads north. The Battle of Sheriffmuir took place at that time.
(Info also on Joe Offer's own website and from Nigel Gatherer on The Session website).