$47.5 Million of Oil & Gas Properties Sold at The Clearinghouse's February 7, 2008 Hybrid Auction
HOUSTON, TX - March 11, 2008 - The Oil & Gas Asset Clearinghouse ("The Clearinghouse"), a leading provider of acquisition and divestiture services for oil and gas properties, announced that it sold more than $47.5 Million in properties at its Hybrid auction held February 7th in Houston. For the seventh consecutive year, The Clearinghouse held its auction in conjunction with the North American Prospect Expo. The Clearinghouse offered 132 lots at this Selective Offering™, including many higher-valued, notable properties.
Ron Barnes, Sr. Vice President-Business Development of The Clearinghouse commented: "The Clearinghouse is pleased to have been invited to hold its auction in conjunction with NAPE for the seventh consecutive year. We are excited to have joined forces with AAPL and IPAA, clearly two outstanding organizations in our industry. The auction was a big success fueled by the energy and networking at this year’s Expo."
Some of the more notable properties sold include:
- Aroc Oil and Gas et al sold 8 lots in the Gulf Coast area, Michigan, Oklahoma and Texas for a total of $1.9 million
- Edge Petroleum sold 23 lots located in South Texas and Gulf Coast regions for a total of $17.5 million
- Henson Exploration sold 1 lot in Taylor County, Texas for $12.5 million
- Main Energy sold 2 lots in Montana and 1 lot in Texas Gulf Coast for a total of $2.9 million
- Petrobridge Asset Management sold 1 lot in east Texas for $2.8 million
- Tayco Energy sold 1 lot in northwest Louisiana for $1.7 million
The Clearinghouse will hold its next auction of 1,150 oil & gas properties on April 16, 2008 in Houston. This auction will be held at the Sheraton North Houston Hotel. Selective Offering brochures will be mailed on March 14th. Data Rooms will be open in The Clearinghouse offices on March 17th; call 281-873-4600 for an appointment.
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.