To avoid confusion and better serve our customers, we are now doing business as EBCO. For more information about the history of the company please visit: The EBCO Press Archives
To avoid confusion and better serve our customers, we are now doing business as EBCO. For more information about the history of the company please visit: The EBCO Press Archives
EBCO, in the first week of May 2022, embarked on a field inspection with KVR’s supervisor and five groups of potential buyers to visit the Osage, north Creek and Pawnee county leases. Travelling caravan style, the first location to visit was the Zink Ranch location in Osage County. In total, the Osage County package consisted on six leases and produced around 15 BOPD. In June, one of the groups of buyers stepped forward and an acceptable purchase & sale agreement was reached.
In late July, an offer was made and accepted for the north Creek and Pawnee County package. This package produced about 15 BOPD and sold for $475,000. The package closed in August. In September, an offer was made and accepted for the single well lease located in Garfield County.
In the middle of August, EBCO received an offer for the Seminole, Okfuskee, and Pontotoc County packages. After some negotiation with the bidder and review of additional offers, KVR accepted the offer for the Seminole and Pontotoc County portion of the bid. Due to unanticipated, protracted financing arrangements between the bidder and his funding source, the packages didn’t close until the first week of November. Other closing matters, that surprisingly were easy to tackle, included BIA assignments and the issues associated therewith including BIA bonding for the lease and a separate BIA bond for the saltwater disposal well.
The sale of the Seminole and Pontotoc County packages concluded EBCO’s sales efforts for KVR Energy.
As a footnote, if you’ve read EBCO’s past press releases, you will discover that not all of EBCO’s closings occur in an office nor do they all close where both buyer and seller are present. Sometimes the closings occur remotely whereby EBCO will meet with the seller and gather all required signatures and, then, meet separately with the buyer and gather the same. In the case of the Seminole and Pontotoc closing, EBCO secured the seller’s signature at their office in Tulsa and, then, met with the buyer at the “Catfish Roundup” restaurant in Seminole, OK to secure his signature. Sometimes, that’s the way you conduct business with independent producers in Oklahoma.
[EBCO is an Oklahoma-based marketing company that facilitates the sale of oil and gas properties, minerals, and leases through its website, ebcoauctions.com]
