Petroleum Place Inc. is going public. The Englewood, CO-basedonline marketer for the oil and gas industry yesterday filed noticewith the Securities and Exchange Commission in an initial stockoffering that would raise as much as $100 million. The company alsoannounced it has completed its second round of financing that hasraised $60 million from investors in the financial, and oil and gasindustry. Net proceeds from the equity financing will be used torepay debt under its credit facilities, develop its web site andexpand marketing and sales activities.

No details were offered on how many shares the company plans tooffer in its initial stock offering, and it also would not reveal aprice range in a preliminary prospectus. These details are expectedto be made in future SEC filings. It plans to seek a listing onNasdaq under the symbol “PPLC.”

Launched in 1995, Petroleum Place offers several types of onlineservices, including an oil and gas property auction exchange basedin Houston, electronic data rooms and a members-only listing sitefor properties available on its web site. The site contains adirectory of nearly 3,000 industry service providers, a database ofnearly 8,000 pieces of used equipment, more than 1,000 resumes ofindustry professionals, and listings for more than $1 billion ofproven reserves and producing properties available for sale ortrade.

The company auctioned about $163 million in fiscal 1999, and saysit has sold or has commitments to sell nearly $273.5 million worth ofproperty in fiscal 2000. Its next online auction is set for June 14through its Houston office, and other sales are scheduled nearly everyother month through the end of the year. (see Daily GPI, April 11).

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