Checkout And Payment

Checkout And Payment

ALL SALES ARE FINAL. Buyers are required to pay for all winning bids in full by noon the day following purchase. Bank letters of guarantee are required for all transactions.

After the close of the auction, Clearinghouse will email an invoice to the successful internet bidder for the total of all successful high bids. An invoice is presented to the successful floor bidder (for hybrid auctions) for the total of all successful bids, at the sale site. Invoices consist of the following three items:

  1. Summary Invoice consisting of a listing of the purchase price 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.
  2. Detailed Invoice consisting of the purchase price for each individual Lot purchased and specific information for such lot.
  3. Payment Instructions detailing wiring instructions to the escrow agent.

All payments should be made payable to Oil & Gas Asset Clearinghouse, LLC Escrow Account

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 hybrid auction floor bidders only. Checks should be immediately sent by express delivery to the attention of Clearinghouse to the following physical address:

Oil & Gas Asset Clearinghouse LLC
1235 North Loop West Suite 510
Houston, Texas 77008
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 CLEARINGHOUSE OR THE SELLER OF PROPERTIES IN CONNECTION WITH THE COLLECTION OF SUCH PAYMENTS.


Conveyancing

Upon confirmation of receipt of payment, 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 Clearinghouse (Attn: Land Dept) by express delivery. 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 Clearinghouse offices once:

  1. Payment in full has been received by the escrow agent for Clearinghouse.
  2. Signature pages to all assignments/conveyancing documents have been properly signed, notarized and returned to Clearinghouse for recordation.
  3. All governmental/BIA forms have been completed to the satisfaction of Clearinghouse and 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.

    State, Federal & BIA Properties
    Buyers must be in compliance with any and all governmental regulations, including, without limitation, posting bonds, submitting evidence of authority to execute, Articles of Incorporation, etc. before the specific Governmental Agency will approve the assignment unto the Buyer. Non-compliance with these regulations will delay the process of transferring ownership from the Seller to the Buyer until all applicable requirements are met. Failure or refusal by the Buyer to comply with said applicable regulations within a reasonable time, after notification of non-compliance, shall result in forfeiture of the purchase price as liquidated damages and re-assignment and return of the property to Seller free and clear of any encumbrances which were not in existence prior to Seller's conveyance of the property to 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 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 Clearinghouse.


Transfer of Operations

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).