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 marketed and sold oil and gas assets that were drilled and completed by 3Fearns LLC. These were the company’s only oil and gas assets and were being sold because the company was seeking other endeavors. The wells consisted of one horizontal well, five vertical wells, and one salt water disposal well.
The wells, which produced about 20 BOPD and 67 MCFD are located in Township 12 North, Range 9 East in Okfuskee County, Oklahoma. The Hoffman disposal well was designed for injection levels of over 10,000 barrels of fluid and has the potential to be converted into a commercial disposal facility.
As soon as EBCO began marketing the lease, a buyer quickly emerged. The buyer was another operator in the area whose wells were adjoining those of 3Fearns. Paul Smart, a partner in EBCO attended the field inspection with the owner of 3Fearns and a representative of the buyer. “During the inspection, I asked the representative what he thought of the condition of the wells” said Mr. Smart. “He replied that they were better looking wells than many of those his company maintained and was pretty certain that an offer was forthcoming."
An offer did arrive that met the 3Fearns reserve price and the parties proceeded to closing. The purchase price was $975,000. “Often with property sales of this size, we Close using an Assignment and Bill of Sale. In this instance, the buyer preferred the use of a Purchase and Sale Agreement. Since the seller was agreeable to a PSA, we followed through with the closing.”
The closing occurred at the offices of the buyer in Oklahoma City, Oklahoma.
[EBCO is an Oklahoma-based marketing company that facilitates the sale of oil and gas properties, minerals, and leases through its website, www.ebcoauctions.com]
