$47.4 Million of Oil & Gas Properties Sold
at The Clearinghouse's May 9th
Hybrid Auction held in Houston
HOUSTON, TX - May 29, 2007 - The Oil & Gas Asset Clearinghouse ("The Clearinghouse"), a leading provider of acquisition and divestiture services for oil and gas properties announced today that it sold more than $47.4 Million in properties at its Hybrid auction held May 9, 2007 in Houston, Texas. The Clearinghouse offered 92 lots at this Selective OfferingTM, including many higher-valued, notable properties.
Ken Olive, President and CEO of The Clearinghouse had this comment: "This was an amazing sale that continued to build momentum throughout the day. We averaged nearly $800,000 per lot, and witnessed the highest rate of internet participation of any auction held to date. More than 200 registered bidders competed on the 92 lots, 31% of which bid on the internet."
Some of the more notable properties sold include:
- Palomino Petroleum sold 25 lots primarily in western Kansas for $8.7 Million;
- Samson sold several properties located in the Sooner Trend area of Oklahoma and Texas for $29.4 Million;
- Sands Reserve sold a one-well lot in Bolton Field, Hinds, Mississippi for $1.2 Million;
- Suemaur Production sold Edinburg East Field in Hidalgo, Texas for $1 Million
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.