$67.8 Million of Oil & Gas Properties Sold
at The Clearinghouse's December 13th
Hybrid Auction held in Houston
HOUSTON, TX - February 6, 2007 - The Oil & Gas Asset Clearinghouse ("The Clearinghouse"), a leading provider of acquisition and divestiture services for oil and gas properties and prospects announced today that it sold more than $67.8 million in properties at its Hybrid auction held December 13, 2006 in Houston, Texas. The Clearinghouse offered 168 Lots at this Selective Offering TM, including several higher-valued, notable properties.
More than 300 registered bidders competed on the 168 Lots, 31% of which bid on the Internet. 23% of the Lots sold were purchased by Internet bidders. The Clearinghouse's Hybrid Auction process allows Internet bidders the opportunity to compete simultaneously and on a real time basis against floor bidders.
Some of the more notable properties sold include:
- Carrizo Oil & Gas – Southland Field in Duval County, TX for $520,000 and Rincon Field in Starr County, TX for $1,650,000
- ConocoPhillips – Sold various properties in the Rockies and Texas Panhandle for over $25 million
- Fasken Acquisitions – Sold numerous Lots in the Levelland Field for over $7.2 million
- Hoover Oil & Gas – Spadra Field in Johnson County, AR for $550,000
- Inflow Petroleum – Langlie Mattix Field in Lea County, NM for $3,250,000
- Legend Natural Gas II – Laredo Field in Webb County, TX for $4,250,000 and La Perla Field in Zapata County, TX for $600,000
- New Forestry – Shuler Field in Union County, AR for $2 million
- PO&G Resources – Halliday Field in Leon and Madison Counties, TX for $1,375,000
- Primexx Energy Partners – Newark East Field in Hood County, TX for 750,000
- Samson – Sold various Lots, primarily in New Mexico for approximately 5 million
- Texiana – Webb Field in Dewey County, OK for $800,000
- Wapiti Resources – Frisco City Field in Monroe County, AL for $900,000
- Whiting Oil & Gas – Nelson Field in Andrews County, TX for $550,000
About the Companies
The Oil & Gas Asset Clearinghouse is the premier provider of oil and gas property marketing and advisory services in North America. The Clearinghouse conducts 10 to 12 oil and gas property auctions annually in the US and Canada, allowing its clients to participate through physical attendance or to compete in real time over the Internet. The Company also provides negotiated transaction services focused on the mid-market and a sealed bid process. All of The Clearinghouse's marketing and advisory services are supported by a high level of reserve engineering, geo-science and land expertise.
P2ES Holdings, Inc., formerly known as Tristone Energy Services, is the holding company of two operating companies: The Oil & Gas Asset Clearinghouse L.P. and P2 Energy Solutions Inc.
P2 Energy Solutions focuses on the development and support of data, software and enterprise services to meet the information and business process needs of the energy industry. P2 Energy Solutions is the oil and gas industry’s most comprehensive source of asset management solutions including Entelligent, Enterprise Upstream, Excalibur, Qbyte, Tobin LandSuite™ and Tobin SuperBase®. With solutions deployed at more than 500 companies worldwide, P2 Energy Solutions enables clients to achieve greater productivity while maintaining effective controls. P2 Energy Solutions is presently one of the largest purveyors of mission critical software and data solutions focused on the upstream petroleum industry and serving over 500 clients in the E&P sector. The company has a 75-year history of serving the oil and gas industry and understands its workflow processes. P2 Energy Solutions has the breadth and depth of expertise to meet the expanding financial, operational and data management needs of energy companies from private independents to supermajors. More information can be found at www.p2es.com.