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
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
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
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. …