The Oil & Gas Asset Clearinghouse said Thursday that it sold more than $41.1 million in properties at its Hybrid auction held July 16 in Houston that included more than 175 lots. About 420 registered bidders competed for the properties. While Internet bidders accounted for only 28% of the total registered bidders, 73% of the 175 Lots offered had Internet bidder participation.

“Our July sale averaged nearly $270,000 per transaction and again reinforced, that our hybrid auctions are offering some quality buy opportunities to the industry,” said Ken Olive, CEO of The Clearinghouse. He noted that “Internet bidders continue to be an important part of our bidder base and are competing aggressively with the floor bidders actually attending the auction. There is no question that utilizing the right marketing process for different property profiles will optimize the financial results of a program.”

Properties in the offering were located in Alabama, California, Colorado, Louisiana, Mississippi, Montana, New Mexico, North Dakota, Oklahoma, Texas, Utah and Wyoming.

The company’s next hybrid auction will be a two-day sale held on Sept. 10-11 at the Sheraton North Houston Hotel. Data rooms will open in The Clearinghouse office on Aug. 11. For more information, visit www.ogclearinghouse.com.

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