Oil & Gas Journal Property Exchange Conducts Fifth Joint Auction With the Oklahoma Independent Producers Association.Business Editors HOUSTON--(BUSINESS WIRE)--Oct. 31, 2001 First Property Auction in Oklahoma to Combine Internet and Live Bidding Results in Over $8.5 Million in Total Sales Oil & Gas Journal Property Exchange (www.ogjexchange.com), a leading global business-to-business Internet marketplace See vertical portal and Web hub. for the energy industry, announced today that it successfully completed Oklahoma's first auction to join both live and Internet participants, in conjunction with the Oklahoma Independent Producers Association (OIPA OIPA Oklahoma Independent Petroleum Association ). This union of live and Internet participates was enabled through the use of Oil & Gas Journal Exchange's "Flexbid" technology. The auction, which was held on October 24 at the Adam's Mark Adam's Mark is a chain of five upscale hotels in the United States. The chain was founded in the early 1970s by Fred Kummer and the chain is currently owned by HBE, Inc., which was also founded by Kummer. Hotel in Tulsa, OK, resulted in the sale of over $8.5 million in producing properties. Out of 140 lots offered, 137 were sold, with 3 properties still under negotiation. North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. Royalties had the single largest sale of the day, with one property selling for $4.7 million. Two-thirds of the lots offered for sale received bids via the Internet and 24 of the lots were sold to bidders on the Internet. Over 40 bidders, from across the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. participated online, complementing the 125 live participants at the Adam's Mark Hotel. "We believe the Oil & Gas Journal Exchange allowed us to achieve the highest possible value for our property divestitures," said Gordon L. Smith, III, Vice President Oil & Gas Division at North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. Royalties. "Through the use of its Flexbid auction technology, Oil & Gas Journal Exchange allowed buyers from across the country to view data pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to our property and bid for that property online during the live auction. We saw multimillion-dollar bids placed online for our property. These online bids were instrumental in driving the final selling price." "This auction's results clearly demonstrate the ever increasing value the Internet brings to our customers," said William Marko, vice president and COO at Oil & Gas Journal Exchange. "We saw a bid of $4.5 million placed with the click of a mouse. Clearly the Internet is a serious business tool that is allowing our customers to get the widest possible exposure to their property, resulting in the best possible price." A portion of the profits from the properties sold at the October 24 sale benefited OIPA. Upcoming Flexbid Auction Oil & Gas Journal Exchange will market selected producing properties during its December 6 Flexbid auction featuring ExxonMobil Production Company and sixteen other sellers. ExxonMobil assets to be auctioned include over 200 properties in more than 30 fields located in eight states (TX, OK, NM, WY, LA, MS, AL, ND). Operators of the fields include companies such as Amerada Hess, Anadarko, BP (Amoco), Chevron, Conoco, EOG Resources EOG Resources NYSE: EOG is a Fortune 600 company based in Houston, Texas. This company is one of the largest independent oil and natural gas companies in the United States. History 1999
More details on this auction can be found at the Oil & Gas Journal Exchange web site (www.OGJExchange.com), or by contacting Carrie Calahan via email at ccalahan@ogjexchange.com. About Oil & Gas Journal Exchange PennEnergy's Oil & Gas Journal Exchange (www.ogjexchange.com) is the e-commerce and e-media portal for the global oil and gas market. The site is the leading centralized cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. e-marketplace for industry professionals to conduct the online purchase and sale of oil and gas producing properties as well as surplus and used petroleum equipment. The comprehensive suite of e-commerce and auction related products and services offered by Oil & Gas Journal Exchange improves, expedites and brings greater efficiencies to the transaction process for the petroleum industry. Based in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the , Oil & Gas Journal Exchange is comprised of Oil & Gas Journal Property Exchange, Oil & Gas Journal Equipment Exchange, PennPoint and the e-media site Oil & Gas Journal Online. The Oil & Gas Journal Property Exchange is recognized as the most comprehensive online service for the upstream petroleum industry. It includes the full complement of advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal from the former Madison Energy Advisors, and offers its customers the greatest breadth and depth of acquisition and divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). services in the market. Oil & Gas Journal Equipment Exchange links buyers and sellers of surplus and used oil and gas and power generation equipment on a global scale. Oil & Gas Journal Exchange also includes Oil & Gas Journal Online (www.ogjonline.com), the preeminent online daily news and technology service. |
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