Clearinghouse Clears Land: $88.4M of Oil/Gas Properties Sold at Auction

The Oil & Gas Asset Clearinghouse, a leading provider of acquisition and divestiture services for oil and gas properties, announced that it sold more than $88.4 Million in properties at its 2-day Hybrid auction held December 12 & 13, 2007 in Houston. The Clearinghouse offered 309 lots at this Selective Offering, including several higher-valued, notable properties.

Ken Olive, President and CEO of The Clearinghouse commented: "The Clearinghouse reached a record $300 million in auction for the 4th quarter 2007 and this sale certainly ended our year on a high note. These results continue to underscore the importance of the auction process to our industry. We are thankful to be able to offer so many buying opportunities to the benefit of thousands of buyers, and to provide a marketing platform which has significantly increased the liquidity in our industry."

Geodyne Nominee (Samson partnership) sold 84 Lots for $40.1 million, twelve of which sold for prices ranging from $1 million to $7 million. The properties are located in Southern and Western Oklahoma, North Texas and in the Texas-Oklahoma Panhandle. Huntington Resources sold 25 Lots in 10 states for $8.5 million.

The Clearinghouse will hold its next auction of 775 oil & gas properties on February 7, 2008 in Houston. This auction will be held in conjunction with NAPE Expo 2008 at the George R. Brown Convention Center.