The Oil & Gas Asset Clearinghouse, which conducts live floorand Internet bidding on oil and gas properties and prospects, soldmore than $34.4 million of properties at its ninth hybrid auctionheld Dec. 13. The Clearinghouse’s Selective Offering auctioned 321lots that consisted of more than 1,200 wells.

Hybrid auctions allow buyers to compete through the Internetagainst the live auction floor, and the company, a subsidiary ofPetroleum Place, said Internet participation was strong, as it hasbeen throughout the year. Internet bidders accounted for 23% of thetotal registered bidders, placing bids on 66% of the lots offered.Year to date, Internet bidders have purchased more than $39 millionworth of properties through Clearinghouse auctions, including twothat sold for more than $6 million.

“This has been an incredible year for The Clearinghouse,” saidCEO Ken Olive, “both in terms of the total sales volume transactedthrough our auctions and the tremendous acceptance and adoption ofthe Internet as an effective tool for oil and gas propertyacquisition and divestiture.” Olive said that through the PetroleumPlace web site, the Houston-based company had “Internet-enabled”all aspects of its business.

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