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Arkansas mineral leases to be auctioned off.

At least 175,000 acres of land in the Fayetteville Shale and Smackover gas plays in Arkansas will be auctioned off in November by a public Houston-based energy company.

Anadarko Petroleum Corp. has tapped Oil & Gas Asset Clearinghouse, a provider of acquisition and divestiture services for oil and gas properties, which also is based in Houston, to lease about 250,000 gross acres the company holds throughout the state.

Though OGAC conducts 10 to 12 oil and gas property auctions annually in the United States and Canada, the company said this auction is the first of its kind for a publicly traded company such as Anadarko.

The two-day auction on Nov. 14-15 at Houston also will feature several producing oil and gas properties owned by other companies.

According to OGAC, Anadarko will be auctioning off more than 1,000 parcels of oil and gas mineral properties in Arkansas.

Anadarko's Arkansas properties up for auction include about 170,000 net acres that are considered to be in the Fayetteville Shale play in north-central Arkansas, and at least another 5,000 acres are within the Smackover play in southern Arkansas.

OGAC says the Anadarko assets will be offered on pre-determined lease terms that will be available prior to the auction through the company. Royalties retained by Anadarko will range from 12.5 percent to 15 percent on the five- to 10-year leases.
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Title Annotation:ENERGY
Author:Turner, Lance
Publication:Arkansas Business
Date:Nov 5, 2007
Words:230
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