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 closed the sale of multiple leases operated by Advance Oil Corp. and Pinnacle Exploration & Production in a single transaction. Cross ownership in one of the leases allowed this to occur. Both leases are located in Okmulgee County, OK and are called the Dicey McIntosh and Beggs Deepfork Sand Unit. The production averaged 15 Barrels of Oil/Day.
The leases attracted quite a bit of attention from bidders and EBCO representatives arranged for a field inspection with the highest bidder. Though the leases were marketed and listed independently at the EBCO website, the high bidder wanted both leases.
“The entire sale process from start to finish occurred in about sixty-days,” stated Paul Smart, a partner in EBCO. “The sellers and buyer were very agreeable to work with and both made concessions in order to get the deal done. The sellers were motivated by the fact that the leases were located outside of their core area and distracted from drilling new wells, which was at the center of their focus.”
The closings occurred at the sellers’ offices in Keifer, Oklahoma. The sale purchase price of $400,000 was allocated between the two leases, with a majority of it being placed on the Dicey McIntosh lease.
[EBCO is an Oklahoma-based marketing company that facilitates the sale of oil and gas properties, minerals, and leases through its website, ebcoauctions.com]
