Proceeds from Equipment Auction Double Expectations

Article excerpt

Optimism, in direct relation to the rising price of oil, pushed energy equipment bids 15 to 20 percent higher at an auction last week than the bids had been at similar auctions earlier this summer.

Speculators, believing the market had bottomed out and will now begin an upward climb, put their money where their mouths were and spent double the amount of money projected by the auctioneering company.

Craig Cannon, president of Superior Auctioneers and Marketing Inc., said Wednesday's sales would top $1.2 million. With Tuesday's $1.5 million total, the auction received close to double the $1.5 million projected in the company's news release.

Cannon said the auction revenues were 15 to 20 percent higher than revenues from auctions held in April, May and June.

The boost in revenues from this auction is a reflection of the mood of the bidders.

""If I'm going to buy anything, now's a marvelous time,'' said Bud Ainsworth of Ainsworth Oil Co., based in Colorado Springs.

Ainsworth had support in his convictions.

""I'm here trying to buy bargains for later when the market picks up,'' said Richard Hix, of A and D Oilfield Supply of Lindsey.

""If some of our equipment wears out, we can replace it with this with the price so good,'' said Randy Miles, of Trend Drilling Co. of Enid.

Others like to live dangerously:

""It's a lot easier to gamble here than it is in Vegas,'' said Les Banta. ""It's a crap shoot.'' Banta's company, the Double Life Corp. Inc., is a local oilfield supply company. . .

- ""Buying and Selling Oil and Gas Properties'' is a seminar to be presented Oct. 3 from 9 a.m. to 4:30 p.m. by the Oklahoma City University School of Law in OCU's Student Center.

The seminar will include topics such as title problems and transactions; how to find, evaluate and finance properties; tax aspects; evaluation in a declining market and purchasing properties from bankruptcy court and the FDIC. . .

- The National Association of Royalty Owners Annual Roundup will be held Oct. 23-26 at the Marriott Hotel in Oklahoma City.

Speakers scheduled are Robert Spears, of Spears and Associates, a Tulsa consulting firm; B.E. Nordling, a Kansas attorney specializing in surface damage; Joe Dancy, anOklahoma City attorney who will speak on royalty owners' legal rights; Randall C. Everest, president of the Trust Co. of Oklahoma, speaking about mineral trust management; Stephen V. Greer, MIA, a professional appraiser; Richard B. Kells, an Oklahoma city attorney speaking on estate and tax planning; Michael Keeling, NARO's Washington counsel, speaking onupcoming legislation affecting the royalty owner; Ret. U.S. Sen. Carl T. Curtis (Neb.), NARO's special Washington Counsel; and members of the NARO board of governors who will participate in the seminars.

A new twist in the proceedings is the addition of two seminars for the wives and children of royalty owners. The seminars teach the basics of leasing, negotiations and evaluation of minerals, alongwith taxes, audits and trust management. . .

- Oklahoma City Association of Petroleum Lease and Title Analysts will hold its next meeting today at the Park Suite Hotel.

Guest speaker is Mike Pruitt of Woods Petroleum. …