$88.4 Million of Oil & Gas Properties Sold at the Clearinghouse?s December 12th & 13th Hybrid Auction
Published January 23rd, 2008
The Oil & Gas Asset Clearinghouse (”The Clearinghouse”), a leading provider of acquisition and divestiture services for oil and gas properties, announced that it sold more than $88.4 Million in properties at its 2-day Hybrid auction held December 12 & 13, 2007 in Houston. The Clearinghouse offered 309 lots at this Selective Offering(TM), including several higher-valued, notable properties.
Ken Olive, President and CEO of The Clearinghouse commented: “The Clearinghouse reached a record $300 million in auction for the 4th quarter 2007 and this sale certainly ended our year on a high note. These results continue to underscore the importance of the auction process to our industry. We are thankful to be able to offer so many buying opportunities to the benefit of thousands of buyers, and to provide a marketing platform which has significantly increased the liquidity in our industry.”
Some of the more notable properties sold include: — Geodyne Nominee (Samson partnership) sold 84 Lots for $40.1 million, twelve of which sold for prices ranging from $1 million to $7 million. The properties are located in Southern and Western Oklahoma, North Texas and in the Texas-Oklahoma Panhandle. — Huntington Resources sold 25 Lots in 10 states for $8.5 million. — Prospective Investments sold 3 Lots in Texas, Oklahoma and North Dakota for $8.5 million. — Chevron sold 5 Lots for $5.4 million; four were located in the Permian Basin and one in South Texas. — Pioneer Natural Resources sold one Northeast Louisiana Lot for $4.1 million. — Harry Avant sold 4 east Texas Lots for $3.8 million. — Samson sold 40 Lots for $3.7 million spanning across the Permian Basin and South, Central and Western Oklahoma. — Danmark sold 3 East Texas Lots for $3.0 million — Encana sold 14 Gulf Coast region Lots for $2.5 million.
The Clearinghouse will hold its next auction of 775 oil & gas properties on February 7, 2008 in Houston. This auction will be held in conjunction with NAPE Expo 2008 at the George R. Brown Convention Center.
More information about the company and its upcoming auctions can be accessed on The Clearinghouse website. (http://www.ogclearinghouse.com).
About the Companies
The Oil & Gas Asset Clearinghouse is the premier provider of oil and gas property marketing and advisory services in North America. The Clearinghouse conducts 10 to 12 oil and gas property auctions annually in the US and Canada, allowing its clients to participate through physical attendance or to compete in real time over the Internet. The Company also provides negotiated transaction services focused on the mid-market and a sealed bid process. All of The Clearinghouse’s marketing and advisory services are supported by a high level of reserve engineering, geo-science and land expertise.
P2ES Holdings, Inc. is the holding company of two operating companies: The Oil & Gas Asset Clearinghouse L.P. and P2 Energy Solutions Inc.
P2 Energy Solutions focuses on the development and support of data, software and enterprise services to meet the information and business process needs of the energy industry. P2 Energy Solutions is the oil and gas industry’s most comprehensive source of asset management solutions including Entelligent, Enterprise Upstream, Excalibur, Qbyte, Tobin LandSuite(TM) and Tobin SuperBase(R). With solutions deployed at more than 500 companies worldwide, P2 Energy Solutions enables clients to achieve greater productivity while maintaining effective controls. P2 Energy Solutions is presently one of the largest purveyors of mission critical software and data solutions focused on the upstream petroleum industry and serving over 500 clients in the E&P sector. The company has a 75-year history of serving the oil and gas industry and understands its workflow processes. P2 Energy Solutions has the breadth and depth of expertise to meet the expanding financial, operational and data management needs of energy companies from private independents to supermajors. More information can be found at http://www.p2es.com.
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