TULSA, Okla., Jan. 4 /PRNewswire/ -- National Commercial Auctioneers, LLC, (NCA) (www.natcomauctions.com), is selling at a bankruptcy auction multiple oil and gas leases covering over 2,000 acres located in Creek, Wagoner, Tulsa, Muskogee, and Okmulgee Counties in Oklahoma, according to Stephen Karbelk, CAI, AARE, President of NCA and court-appointed auctioneer.
The leases produce 17+/- barrels of oil daily from 16 wells. The sale includes the leases and all of the equipment associated with each lease on the properties. Offered separately will be various equipment, including a single-pole well pulling unit, fully equipped wand capable of operating to depths of 3,600 feet.
"With the right operator with adequate capital, certain extraction techniques could be used to enhance the production of these wells and create even more income and value for the new owner," commented Karbelk. "In addition to the 16 wells, there are 3 additional wells working or scheduled for operations, anticipating another three to five more barrels a day."
The oil and gas leases are assets in the Bobby Rowe Energy, Inc. (09-81217) and Stephen Rowe Oil Properties, LLC (09-81218) chapter 11 bankruptcy cases. The company is owned and operated by Stephen Rowe, the grandson of the company founder, the late Robert W. Rowe. The company has a rich history, starting with its founding in 1946 and growing to one of the top 400 oil and gas companies in the late 1980's.
The auction will be conducted at the US Bankruptcy Court in Okmulgee, Okla., on February 5, 2010 at 10am CST. In bankruptcy, leasehold interests can be sold through the assumption and assignment process. The buyer will be given the "free and clear" protections of a 363 bankruptcy sale and an order from a federal judge granted them the rights and obligations under the leases. To obtain the bidding procedures and the available property information package, prospective buyers should contact National Commercial Auctioneers at 877-897-7077 or visit their website at www.natcomauctions.com.
National Commercial Auctioneers, LLC, is a nationwide auction company that specializes in the sale of commercial real estate and land at auction for bankers, receivers and bankruptcy courts. In Texas, National Commercial Auctioneers, LLC, trades as NCA Auctioneers.
SOURCE National Commercial Auctioneers, LLC