April, 2010 Internet Oil & Gas Auction Catalog
Non-producing Mineral Interest, Operated Properties
To view the catalog on this online auction, please click on the "Details" link located on this auction and then choose the "April 9th Internet Auction" from the "Catalog" drop down menu.
Online Bidding Only
Began:
Monday, March 29, 2010 at 8:00 AM CDT
Ended:
Friday, April 09, 2010 at 2:00 PM CDT
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ATTENTION BIDDERS
PLEASE READ BEFORE BIDDING!
SPECIAL ONLINE-ONLY, TIMED EVENT BIDDING GUIDELINES
This auction will be a timed event. All lots are scheduled to expire/close sequentially in five minute intervals beginning with the first lot closing at approximately 1:30 PM CST and the final lot closing approximately at 2:00 PM CST on the scheduled closing day of the auction. ANY bidding activity that occurs within the final five (5) minutes of any lot's scheduled closing, will result in an automatic five (5) minute extension from the point of that particular bid, until there has been no additional bidding for five (5) minutes. This is to help provide all competing bidders/parties equal opportunity to compete for the winning bid without time automatically expiring.
All winning bidders are required to provide payment in full to Midwest Energy Auction as escrow agent, within 48 hours of the close of the sale and as outlined in the Midwest Energy Auction Terms and Conditions. Any such failure to comply with this requirment may result in awarding the winning bid to the next highest bidder.
ALL BIDDERS MUST FIRST COMPLETE AND SUBMIT THE FOLLOWING:
1. All bidders must register and create a bidder account through Proxibid. All bidder accounts will individually be activated and approved for individual auctions after each of the above listed items have been recieved and approved. The direct link to sign up for auctions with Midwest Energy Auction is www.proxibid.com/midwest.
Do not bid solely on the basic of the information contained in this Auction Catalog. The information contained herein, and any other data or Information previously published or furnished by Midwest Energy Auction LLC or The Seller, is provided as a convenience to the Bidder solely for the purpose Of determining the order in which properties will be sold.
All information is provided without warranty, express or implied, as to accuracy, completeness or correctness and should be independently verified by the Bidder prior to bidding.
Certain information, including without limitation descriptions, production, current status of wells, payout balances and production imbalances, may be omitted or inaccurate and must be researched to bidders complete satisfaction. Information and data previously furnished to the Bidder may have changed or been modified since first made available for review. Bidders should check Well Data Files and Seller records for any changes or updates immediately prior to bidding.
All sales of non-operated properties are final on the day of the sale.
No properties are to be purchased for resale.
DO YOUR DUE DILIGENCE
Properties are generally sold “AS IS, WHERE IS” All well data and other information is provided solely as a convenience to Bidder without warranty or guarantee by Seller or the Auction Company as to accuracy, completeness or otherwise.
THE FOLLOWING SHOULD BE VERIFIED PRIOR TO BIDDING
PRODUCTION DATA
Production information may be out of date, incomplete or inaccurate. Contact the Seller prior to bidding to verify that no changes have been made or have occurred to the well(s) since data packages were prepared. These changes may or may not be announced
PRODUCTION IMBALANCES
The interest you are considering buying may be over or underproduced as to allowables or in relation to other joint interest owner entitlements. Imbalances will result in increased revenues or liabilities in the future.
PREFERENTIAL RIGHTS
Properties may be subject to rights of first refusal, prior consents to assign or notifications of transfer. Review all leases, farmouts, operating agreements and other documents affection the property.
OPERATOR APPROVALS
As to properties which are operated by Seller, potential buyers should determine what approvals, if any, are necessary to succeed as operator. If you are incapable or do not desire to succeed as operator, contact other joint interest owners to determine who may become the new operator.
BONDING REQUIREMENTS
Some state or jurisdictional agencies require bonding to conduct business or hold oil and gas leasehold interests. Proof of having met such bonding requirements and that you are an approved operator must be furnished before transfer of title.
ASSIGNMENTS
Conveyancing documents are generally available for review in advance of the Sale. These instruments should be thoroughly reviewed, paying special attention to any restrictions, requirements or terms which may or may not be announced.
REMEMBER
There is no substitute for talking with the Seller, other partners, the Operator, and the purchasers of production. Verify information through independent sources before bidding.
TRANSFER OF OPERATIONS
PRIOR ARRANGEMENTS MUST BE MADE WITH THE SELLER BEFORE OPERATIONS WILL BE TRANSFERRED TO BUYER.
NO OPERATED PROPERTIES WILL BE TRANSFERRED UNTIL:
1. Purchaser has made appropriate arrangements with the seller for an orderly transfer of operator responsibilities.
2. Any preferential rights to purchase have been waived.
3. Purchaser has furnished proof of having met all governmental bonding requirements.
4. Purchaser has properly and fully executed all conveyancing instruments, change of operator forms and other documents requiring signature.
REMEMBER: All documents must be executed at the sale. Authorized officers, principles or Attorney-in-Fact must be available at the sale site to execute documents. Agents or buyer representatives must furnish one recordable Power-of-Attorney instrument for each county in which properties are purchased.
THE SELLER WILL RETAIN POSSEESSION OF ALL PROPERTY RECORDS AND FILES UNTIL 100% PAYMENT IS RECEIVED AND ALL PREFERENTIAL RIGHTS ARE WAIVED.
Auction Terms
ATTENTION BIDDERS
PLEASE READ BEFORE BIDDING
SPECIAL ONLINE-ONLY, TIMED EVENT BIDDING GUIDELINES
This auction will be a timed event. All lots are scheduled to expire/close sequentially in five minute intervals beginning with the first lot closing at approximately 1:30 PM CST and the final lot closing approximately at 2:00 PM CST on the scheduled closing day of the auction. ANY bidding activity that occurs within the final five (5) minutes of any lot's scheduled closing, will result in an automatic five (5) minute extension from the point of that particular bid, until there has been no additional bidding for five (5) minutes. This is to help provide all competing bidders/parties equal opporutnity to compete for the winning bid without time automatically expiring.
All winning bidders are required to provide payment in full to Midwest Energy Auction as escrow agent, within 48 hours of the close of the sale and as outlined in the Midwest Energy Auction Terms and Conditions. Any such failure to comply with this requirment may result in awarding the winning bid to the next highest bidder.
ALL BIDDERS MUST FIRST COMPLETE AND SUBMIT THE FOLLOWING:
1. All bidders must register and create a bidder account through Proxibid. All bidder accounts will individually be activated and approved for individual auctions after each of the above listed items have been recieved and approved. The direct link to sign up for auctions with Midwest Energy Auction is www.proxibid.com/midwest.
Do not bid solely on the basic of the information contained in this Auction Catalog. The information contained herein, and any other data or Information previously published or furnished by Midwest Energy Auction LLC or The Seller, is provided as a convenience to the Bidder solely for the purpose Of determining the order in which properties will be sold.
All information is provided without warranty, express or implied, as to accuracy, completeness or correctness and should be independently verified by the Bidder prior to bidding.
Certain information, including without limitation descriptions, production, current status of wells, payout balances and production imbalances, may be omitted or inaccurate and must be researched to bidders complete satisfaction. Information and data previously furnished to the Bidder may have changed or been modified since first made available for review. Bidders should check Well Data Files and Seller records for any changes or updates immediately prior to bidding.
All sales of non-operated properties are final on the day of the sale.
No properties are to be purchased for resale.
DO YOUR DUE DILIGENCE
Properties are generally sold “AS IS, WHERE IS” All well data and other information is provided solely as a convenience to Bidder without warranty or guarantee by Seller or the Auction Company as to accuracy, completeness or otherwise.
THE FOLLOWING SHOULD BE VERIFIED PRIOR TO BIDDING
PRODUCTION DATA
Production information may be out of date, incomplete or inaccurate. Contact the Seller prior to bidding to verify that no changes have been made or have occurred to the well(s) since data packages were prepared. These changes may or may not be announced.
The interest you are considering buying may be over or underproduced as to allowables or in relation to other joint interest owner entitlements. Imbalances will result in increased revenues or liabilities in the future.
PREFERENTIAL RIGHTS
Properties may be subject to rights of first refusal, prior consents to assign or notifications of transfer. Review all leases, farmouts, operating agreements and other documents affection the property.
OPERATOR APPROVALS
As to properties which are operated by Seller, potential buyers should determine what approvals, if any, are necessary to succeed as operator. If you are incapable or do not desire to succeed as operator, contact other joint interest owners to determine who may become the new operator.
BONDING REQUIREMENTS
Some state or jurisdictional agencies require bonding to conduct business or hold oil and gas leasehold interests. Proof of having met such bonding requirements and that you are an approved operator must be furnished before transfer of title.
ASSIGNMENTS
Conveyancing documents are generally available for review in advance of the Sale. These instruments should be thoroughly reviewed, paying special attention to any restrictions, requirements or terms which may or may not be announced.
REMEMBER
There is no substitute for talking with the Seller, other partners, the Operator, and the purchasers of production. Verify information through independent sources before bidding.
TRANSFER OF OPERATIONS
PRIOR ARRANGEMENTS MUST BE MADE WITH THE SELLER BEFORE OPERATIONS WILL BE TRANSFERRED TO BUYER.
NO OPERATED PROPERTIES WILL BE TRANSFERRED UNTIL:
1. Purchaser has made appropriate arrangements with the seller for an orderly transfer of operator responsibilities.
2. Any preferential rights to purchase have been waived.
3. Purchaser has furnished proof of having met all governmental bonding requirements.
4. Purchaser has properly and fully executed all conveyancing instruments, change of operator forms and other documents requiring signature.
REMEMBER: All documents must be executed at the sale. Authorized officers, principles or Attorney-in-Fact must be available at the sale site to execute documents. Agents or buyer representatives must furnish one recordable Power-of-Attorney instrument for each county in which properties are purchased.
THE SELLER WILL RETAIN POSSEESSION OF ALL PROPERTY RECORDS AND FILES UNTIL 100% PAYMENT IS RECEIVED AND ALL PREFERENTIAL RIGHTS ARE WAIVED.
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