Houston-based Oil & Gas Asset Clearinghouse sold more than $94 million in properties at a hybrid auction earlier this month. The Clearinghouse sold 302 lots in its Selective Offering for an average price of more than $310,000/lot. The auction also eclipsed a previous auction record of $57 million. According to CEO Ken Olive, the three largest sellers — Exxon Mobil, PXP (formerly Plains Exploration & Production) and States LP — had more than a 97% close ratio on their minimum bid properties, which were offered subject to a reserve price requirement. A total of 503 bidders registered for the two-day event, with 153 Internet bidders. About 21% of the lots offered were purchased for nearly $17 million by Internet bidders. Of the 102 lots offered subject to receiving a minimum acceptable bid, 85 were closed. A total of 24 lots sold for more than $1 million. For details on the sale, visit the web site at www.ogclearinghouse.com.

©Copyright 2003 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.