Hybrid auction generates $31.8M

Ray Tyson

The Oil & Gas Asset Clearinghouse said it sold more than $31.8 million in U.S. properties at its Hybrid auction held July 14 in Houston, Texas.

The Clearinghouse, which offered 289 lots, said 382 registered bidders competed, about 33 percent bidding via the Internet. The auction process provides Internet bidders the opportunity to compete simultaneously and on a real time basis against floor bidders. Ron Barnes, Clearinghouse’s senior vice president of business development, said Aug. 4 that the current strong commodity price environment and forecasted prices are leading buyers to bid “very aggressively.”

The Clearinghouse’s next Hybrid auction will be held Sept. 15 at the Sheraton North Houston Hotel in Houston. Information regarding the upcoming sale can be found at www.ogcclearninghouse.com.

The more notable properties sold in the recent auction included: the Danville field in Gregg County, Texas, for $3 million; Lavanco Energy’s multiple Irion County Texas lots for $2.3 million; Dominion Exploration’s Medicine Lake field in Sheridan, Mont., for $885,000; Merrion Oil & Gas lots in the San Juan basin for $2.5 million; and Star Acquisition’s Stewart field in Campbell County, Wyo., for $700,000.

Other notable properties sold included the Lake Chickasha field in Caddo County, Okla., for $1.2 million; Michael Pedrotti’s Wildcat, Strake North and Rosita fields in Duval County, Texas, for $575,000; Parallel Petroleum’s Phase Four field in Wharton County, Texas, for $550,000; Rod Einspanier’s North Los Torritos field in Hidalgo County, Texas, for $525,000; and Five States Energy’s Louden field in Hardeman County, Texas, for $500,000.