The Oil & Gas Asset Clearinghouse, a provider of acquisition and divestiture services for oil and gas properties and prospects and a wholly owned subsidiary of Petroleum Place, said Wednesday that it sold over $27 million in properties at its hybrid auction held July 10 in Houston. The selective auction offered 850 oil and gas properties combined into 93 lots. According to the Clearinghouse, a new auction record of $378,000 was set for highest average price per lot.

The company said that over 281 registered bidders competed in the auction. Of the participants, Internet bidders accounted for more than 23% of the total registered bidders and 17% of the gross sales. The Clearinghouse said that the highest-valued property purchased by an Internet bidder was $3.1 million. The company added that auctions enabled through Petroleum Place — a provider of Internet technology, property marketing services, and operations and accounting software for the upstream energy industry — allow Internet bidders to compete simultaneously against live floor bidders.

The Clearinghouse listed some of the more notable properties sold, their sellers and the prices paid:

The company added that its next auction will be held on Aug. 15 at the Sheraton North Houston Hotel in Houston. It will offer 1,150 oil and gas properties combined into 168 lots. The properties are being sold by companies including Magnum Hunter Resources, Ensign Operating, Veru Energy, Merchant Resources and Custer & Wright. The properties are located in Arkansas, Colorado, Illinois, Kansas, Louisiana, Mississippi, Montana, Nebraska, New Mexico, North Dakota, Oklahoma, Texas and Wyoming. For more information, visit Petroleum Place’s web site at www.petroleumplace.com.

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