TULSA, Okla., Oct. 11 /PRNewswire/ -- National Commercial Auctioneers (www.natcomauctions.com) announces the absolute auction of over 9,200 acres of oil and gas leases, including non-producing mineral rights and non-producing royalty and overriding royalty interests. Additional assets in the auction include leases held by production and mineral rights, according to Stephen Karbelk, CAI, AARE.
The auction will be held on Tuesday, November 16, 2010, at 10am at the law offices of Hall Estill in downtown Tulsa, Okla., in their 21st floor conference facility.
"This is an excellent opportunity to purchase over 600 leases located in McIntosh, Okfuskee, Pittsburg and Hughes Counties in eastern Oklahoma," said Karbelk. "The sale also includes over 44 acres of mineral rights in McIntosh County and over 1,200 acres of oil and gas leases held by production in McIntosh and Pittsburg counties."
The leases and mineral rights are assets from the Mahalo Energy (USA), Inc. Chapter 11 Bankruptcy that was originally filed on May 21, 2009.
"The confirmed Chapter 11 Plan requires that we sell all of the assets assigned to the Liquidating Trust so we can maximize the recovery for the benefit of the unsecured creditors," commented P. David Newsome, Jr., the attorney with Hall Estill that was appointed liquidating trustee. "By selling the assets at auction, we believe we will get assets sold expeditiously for the highest possible price while also giving the buyers the greatest opportunity to realize the full potential of the leases."
Karbelk further noted, "All assets will be sold to the highest bidder at the auction. The successful bidders will be required to pay in full immediately after the auction and the leasehold assignments and mineral deeds will be issued immediately by the trustee."
For more details on how to receive more information about the oil and gas leases and mineral rights scheduled for auction, visit www.natcomauctions.com or call toll free (877) 895-7077.
National Commercial Auctioneers, headquartered in Tulsa, is a nationwide auction company that specializes in commercial sales for banks, special servicers, receivers, trustee's and bankruptcy courts.
SOURCE National Commercial Auctioneers