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Internet bidders play role in $41.1million auction of onshore properties
Petroleum News
The Oil & Gas Asset Clearinghouse says it sold more than $41.1 worth of U.S. onshore properties at its July auction, with internet users accounting for 28 percent of the 420 registered bidders. Moreover, of the 175 lots offered, 73 percent had Internet participation.
“Internet bidders continue to be an important part of our bidder base and are competing aggressively with the floor bidders actually attending the auction,” Ken Olive, chief executive officer of The Clearinghouse, said Aug. 21.
He said the July 16 sale averaged nearly $270,000 per transaction and “reinforced that our hybrid auctions are offering some quality buy opportunities to the industry.”
The Clearinghouse has scheduled another hybrid auction for Sept. 10 and 11 at the Sheraton North Houston Hotel in Houston, Texas. Data rooms will be open at The Clearinghouse office in Houston.
Wide range of properties sold Some of the more notable properties sold included Noble Energy's Merrill Avenue SE field in Madera County, Calif., for $1.15 million; Gordon S. field in Beauregard Parish, La., for $1 million; Beckwith Creek field in Calcasieu Parish, La., for $850,000; Ridge West field in Lafayette Parish, La., for $800,000; Patterson Canyon field in San Juan County, Utah, for $1.6 million; Timber Creek NW field in Campbell County, Wyo., for $2.6 million; Carter North field in Beckham County, Okla., for $1 million; Watonga-Cickasha field in Caddo County, Okla., for $1.75 million; and McLeod North field in Cass County, Texas, for $2.4 million.
Other notable properties sold included McElvain Oil & Gas' Mulligan Draw in Sweetwater County, Wyo., for $1.4 million; Marathon Oil's Vici field in Dewey County, Okla., for $975,000; Harmon East field in Ellis and Woodward counties, Okla., $1.7 million; Maguire Oil's Sho-Vel-Tum field in Stephens County, Okla., for $650,000; ConocoPhillips' Double J field in Borden County, Texas, for $1.4 million; Wasson field in Yoakum County, Texas, for $900,000; Oxy's Parks field in Midland County, Texas, for $925,000; Total's Korenek Well in Brazoria County, Texas, for $630,000; Pandale field in Val Verde County, Texas, for $550,000; Denbury Resources' Bayou Penchant field in Terrebonne Parish, La., for $380,000; and Rippy Oil's Jewett field in Leon County, Texas, for $400,000.
Properties to be auctioned on Sept. 10 and 11 are located in Alabama, Arkansas, Colorado, Illinois, Kansas, Louisiana, Mississippi, New Mexico, North Dakota, Oklahoma, Texas and Wyoming. Sellers include Hilcorp Energy, Marathon Oil, ExxonMobil, Concho Oil & Gas, Plains Exploration, Samson Resources, Scythian, Bexco and Noble Energy.
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