The Oil & Gas Asset Clearinghouse said Thursday that its Sept.18 Hybrid auction in Houston sold over $20 million in oil and natural gas properties. The Petroleum Place subsidiary said it offered over 196 lots at this Selective Offering(TM), including many higher-valued, more notable properties.

The company said it had over 375 registered bidders competing on 162 lots. Of the bidders, Internet traffic accounted for more than 29% of the total registered bidders and 19% of the gross sales. The highest valued property purchased by an Internet bidder was $560,000. Hybrid auctions, enabled through Petroleum Place, allow Internet bidders to compete simultaneously against live floor bidders.

The auction featured properties located in Alabama, Arkansas, Colorado, Florida, Kansas, Louisiana, Michigan, Mississippi, Montana, Nevada, New Mexico, North Dakota, Oklahoma, South Dakota, Texas, Utah and Wyoming.

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

In its July Hybrid auction, the Clearinghouse sold over $30 million in properties (see Daily GPI, Aug. 1). The company offered 850 oil and gas properties combined into 93 lots.

The Clearinghouse said its next Hybrid auction will be held on Oct. 30 at the Cox Convention Center in Oklahoma City, OK. This auction is co-sponsored by the Oklahoma Independent Petroleum Association. Properties for the auction are located in Arkansas, Kansas, Louisiana, New Mexico, Oklahoma, Texas and Wyoming. Sellers include Anschutz Exploration, Chesapeake, Cordillera, Dominion, TCW, Magnum Hunter Resources, Harris Oil and Gas, PITCO, Primary Natural Resources and several others. For more information, visit www.petroleumplace.com.

©Copyright 2002 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.