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.
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
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