In its third auction for bidders both onsite and online, The Oil& Gas Asset Clearinghouse broke its previous one-day auctionrecord, selling $30.9 million of U.S. oil and gas properties in arecent sale.

More than 300 registered bidders participated in the May 17sale, which was physically set up in Houston, but which alsoallowed online bids. Nearly 110 lots were available, and more than1,100 wells were sold, according to Clearinghouse officials.Internet sales alone accounted for the sale of more than $3.3million in properties, including an individual tract in GainesCounty, TX that sold online for $2.34 million.

Obviously pleased with the results, Clearinghouse President andCEO Ken Olive said that along with breaking its previous record forone-day auction sales, the volume of online transactions was”growing rapidly, with more than 11% of the total sales conductedover the Internet.”

Property sales included: Ferguson Ranch Field in Park County,WY, $3.1 million; Wagner Oil’s W. Lake Ponchartrain Field inJefferson Parish, LA, $3 million; GMK Field in Gaines County, TX,$2.34 million (and purchased by an Internet bidder); Fuzz Field inStonewall County, TX, $2 million; Hunt Oil’s Bicentennial Field inGolden Valley, ND, $1.8 million; Ocean Energy’s Patricia NE Fieldin Dawson County, TX, $1.6 million; PetroPro Energy’s fields inDewitt County, TX, $1.4 million; Spraberry Trend Field in MidlandCounty, TX, $650,000; Phillips Petroleum’s Homer Field in ClaiborneParish, LA, $620,000; and Penwell Field in Ector County, TX,$525,000.

The Clearinghouse also announced Friday it will market CoastalOil & Gas Corp.’s Gulf of Mexico Shelf 200 Divestment Packageand Merit Energy Co.’s Y200 Divestiture Package. Both packages,expected to sell for several million, will be offered throughseparate negotiated sales processes.

The properties offered by Coastal encompass 36 blocks on theouter continental shelf of the Gulf of Mexico. They extend fromNorth Padre Island, offshore Texas, to the Destin Dome area,offshore Alabama. Coastal operates 33 of the 36 blocks. Net dailyproduction from these properties is approximately 1,036 BO and33,372 Mcf. These properties represent less than 4% of Coastal’snet daily gas production and are being divested as part of itsongoing asset portfolio management effort.

The properties offered in the Merit Divestiture package include55 fields, the majority of which are currently operated. The salewill be divided into four property groups: Rocky Mountains, PermianBasin, North Texas and the Texas Gulf Coast. Net daily productionfrom these properties is approximately 1,743 BO/d and 3,343 Mcf/d.

The Coastal and Merit packages can be reviewed throughelectronic deal rooms (EDRs) on the Petroleum Place website. EDRsilluminate properties in a secure environment through static andinteractive map displays, tables and graphs including informationsuch as geologic, geophysical, well logs, engineering reports,financial and ownership data. For more information or to make adata room appointment call Richard Griffis at The Clearinghouse at(281) 873-4600 or send a fax to (281) 873-0055.

The Clearinghouse, a wholly owned subsidiary of Englewood, CO’sPetroleum Place, offers acquisition and divestiture services foroil and gas properties and prospects. It will hold its fourthhybrid floor/Internet auction on June 14 in Houston, and the nextonline-only auction on July 27. Sales information is available onthe website at www.petroleumplace.com.

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