Checkout & Payment Help

• conveyancing
• property files and records
• state, federal & BIA properties
• operated properties
• bonding
• transfer of operations

Checkout & Payment
ALL SALES ARE FINAL. Buyers are required to pay for all winning bids in full within 24 hours of purchase. Bank letters of guarantee are required for all on-line transactions.

After the close of the auction, The Clearinghouse will mail or fax an invoice to the high bidder for the total of all successful high bids. Invoices consist of the following three items:

~Summary Invoice consisting of a listing of the high bid for all lots you purchased at the auction, plus any taxes due, recording and/or governmental filing fees necessary to process assignments and transfer properties.

~Detailed Invoice consisting of the purchase price for each individual lot purchased and specific information for such lot.

~Payment Instructions detailing wiring instructions to the escrow agent.

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All payments should be made payable to Compass Bank

as escrow agent and are due and payable in full immediately. Payment must be made by wire transfer of immediately available funds. A company check or personal check will be accepted if sent by express mail. Cashier's checks are acceptable from floor bidders only. Checks should be immediately sent by express delivery to the attention of The Clearinghouse to the following physical address:

The Oil & Gas Asset Clearinghouse L.P.
390 Benmar Street Suite 100
Houston, Texas 77060
Phone: 281.873.4600
ATTN: Manager of Accounting

NON-PAYMENT NOTICE: HIGH BIDDERS ARE OBLIGATED TO CONSUMMATE ALL PURCHASES BY PAYING FOR ALL BIDS IN WHICH YOU ARE THE SUCCESSFUL HIGH BIDDER. WITHOUT LIMITATION, BIDDERS SHALL BE HELD LIABLE FOR ANY EXPENSES, LEGAL FEES, COURT COSTS AND LIQUIDATED DAMAGES INCURRED BY THE CLEARINGHOUSE OR THE SELLER OF PROPERTIES IN CONNECTION WITH THE COLLECTION OF SUCH PAYMENTS.

Conveyancing
Upon confirmation of receipt of payment, The Clearinghouse will forward:

1 - A COPY of all Conveyance Documents, and

2 - The signature page(s) of assignments, deeds, bills of sale, letters-in-lieu, change-of- operator forms and other related transfer documents for the Buyer's execution.

Buyers should promptly execute, witness and notarize each original signature page, and promptly return same to The Clearinghouse (Attn: Land Dept) by express delivery. The Clearinghouse will file the ORIGINAL for public recordation or approval. Once returned, the ORIGINAL recorded documents will be sent to the Buyer and a COPY to the Seller of the property.

Property Files & Records
Files and records on purchased properties will either be shipped to the buyer or be available for pickup at The Clearinghouse offices once:

1 - Payment in full has been received by Compass Bank, as escrow agent for The Clearinghouse.

2 - Signature pages to all assignments/conveyancing documents have been properly signed, notarized and returned to The Clearinghouse for recordation.

3 - All governmental/BIA forms have been completed to the satisfaction of The Clearinghouse. All bonding requirements have been satisfied and any pre-existing preferential rights to purchase are waived.

Shipped files and records will be sent C.O.D. to the buyer.

Notice Concerning Operated Properties
All buyers purchasing properties currently operated by the Seller are responsible for obtaining appropriate approvals from other joint interest owners before being designated as the successor operator. Balloting may be required under the terms of any joint operating agreement(s) or other contractual arrangements governing operator selection and the authorities granted to the operator.

Bonding
Prior to becoming a successor operator, buyers of operated properties will be required to satisfy all state, federal or tribal bonding requirements affecting purchased properties.

FAILURE TO FURNISH PROOF OF BONDING WITHIN 60 DAYS OF THE SALE WILL RESULT IN FORFEITURE OF THE PROPERTY AND PURCHASE PRICE.

For any property currently operated by the Seller, written notification of operatorship approvals and proof of having met all necessary bonding requirements must be furnished to The Clearinghouse prior to any conveyancing documents being filed of record.

 Notification and/or proof of such operator approvals and bonding should be immediately mailed or faxed to The Clearinghouse.

Transfer of Operations Title will not be transferred to the buyer until:

1 - All properties are paid for in full.

2 - Buyer has properly and fully executed all conveyancing documents necessary to transfer title, including change of operator forms, governmental forms, etc.

3 - All preferential rights to purchase have been waived.

4 - Buyer has furnished proof of having met all bonding requirements; and

5 - Buyer has made appropriate arrangements with the Seller for an orderly transfer of operator responsibilities (applicable only to operated properties).

Thank you for your participation in The Clearinghouse's Selective Offering ®.