Clearinghouse Sells $39M in Hybrid Auction, 32% Via Internet
The Oil & Gas Asset Clearinghouse sold more than $39 million in properties at the hybrid auction held Nov. 10 in Houston, offering 282 lots for sale. About 330 registered bidders competed for properties, with 32% bidding via the Internet.
The hybrid auction allows bidders to compete simultaneously and on a real-time basis against floor bidders.
Some of the more notable properties sold included several coalbed methane assets in Campbell County, WY, for $1.675 million to J.M. Huber. Chesapeake Energy purchased several properties, including the Union City field in Canadian County, OK, for $1.675 million, the Yukon NW field in Canadian County for $2.5 million, the Antioch East field in Garvin County, OK, for $1.95 million, the Tuttle East field in Grady County, OK, for $835,000, and the Oklahoma City field in Oklahoma County, OK, for $4.8 million.
ChevronTexaco Corp. paid $2 million for the McAllen Ranch field in Hidalgo County, TX, while Anadarko Petroleum Corp. paid $5.2 million for the Giddings field in Fayette County, TX.
The next hybrid auction is set for Dec. 8 at the Sheraton North Houston Hotel in Houston. For information on upcoming properties, visit the web site at www.ogclearinghouse.com.
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