Over $34.5 Million of Oil & Gas Properties Sold at The Clearinghouse's Hybrid Auction Held July 13th in Houston

Aug 04, 2005, 01:00 ET from The Oil & Gas Asset Clearinghouse

    HOUSTON, Aug. 4 /PRNewswire/ -- The Oil & Gas Asset Clearinghouse ("The
 Clearinghouse"), a leading provider of acquisition and divestiture services
 for oil and gas properties and prospects, announced that it sold over
 $34.5 million in properties at its Hybrid auction held July 13, 2005 in
 Houston, Texas.  The Clearinghouse sold 63 Lots at this Selective
 Offering(TM), including a single Lot selling for $9.5 million, which is the
 second largest value Lot sold in The Clearinghouse history.
      (Logo:  http://www.newscom.com/cgi-bin/prnh/20050513/LAF013LOGO)
     Year to date in 2005, The Clearinghouse has held 4 quality Hybrid auctions
 totaling approximately $140 million.  This is an average of over $35 million
 per auction.
     More than 200 registered bidders competed on the properties, 33% of which
 bid on the Internet and accounted for 45% of the gross sale proceeds.  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:
      ExxonMobil -- one property located offshore Alabama and two properties
       located onshore Louisiana, for approximately $13.5 million.
      Hathaway, LLC -- Fordoche Field in Pointe Coupe Parish, LA for
      Pure Energy -- Empire ABO Field in Eddy County, NM for $1,350,000.
      Compass Drilling -- S. Goltry Field in Alfalfa County, OK for $750,000.
      Pedestal Oil -- Mustang-Hunton Field in Canadian County, OK for $750,000.
      GAW Oil -- Ethel Gallup Lease in Kingfisher County, OK for $775,000.
      Forest Oil -- sold 20 Lots primarily in West Texas and Oklahoma for a
       total of over $9.2 million.
      OPEX -- Sugar Valley Field in Matagorda County, TX for $570,000.
      Massad Investments -- Oakhill Field in Rusk County, TX for $2,000,000.
      The Clearinghouse will hold its next Hybrid auction on September 14th in
 Houston, Texas.  Data Rooms for this auction will be open August 15, 2005,
 call The Clearinghouse to schedule an appointment.
     Information pertaining to upcoming auctions can be accessed on The
 Clearinghouse website. (www.ogclearinghouse.com).
     About The Oil & Gas Asset Clearinghouse
     The Oil & Gas Asset Clearinghouse provides Internet-enabled transaction
 and brokerage services for the acquisition and divestiture of oil and gas
 properties.  An industry leader in auction divestitures, The Clearinghouse
 hosts both Hybrid Auctions, simultaneous floor and internet bidding and
 Exclusively Online, server based, Auctions.  The Oil and Gas Asset
 Clearinghouse is an affiliate of Tristone Capital.
     About Tristone Capital
     Tristone is a leading North American full-service investment banking firm
 specializing in the energy industry.  Based on its client-driven strategy,
 Tristone provides a wide range of services to a substantial and diversified
 client base that includes industry and institutional investors.  Tristone
 strives to be the advisor of choice for oil and gas clients to help meet their
 financial and strategic objectives.
     Founded in 2000, Tristone's clients include, but are not limited to,
 worldwide exploration and production companies, oilfield service companies,
 government entities, royalty trusts, and institutional investors.  As a
 full-service investment banking firm with a specific market focus, Tristone is
 comprised of both financial and technical experts, providing unmatched
 evaluation and execution abilities.
     The Oil & Gas Asset Clearinghouse will now be firmly integrated with
 Tristone Capital.  Tristone Capital and The Clearinghouse have over 100 E&P
 technical professionals to support their businesses.
     About Tristone Energy Services, Inc.
     Tristone Energy Services, Inc. is the holding company of two full-service
 operating companies: Tristone Capital Inc. and P2 Energy Solutions.

SOURCE The Oil & Gas Asset Clearinghouse