NGI The Weekly Gas Market Report / NGI All News Access

Clearinghouse Sells $39M in Hybrid Auction, 32% Via Internet

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.

©Copyright 2004 Intelligence Press Inc. All rights reserved. The preceding news report may not be republished or redistributed, in whole or in part, in any form, without prior written consent of Intelligence Press, Inc.

ISSN © 2577-9877 | ISSN © 1532-1266
Comments powered by Disqus