Borrowing a page from federal officials, Anadarko Petroleum Corp.
has selected the Oil & Gas Asset Clearinghouse
to host a lease sale auction later this month to market all of its unleased holdings in the Fayetteville Shale and Smackover play in Arkansas. Lease sales are commonly used by state and federal agencies to market drilling rights. This lease sale will be the first of its kind for a publicly held entity, according to the clearinghouse, which will market and advise Anadarko about the sale. Anadarko will offer the right to lease about 250,000 gross (206,000 net) acres throughout the state. About 170,000 net acres are considered to be in the natural gas-rich Fayetteville Shale fairway; another 5,000 acres lie within the Smackover play in southern Arkansas. The assets will be offered under predetermined lease terms, which will be available prior to the auction through the clearinghouse. Royalties retained by Anadarko will be 12.5-15%, with primary lease terms ranging from five to 10 years. The hybrid auction will be held Nov. 14-15 at the Sheraton North Houston Hotel in Houston and via the Internet. The auction will begin with the sale of Anadarko leases followed by other oil and gas properties owned by various sellers including Chevron Corp.
, EOG Resources Inc.
, McClymond Ltd.
, Reed Partners
, Rudman Partnership
, Samson Resources
and Whiting Petroleum
. For more information on the properties to be offered, visit www.ogclearinghouse.com