The Oil & Gas Asset Clearinghouse, a Petroleum Place Company, Surpasses The $1 Billion Mark in Property Sales

Over 18,500 Separate Transactions Closed Through Live Oral Bid Auctions,

Internet Auctions and Negotiated Sales, Push the Clearinghouse

Over Milestone



Apr 26, 2001, 01:00 ET from Petroleum Place, Inc.

    HOUSTON, April 26 /PRNewswire/ -- The Oil & Gas Asset Clearinghouse ("The
 Clearinghouse"), today announced that it has surpassed the $1 billion mark in
 oil and gas property sales having closed over 18,500 separate transactions
 since its inception.  The Clearinghouse is a leading full-service marketing
 and consulting firm for oil and gas property acquisitions and divestitures and
 a wholly-owned subsidiary of Petroleum Place, an Internet portal and
 marketplace (www.petroleumplace.com) serving the upstream oil and gas
 industry.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20000925/PETROLOGO )
     "We are very proud of this achievement which could not have been
 accomplished without the knowledge, hard work and determination of our
 dedicated staff," stated Ken Olive, president, CEO and founder of The
 Clearinghouse.  "Reaching $1 billion in property sales is quite a feat and
 clearly demonstrates that we have developed an industry exchange that has
 provided a new level of liquidity for upstream oil and gas properties."
     Founded in 1992 by Kenneth R. Olive, Jr., The Clearinghouse quickly
 established itself as the industry leader in auction services by providing
 significant oil and gas expertise, data room support and professionalism to
 the auction business.  This resulted in a material improvement in the quality
 and quantity of properties offered via auction.  The Clearinghouse now holds
 many industry records including the largest one day sale record of
 $44.6 million and the highest single property record selling absolute for
 $6.5 million.  Additionally, The Clearinghouse holds industry records for
 Internet auction sales, with over 680 transactions being sold to Internet
 bidders for a total of approximately $48 million.
     In 1999, The Clearinghouse became a Petroleum Place Company.  While
 ensuring that the very successful live floor auction remained a cornerstone of
 The Clearinghouse, this alliance made it possible for The Clearinghouse to
 fully Internet enable its comprehensive line of traditional marketing
 services.  These Internet enhancements include:  the ability to have Hybrid
 live floor/Internet auctions whereby participants can bid on properties in the
 traditional manner or simultaneously over the Internet; the hosting of
 Exclusively Online Auctions; and to allow interested bidders to browse through
 property information online using Data Room Explorer(TM) or Electronic Data
 Rooms.
     "Through the careful use of technology coupled with the experience we've
 gained over the last eight years, we have been able to extend our core
 business and offer our clients new, innovative ways to buy and sell upstream
 oil and gas properties.  I suspect that the next billion dollars worth of
 sales will come much more quickly than the first," stated Mr. Olive.
     Most recently, The Clearinghouse added Negotiated Transactions to its
 comprehensive suite of services.  "Our Negotiated Transaction Sales continue
 to grow swiftly.  We have closed over $80 million worth of properties and are
 currently offering many excellent packages," stated Mr. Olive.
 
     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 has
 expanded its service offering to include negotiated transaction services,
 simultaneous floor and Internet bidding at live auctions, Exclusively Online
 auctions, data room administration, and engineering and geotechnical analysis
 to support all divestiture processes.  The Oil & Gas Asset Clearinghouse is a
 wholly owned subsidiary of Petroleum Place, Inc.
 
     About Petroleum Place, Inc.
     Petroleum Place, Inc. is an energy Internet marketplace serving the
 upstream petroleum industry.  The Petroleum Place Web site
 (www.petroleumplace.com), which was launched in 1995, seeks to bring price and
 process efficiencies to each stage of the oil and gas property transaction
 lifecycle, streamlining the discovery, evaluation, acquisition, divestiture,
 and managing of petroleum properties.  Petroleum Place provides a broad range
 of integrated, Internet-enabled products and services supporting each of these
 stages, including online oil and gas asset databases (discovery); geotechnical
 data and applications (evaluation); negotiated transaction services, hybrid
 and exclusively online auctions (acquisition and divestiture); and accounting,
 asset management and enterprise resource planning solutions (managing).
 
     Legal Notice Regarding Forward-Looking Statements
     This release may contain forward-looking statements regarding Petroleum
 Place's business, customers or other factors that may affect future earnings
 or financial results.  Actual results could differ materially from those
 projected in such forward-looking statements.  Additional information
 concerning factors that could cause our actual results to differ materially
 from those contained in the forward-looking statements can be found in
 Petroleum Place's filings with the Securities and Exchange Commission (SEC),
 including its registration statement on Form S-1 that was filed with the SEC
 on May 19, 2000, which identify important risk factors that could cause actual
 results to differ from those contained in the forward-looking statements.
 Copies of filings made with the SEC are available through the SEC's electronic
 data gather analysis and retrieval system (EDGAR) at www.sec.gov.  Petroleum
 Place assumes no obligation to update the forward-looking statements included
 in this document.
     This communication shall not constitute an offer to sell, or the
 solicitation of an offer to buy, nor shall there by any sale of these
 securities in any State in which such offer, solicitation, or sale would be
 unlawful prior to the registration or qualification under the securities laws
 of any such State.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X21586523
 
 

SOURCE Petroleum Place, Inc.
    HOUSTON, April 26 /PRNewswire/ -- The Oil & Gas Asset Clearinghouse ("The
 Clearinghouse"), today announced that it has surpassed the $1 billion mark in
 oil and gas property sales having closed over 18,500 separate transactions
 since its inception.  The Clearinghouse is a leading full-service marketing
 and consulting firm for oil and gas property acquisitions and divestitures and
 a wholly-owned subsidiary of Petroleum Place, an Internet portal and
 marketplace (www.petroleumplace.com) serving the upstream oil and gas
 industry.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20000925/PETROLOGO )
     "We are very proud of this achievement which could not have been
 accomplished without the knowledge, hard work and determination of our
 dedicated staff," stated Ken Olive, president, CEO and founder of The
 Clearinghouse.  "Reaching $1 billion in property sales is quite a feat and
 clearly demonstrates that we have developed an industry exchange that has
 provided a new level of liquidity for upstream oil and gas properties."
     Founded in 1992 by Kenneth R. Olive, Jr., The Clearinghouse quickly
 established itself as the industry leader in auction services by providing
 significant oil and gas expertise, data room support and professionalism to
 the auction business.  This resulted in a material improvement in the quality
 and quantity of properties offered via auction.  The Clearinghouse now holds
 many industry records including the largest one day sale record of
 $44.6 million and the highest single property record selling absolute for
 $6.5 million.  Additionally, The Clearinghouse holds industry records for
 Internet auction sales, with over 680 transactions being sold to Internet
 bidders for a total of approximately $48 million.
     In 1999, The Clearinghouse became a Petroleum Place Company.  While
 ensuring that the very successful live floor auction remained a cornerstone of
 The Clearinghouse, this alliance made it possible for The Clearinghouse to
 fully Internet enable its comprehensive line of traditional marketing
 services.  These Internet enhancements include:  the ability to have Hybrid
 live floor/Internet auctions whereby participants can bid on properties in the
 traditional manner or simultaneously over the Internet; the hosting of
 Exclusively Online Auctions; and to allow interested bidders to browse through
 property information online using Data Room Explorer(TM) or Electronic Data
 Rooms.
     "Through the careful use of technology coupled with the experience we've
 gained over the last eight years, we have been able to extend our core
 business and offer our clients new, innovative ways to buy and sell upstream
 oil and gas properties.  I suspect that the next billion dollars worth of
 sales will come much more quickly than the first," stated Mr. Olive.
     Most recently, The Clearinghouse added Negotiated Transactions to its
 comprehensive suite of services.  "Our Negotiated Transaction Sales continue
 to grow swiftly.  We have closed over $80 million worth of properties and are
 currently offering many excellent packages," stated Mr. Olive.
 
     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 has
 expanded its service offering to include negotiated transaction services,
 simultaneous floor and Internet bidding at live auctions, Exclusively Online
 auctions, data room administration, and engineering and geotechnical analysis
 to support all divestiture processes.  The Oil & Gas Asset Clearinghouse is a
 wholly owned subsidiary of Petroleum Place, Inc.
 
     About Petroleum Place, Inc.
     Petroleum Place, Inc. is an energy Internet marketplace serving the
 upstream petroleum industry.  The Petroleum Place Web site
 (www.petroleumplace.com), which was launched in 1995, seeks to bring price and
 process efficiencies to each stage of the oil and gas property transaction
 lifecycle, streamlining the discovery, evaluation, acquisition, divestiture,
 and managing of petroleum properties.  Petroleum Place provides a broad range
 of integrated, Internet-enabled products and services supporting each of these
 stages, including online oil and gas asset databases (discovery); geotechnical
 data and applications (evaluation); negotiated transaction services, hybrid
 and exclusively online auctions (acquisition and divestiture); and accounting,
 asset management and enterprise resource planning solutions (managing).
 
     Legal Notice Regarding Forward-Looking Statements
     This release may contain forward-looking statements regarding Petroleum
 Place's business, customers or other factors that may affect future earnings
 or financial results.  Actual results could differ materially from those
 projected in such forward-looking statements.  Additional information
 concerning factors that could cause our actual results to differ materially
 from those contained in the forward-looking statements can be found in
 Petroleum Place's filings with the Securities and Exchange Commission (SEC),
 including its registration statement on Form S-1 that was filed with the SEC
 on May 19, 2000, which identify important risk factors that could cause actual
 results to differ from those contained in the forward-looking statements.
 Copies of filings made with the SEC are available through the SEC's electronic
 data gather analysis and retrieval system (EDGAR) at www.sec.gov.  Petroleum
 Place assumes no obligation to update the forward-looking statements included
 in this document.
     This communication shall not constitute an offer to sell, or the
 solicitation of an offer to buy, nor shall there by any sale of these
 securities in any State in which such offer, solicitation, or sale would be
 unlawful prior to the registration or qualification under the securities laws
 of any such State.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X21586523
 
 SOURCE  Petroleum Place, Inc.