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Rules / Regulations Regarding Auctions and Payment

Sales are Final

ALL SALES ARE FINAL. Higher Bidders must complete all transactions within twenty-four (24) hours of purchase. High Bidders who fail to fulfill their purchase obligations shall be liable for all expenses incurred by Midwest Energy Auction, LLC in connection with collecting payment, including but not limited to all legal fees, court costs, and other damages. 

All buyers must provide a bank letter of guarantee for on-line transactions. For a copy of a sample letter of guarantee, please click here. 

Closing of Sale

After the auction closes, Midwest Energy Auction, LLC will mail or fax a summary invoice, a detailed invoice and payment instructions including detailed wiring instructions to each successful bidder.

Each summary invoice shall include a listing of all properties or interest purchased at the auction, a listing of any taxes due, and a summary of necessary filing fees.  The detailed invoice shall include specific information regarding each property or interest purchased. 

All payments shall be made payable to Banc First acting as escrow agent.  All payments are due and payable in full immediately.  The following payment options are available:

• Wire transfers of immediately available funds
• A company check or personal check only if sent by express mail
• Floor bidders may provide cashier’s checks (this option is not available for non-floor bidders).

All checks should be sent immediately by express deliver to:

ATTN: Manager of Accounting
Midwest Energy Auction, LLC
8115 Rockback Court,
Oklahoma City, OK 73703
Phone: 877.237.7578

Conveyance Documents

Once Midwest Energy Auction, LLC has confirmed receipt of payment, Buyers will receive the following: 

• A COPY of all Conveyance Documents (originals will be provided after recordation), and
• Signature page(s) of assignments, deeds, bills of sale, letters-in-lieu, change-of- operator forms and other related transfer documents for the Buyer's execution.

Buyers should promptly execute, witness and notarize each original signature page, and immediately return, by express deliver, each original signature page to:

ATTN: Land Department
Midwest Energy Auction, LLC
8115 Rockback Court,
Oklahoma City, OK 73703
Phone: 877.237.7578

The original signature documents will be filed for public recordation and approval.  Once the original documents are returned to Midwest Energy Auction, LLC following recordation, the original documents will be sent to Buyers and a copy of the documents will be provided to the Sellers. 

Property Files & Records

The following steps must be completed before ownership files and records are provided to Buyers:

1. Banc First, as escrow agent for Midwest Energy Auction, LLC, receives payment in full.
2. Buyer signs, notarizes and returns original signature pages for all assignments and conveyance documents to Midwest Energy Auction, LLC.
3. All governmental/BIA forms have been completed to the satisfaction of Midwest Energy Auction, LLC.
4. Buyer satisfies all applicable bonding requirements, including all state, federal, or tribal bonding requirements affecting the purchased property or interests and waives any preferential purchase rights. 
1. A failure to provide proof of satisfying all bonding requirements within sixty (60) days from the date of purchase will result in forfeiture of the property and purchase price. 
5. Buyers provide Midwest Energy Auction, LLC with proof of operator approvals for all properties operated by Seller at the time of purchase. 
1. Buyers who purchase Seller-operated properties are responsible for obtaining all necessary approvals from all joint property owners before Buyers may be designated as the successor operator.
2. Some Operating Agreements or other contractual obligations may require balloting for such approvals. 

Once the above steps have been completed, Midwest Energy Auction, LLC  will either send all property files and records C.O.D. to Buyers or make the files and records available at the Midwest Energy Auction, LLC office. 

Compliance with Governmental Regulations and Bonding Requirements

All Buyers must comply with governmental regulations before the applicable governmental agency will approve the transfer of the property or interest to the buyer. Government regulations may apply, for example, to bond posting, filing and adherence to Articles of Organization or Articles of Incorporation or submitting proper signatory authority documents. Failure to comply with all governmental regulations may delay the property transfer. Also, failure to comply with a governmental regulation after notice of the deficiency and a reasonable time to correct such deficiency shall result in forfeiture of the property and forfeiture of the purchase price. Buyers who fail to correct deficiencies must re-assign all property to Sellers free and clear of any encumbrances not existing prior to the conveyance of the property to Buyers.