$92 Million of Oil & Gas Properties Sold at The Clearinghouse’s April 16, 2008 Hybrid Auction
Published May 23rd, 2008
HOUSTON - 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 $92 Million in properties at its Hybrid auction held April 16th in Houston. The Clearinghouse offered 223 lots at this Selective Offering(TM), including many higher-valued, notable properties.
Ken Olive, President & CEO of The Clearinghouse commented: “This auction enjoyed a very high close ratio during a period of significantly rising oil prices which reflects that buyers are comfortable with the current price environment. Additionally, it might surprise some people to know that The Clearinghouse has now sold over $6.7 Billion in properties.”
Some of the more notable properties sold include: * C&F Petroleum et al sold a single lot in Upton County, TX for $3.5 million. * Chevron Mid-continent sold two West Texas lots for a total of $9.7 million. * HCM Oil sold 25 lots in Central and Western Oklahoma and 11 lots in Texas for a total of $10.7 million. * Karper Oil & Gas sold a single Smith County, TX lot for $3.7 million * Machii-Ross Petroleum sold two lots in Central and Northern Colorado for $1.4 million. * Samuel H. Vester, Jr. sold 1 lot in Southern Texas for $4.1 million. * Southwestern Energy sold 29 lots in Southeastern New Mexico and 39 lots in Texas for a total of $26.2 million
The Clearinghouse will hold its next oil & gas property auction on June 11, 2008 in Houston. This auction will be held at The Woodlands Waterway Marriott Hotel in The Woodlands, Texas. Data Rooms are open now in The Clearinghouse offices; call 281-873-4600 for an appointment.
More information about the company and its upcoming auctions can be accessed on The Clearinghouse website. (http://www.ogclearinghouse.com).
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