HOUSTON, July 22 /PRNewswire/ -- The Oil & Gas Asset Clearinghouse ("The
Clearinghouse"), a leading provider of acquisition and divestiture services
for oil and gas properties and prospects, announced that it sold over
$33.5 million in properties at its Hybrid auction held June 8, 2005 in
Houston, Texas. The Clearinghouse offered 74 Lots at this Selective
Offering(TM), including several higher-valued, notable properties.
(Logo: http://www.newscom.com/cgi-bin/prnh/20050513/LAF013LOGO)
Approximately 215 registered bidders competed on the properties, 33% of
which bid on the Internet and accounted for 43% of the gross sale proceeds.
The Clearinghouse's Hybrid Auction process allows Internet bidders the
opportunity to compete simultaneously and on a real time basis against floor
bidders.
Dan Sodersten, Sr. Vice President - Technical Resources of The
Clearinghouse commented, "Our June auction continues to show the strength and
acceptance of the Hybrid Auction process as a venue for selling quality oil &
gas properties. This auction of over $33.5 million was also impressive in
terms of the average price per Lot being approximately $600,000. The lack of
available property inventory coupled with the sustained strength in commodity
prices has resulted in a very strong A&D market in early 2005."
Some of the more notable properties sold include:
ExxonMobil - continued its succession of positive auction results with a
100% close ratio in this June auction (13 of 13 Lots closed). ExxonMobil's
properties, located in the East Texas Field, sold for a combined price of
$13,560,000.
El Paso Production - Fouke Field in Miller County, AR for $5,950,000 and
Blalock Lake East Field in Glasscock, TX for $2,100,000
Vision Energy - S. Little Cheniere Field in Cameron Parish, LA for
$500,000
John S. Belcher - Offshore Louisiana Royalty Package for $1,450,000
ChevronTexaco E&P - Tonto Field in Lea County, NM for $1,100,000 and
Triumph Field in Crockett County, TX for $500,000
Master Minerals - Sand Hills Field in Crane County, TX for $800,000
Swift Energy - Various Austin Chalk Lots in Fayette County, TX for a
combined total of $3,120,000
Manna Petroleum - Kiowa Creek Field in Lipscomb County, TX for $1,600,000
Royalty Clearinghouse - Harris County, TX Royalty Package for $525,000
Information pertaining to upcoming auctions can be accessed on The
Clearinghouse website. (http://www.ogclearinghouse.com).
About The Oil & Gas Asset Clearinghouse
The Oil & Gas Asset Clearinghouse provides Internet-enabled transaction
and brokerage services for the acquisition and divestiture of oil and gas
properties. An industry leader in auction divestitures, The Clearinghouse
hosts both Hybrid Auctions, simultaneous floor and internet bidding and
Exclusively Online, server based, Auctions. The Oil and Gas Asset
Clearinghouse is an affiliate of Tristone Capital.
About Tristone Capital
Tristone is a leading North American full-service investment banking firm
specializing in the energy industry. Based on its client-driven strategy,
Tristone provides a wide range of services to a substantial and diversified
client base that includes industry and institutional investors. Tristone
strives to be the advisor of choice for oil and gas clients to help meet their
financial and strategic objectives.
Founded in 2000, Tristone's clients include, but are not limited to,
worldwide exploration and production companies, oilfield service companies,
government entities, royalty trusts, and institutional investors. As a
full-service investment banking firm with a specific market focus, Tristone is
comprised of both financial and technical experts, providing unmatched
evaluation and execution abilities.
The Oil & Gas Asset Clearinghouse will now be firmly integrated with
Tristone Capital. Tristone Capital and The Clearinghouse have over 100 E&P
technical professionals to support their businesses.
About Tristone Energy Services, Inc.
Tristone Energy Services, Inc. is the holding company of two full-service
operating companies: Tristone Capital Inc. and P2 Energy Solutions.
SOURCE The Oil & Gas Asset Clearinghouse
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Related links:
http://www.ogclearinghouse.com
Photo Notes:
NewsCom:
http://www.newscom.com/cgi-bin/prnh/20050513/LAF013LOGO
AP Archive: http://photoarchive.ap.org
PRN Photo Desk, photodesk@prnewswire.com
CONTACT:
Ken Olive of The Oil & Gas Asset
Clearinghouse, +1-281-873-4600, kolive@ogclearinghouse.com
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