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Seller FAQs

Q. What do we have to do to get properties ready to sell?

A. To get properties ready to sell, you need to:

  • Obtain a complete list of all of your company's properties with the following accompanying information:
    • Most recent reserve report for each property
    • Recent discoveries related to each property
    • Successful workovers
    • Additional development wells
    • Changes in well status
    • Well pluggings or abandonments
    • Any other changes or circumstances that may affect the property value
  • Schedule a meeting with a Midwest Energy Auction Manager to discuss every aspect of selling your property.

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Q. What is an "Absolute" property?

A. An Absolute property is sold to the highest bidder as determined by the auctioneer. There is no minimum bid or reserve associated with absolute property.

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Q. What is a Minimum Bid property?

A. For Minimum Bid Properties, the Seller and Midwest Energy Auctions agree in advance on a minimum bid that the highest bidder must meet or exceed. The Minimum Bid is agreed upon in writing and is not discussed before the auction. Midwest Energy Auction may review all Minimum Bid properties before for reasonableness and/or reserve. Midwest Energy Auction reserves the right to reject any Minimum Bid Property at its sole discretion.

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Q. Who prepares the assignments?

A. Sellers prepare conveyance documents for their specific properties. Midwest Energy Auction may advise you regarding specific regulations that may pertain to your property. Advice from Midwest Energy Auction regarding regulations should not, however, be construed as legal advice. Each Seller is responsible for consulting with its own legal counsel regarding issues and requirements associated with Seller’s property. 

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Q. Where will my property be sold?

A. Midwest Energy Auction Sales and Data Rooms will be held in Oklahoma City, OK. .

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