Newspaper article THE JOURNAL RECORD

Beggs-Based Stephen Rowe Oil Properties Leases Up for Auction

Newspaper article THE JOURNAL RECORD

Beggs-Based Stephen Rowe Oil Properties Leases Up for Auction

Article excerpt

More than 1,560 acres of oil leaseholds that belong to bankrupt energy company Stephen Rowe Oil Properties will be up for grabs at a live courtroom auction on Sept. 30.

The more than 60-year-old company based in the town of Beggs in Okmulgee County filed for Chapter 11 bankruptcy in 2009. A U.S. Bankruptcy Court judge in Okmulgee approved plans for the auction in July after a court-appointed trustee announced intentions to sell off all of the company's assets.

The oil leases will be sold in nine packages and are scattered within a 25-mile radius around Beggs.

The packages would be a good investment for a small-to-medium- size oil company, said Stephen Karbelk, president and founder of National Commercial Auctioneers, which is handling the sale.

The properties have a total production capacity of about 30 barrels per day from 26 wells and most of the packages include water disposal wells.

"The oil leases are making money and we feel another operator can do quite well here," Karbelk said. …

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