National Commercial Auctioneers to Auction Oil, Gas Leases in Oklahoma

Article excerpt

National Commercial Auctioneers plans to auction more than 9,200 acres of oil and gas leases in Oklahoma, including non-producing mineral rights and non-producing royalty and overriding royalty interests.

Additional assets in the auction include leases held by production and mineral rights, said Stephen Karbelk, NCA founder and president.

"This is an excellent opportunity to purchase more than 600 leases in McIntosh, Okfuskee, Pittsburg and Hughes counties in eastern Oklahoma," said Karbelk. "The sale also includes more than 44 acres of mineral rights in McIntosh County and more than 1,200 acres of oil and gas leases held by production in McIntosh and Pittsburg counties."

The leases and mineral rights are assets from the Mahalo Energy (USA) Inc. Chapter 11 bankruptcy filed on May 21, 2009, said John Pellow, vice president of marketing.

The auction will be at 10 a.m. on Nov. 16, at the law offices of Hall Estill in Tulsa.

The assets are being sold through the liquidation process to raise money for the unsecured creditors, Karbelk said.

"These assets are from the bankruptcy but are being sold outside the bankruptcy for the creditors," Karbelk said. "Most of the leases will expire within the year, so buyers will need to jump on them right away."

NCA plans to place the assets into separate packages so that no one company can take down all acreages at one time, Karbelk said. …


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