HOUSTON -- The Oil & Gas Asset Clearinghouse ("The Clearinghouse"), a leading provider of acquisition and divestiture services for oil and gas properties and prospects and a wholly-owned subsidiary of Petroleum Place ( http://www.petroleumplace.com/ ), a leading provider of Internet technology, property marketing services, and operations and accounting software for the upstream energy industry, announced today that it sold over $20 million in properties at its Hybrid auction held on September 18 in Houston. The Clearinghouse offered over 196 Lots at this Selective Offering(TM), including many higher-valued, more notable properties.
(Photo: http://www.newscom.com/cgi-bin/prnh/20021003/OGASSETLOGO )
Over 375 registered bidders competed on 162 lots. Internet bidders accounted for more than 29% of the total registered bidders and 19% of the gross sales. The highest valued property purchased by an Internet bidder was $560,000. Hybrid auctions, enabled through Petroleum Place ( http://www.petroleumplace.com/ ), allow Internet bidders to compete simultaneously against live floor bidders.
Some of the more notable properties sold include: Swift Energy -- Mohawk Field in Columbia, AR for $475,000; Bernard Field in Wharton County, TX for $415,000; Roleta Field in Zapata County, TX for $560,000; TCW -- Todd, Volkens and Walker wells in Weld, CO for $900,000; Maynard Oil -- Shugart North Field in Eddy County, NM for $700,000; Laguna Petroleum -- Concho Field in Canadian County, OK for $425,000; Dimmitt Field in Loving County, TX for $1,380,000; Questar -- Bryans Mill Field in Cass County, TX for $1,500,000; Legend Natural Gas -- Wadsworth South Field in Matagorda County, TX for $775,000; Westwin Energy -- Spraberry Trend Field in Midland County, TX -- 2 Lots for a combined total of $2,800,000.
The Clearinghouse's next Hybrid auction will be held on Wednesday, October 30 at the Cox Convention Center in Oklahoma City, Oklahoma. This auction is co-sponsored by the Oklahoma Independent Petroleum Association (OIPA). Information pertaining to all upcoming auctions can be accessed on the Petroleum Place Web site ( http://www.petroleumplace.com/ ).
About The Oil & Gas Asset Clearinghouse
The Oil & Gas Asset Clearinghouse provides Internet-enabled transaction and brokerage services for the acquisition and divestiture of oil and gas properties. An industry leader in auction divestitures, The Clearinghouse has expanded its service offering to include simultaneous floor and internet bidding at live auctions, Exclusively Online auctions, negotiated transaction services (offered through its affiliate Petroleum Place Energy Advisors), data room administration, and engineering and geotechnical analysis to support all divestiture processes. The Oil & Gas Asset Clearinghouse is a wholly owned subsidiary of Petroleum Place, Inc.
About Petroleum Place, Inc.
Petroleum Place provides Internet technology, property marketing services, and operations and accounting software for the upstream energy industry. The Petroleum Place portal ( http://www.petroleumplace.com/ ), launched in 1995, is one of the most established and visited sites within the upstream energy industry. Through its Web site, Petroleum Place brings process efficiencies to each stage of the oil and gas property lifecycle -- streamlining the marketing, evaluation, acquisition, divestiture, and financial management of petroleum assets. Petroleum Place provides dedicated Internet technology, support and services for each of its subsidiary companies -- The Oil & Gas Asset Clearinghouse, Petroleum Place Energy Advisors, Petro TradeLinks, Paradigm Technologies, and Strata Web Systems.
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CONTACT: Kim Pickett of Petroleum Place, Inc., +1-303-390-9416, kpickett@petroleumplace.com; or Ken Olive of The Oil & Gas Asset Clearinghouse, +1-281-873-4600, kolive@petroleumplace.com
Web site: http://www.petroleumplace.com/
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