SILENT AUCTION PROCESS

Trading Gas and oil reserves--producing leases and nonproducing leases; drilling prospects;
farm outs; royalty interests; working interests; international concessions; prospects, etc.

Gas and oil marketing

Purchasing and transportation

Secondary (water flood) and tertiary recovery prospects; services; techniques

Drilling; completion

Computer software--services, equipment

International financing--investors, investment banking, banks and other credit sources

Geologist and geological services

Petroleum engineers and engineering services

Sellers set up modest displays--rented tables and chairs with modest signs identifying themselves--in their appropriate interest area. The idea is to keep it simple and the cost low, so that expense is as low a barrier to participation as possible.

Those interested in dealing in a specific sub-market are directed to a specific area. Individuals and companies bid in a silent auction for a six-day option to purchase the property at a stated minimum price.

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