$49.2 Million of Oil & Gas Properties Sold at The Clearinghouse's September 12th
Hybrid Auction held in Houston
HOUSTON, TX – September 27, 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 $49.2 Million in properties at its Hybrid auction held September 12, 2007 in Houston. The Clearinghouse offered 108 lots at this Selective OfferingTM, including many higher-valued, notable properties.
Ken Olive, President and CEO of The Clearinghouse had this comment: "Our monthly auction gives The Clearinghouse a very unique, real time check on the pulse of our marketplace. This auction featured many quality properties located in the Rocky Mountain region. As supported by the results of this sale, buyers of quality assets are looking beyond current basis differentials in the region, and are buying properties based on future pricing. It was also evidenced that oil properties are selling at some premium to gas properties."
Some of the more notable properties sold include:
- Five States Energy sold five lots for $8 million. These properties are located in Texas, Montana and Wyoming. Most notable was the sale of their interest in Jo-Mill Unit, Borden County, Texas for nearly $4 million.
- Samson Resources sold $29 million of properties located in the Rocky Mountains and San Juan Basin. Eight of the thirty-five lots sold for values of $1 million to $8 million.
- Whiting Oil & Gas sold twenty-two lots in the Rocky Mountain region for $4 million.
More information about the company and its upcoming auctions can be accessed on The Clearinghouse website. (www.ogclearinghouse.com).
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.