Colorado moguls working on online oil and gas business

by The Associated Press

Several Colorado moguls are promoting a new electronic commerce venture for the oil and gas industry.

They have created The Petroleum Place Inc., a privately held, Denver-based company that owns businesses that use traditional auctions and online tools for the acquisition and divestiture of oil and gas properties throughout North America.

Officials of Petroleum Place said it is in a “quiet period,” and they would not comment extensively about the venture. Asked if that meant Petroleum Place is considering a public offering of stock, they declined further comment. Gary Vickers is president, chief executive officer and chairman of The Petroleum Place.

He is the son of Jack Vickers, a veteran Colorado oilman and developer of Castle Pines.

Other members of the investment syndicate that owns Petroleum Place include Anschutz Investment Co., headed by Colorado billionaire Philip Anschutz, and an entity called Magness Interests.

A Petroleum Place official said Magness Interests is led by Gary and Kim Magness, sons of Bob Magness, the late cable television executive who started TeleCommunications Inc., better known as TCI. Magness died in 1996. His sons could not be reached to comment on their involvement in Petroleum Place.

Officials of Petroleum Place said it holds “a predominant equity interest” in the Oil & Gas Asset Clearinghouse, a venture based in Houston that controls 70 percent of the live-auction market in oil and gas properties.