Our divestment platforms provide fair and equal opportunity to all qualified Buyers. Here are some answers to the most frequently asked questions. This includes a general overview on how to register and participate as a Buyer and as a Seller with Clearinghouse. You may also email or call us 281-873-4600. Thank you for your interest in Clearinghouse!
Yes. Clearinghouse auction portal employs the Secure Sockets Layer (SSL) security technology to encrypt data transfered between our servers and end users. You can be confident that the information you provide to Clearinghouse is secure.
Your privacy is very important to us. For more information please review our Disclosures and Policies.
To access asset and property details you will need to create a Clearinghouse Account. Once your application is approved you will be granted access to the details of each lot.
For security reasons, no unencrypted passwords are stored in the system. If you forgot your password you must reset it by going to the portal login and clicking the Forgot Password link. Simply enter your account email and you will receive your new password.
Viewers and Bidders are required to register as knowledgeable parties in the oil & gas industry. Bidders must also furnish a bank letter and execute the Buyer's Terms and Conditions. Bidders may bid on properties. Viewers are allowed access to see the bidding activity but may not bid on properties.
You must have a Clearinghouse Account. Once you have an account, you may register as a Bidder or Viewer. Register to Bid or View. If you already have a Clearinghouse Account, please enter your ID and password in the designated fields.
If you do not have a Clearinghouse Account, apply for a Clearinghouse Account
Yes. Registration is necessary for each auction.
Auction properties are sold as Lots. You MUST identify your Lot number(s) prior to bidding in any auction. You can locate your Lot number(s) in the online Auction Brochure and in our Data Room Explorer.
The length of time for a negotiated sale will be determined in consultation between Clearinghouse and the seller. The auction sale process can be accomplished in as little as 30 to 45 days from property commitment to financial settlement.
The Catalog is the publication available the day of the Live Hybrid Auction that specifies the order in which the properties will be sold. The Catalog also contains information on recording fees and highlights any lotting changes and property detail that became available after the initial Auction Notification was distributed.
Properties ranging in value from $100 to $20,000,000, supported by detailed financial, production and land documentation.
The negotiated sale process is generally utilized 1) when a large percentage of a property's value is in upside, 2) when the Seller is severely constrained by contractual obligations, 3) when the expected sales price warrants the use of a purchase and sales agreement and/or 4) when properties are geographically consolidated.
Our Technical Resources team includes experienced engineers, engineering technicians, geologists, landmen and land technicians. Our technical people help prepare, evaluate, present and close all the properties in our sales processes. We identify and present the properties to potential buyers in a streamlined, efficient manner.
Before an opinion regarding value can be rendered, each property must be evaluated on an individual basis. Generally speaking, however, royalties tend to consistently sell for higher multiples of cash flow than do working interests.
An "absolute" property is a property that will be sold to the highest bidder at the conclusion of the bidding process. There is no reserve price.
A "Minimum Bid" property is a property where a reserve price has been agreed upon by the Seller and Clearinghouse. For the Lot to sell at the close of bidding, the highest bidder must attain or exceed a value that has been previously agreed upon by the Seller and Clearinghouse representatives. The minimum acceptable bid amount is agreed to in writing prior to the Auction and it is confidential. Clearinghouse audits all Minimum Bid properties for reasonableness and/or reserves prior to listing the property in any Auction.
Commissions on auction and negotiated sales properties are covered in the Agreement for Sale of Oil and Gas Properties. Please contact your Business Development Manager to discuss them.
Clearinghouse only approves selected parties who are knowledgeable, sophisticated, actively engaged in oil & gas business and capable of transacting. Buyers protect their ability to participate in our Auctions by honoring their obligations set forth in the Bidder Registration documentation.
Conveyancing documents (assignments, deeds, etc.) are prepared by the Seller of the property. Clearinghouse will advise you of the specific requirements for the counties or regulatory agencies that pertain to your properties.
Officially, Clearinghouse has twenty (20) banking days after the auction to make settlement.
In the Auction process, the buyer is a pre-qualified high bidder. Under the Negotiated Sale process, the buyer will be the bidder that is selected by the Seller following the receipt of written bids who meets or exceeds the terms and conditions set forth in the Offering Memorandum.
Two conditions must be met to determine the "best time to sell." First, the seller must be comfortable with the decision to sell. Selling under duress, regardless of the circumstances or method employed, never results in a “good feeling”. Second, the seller must carefully choose an excellent team and follow their advice. If you feel good about selling and hire the best team, you will experience a successful divestiture.
Most sellers have long-standing relationships with due diligence providers. Clearinghouse respects and admires relationships founded on trust and competence. Clearinghouse's due diligence role is one of coaching you and the due diligence providers toward a successful finish. The best way to do this is to schedule a brief training session (this is another one of our basic services) prior to beginning your internal due diligence. Clearinghouse professionals are masters at saving our clients time and money, while maximizing value. It is what we do every day and we are very good at it.
Clearinghouse's hybrid auctions, negotiated sales, and Data Rooms are generally held in Houston, Texas.
Please make a request to be added to our Buyer List. You will receive our physical and electronic notifications, such as out Weekly Market Review and notices of Negotiated Offerings that fit your Buyer Profile. Email email@example.com, or contact us at 281-873-4600.
You can review information on the properties by:
PSAs are seldom used for Auction, however, assignments are typically available for review prior to the Auction. In the Negotiated Sale process, the PSA is available as described in the terms of the Offering Memorandum for each property.
Call Clearinghouse at 281-873-4600.
We do not take phone bids for hybrid auctions or internet only auctions, however, we offer simultaneous realtime bidding via internet or Clearinghouse can provide a list of contract bidders to assist you.
Contact a Clearinghouse representative. He or she will assist you.
The backup bidder may discover an opportunity, but has no obligation.
Closing for each property acquired at an Auction occurs at the conclusion of bidding for absolute properties and for those which meet or exceed the minimum bid. As a high bidder, you are expected to pay for your properties and sign all the conveyance documents at the conclusion of the bidding. Once you have paid and executed conveyance, you can pick up the Seller's files or request that they be shipped to you, unless the property is subject to a preferential right to purchase or consent to assign is required. The effective date of title transfer will be specified in the conveyance. Clearinghouse records the conveyancing documents, then sends the original to the buyer and a copy containing recording information to the Seller.
All bidders (whether floor or internet) using a company check, personal check or wire transfer as form of payment, are required to provide a bank guarantee letter prior to the auction. A cashier’s check is exempt from this rule. If you are a successful Internet Bidder, Clearinghouse will email an invoice, usually right after the auction ends (or within 24 hours after the Auction). You will receive a summary invoice for the total amount of all purchases, plus any applicable taxes and/or recording/filing fees, and wiring instructions. Payment for the property is due by noon the following day. If you are a successful Floor Bidder at a hybrid auction and choose to pay by check, you will be required to pay on Sale Day. Buyers may pay either by a cashier’s check, company check, personal check or wire transfer. If you pay by wire transfer, instructions will be provided at checkout and wire transfer is expected by noon the following day.
Unless the property is subject to a preferential right to purchase or a consent to assign, you may pick up the files for hybrid auctions immediately after payment and execution of the conveyance documents. If you need assistance with shipping the files, please contact Clearinghouse.
On the day after a Sale, you may call Clearinghouse to inquire about the price paid for a particular Lot. Clearinghouse does not publish the Sale results, but you can record the winning bids as they are posted on the internet and the electronic signs during the hybrid auction.
Clearinghouse and/or the Seller will ship the files to you C.O.D. immediately after payment in full is received and cleared.
It is an exciting event, generally conducted at a hotel where registered bidders can bid on the various oil and gas properties (offered in Lots). Bidders may be present at the auction site or may bid over the internet in realtime.
Properties will open for bidding and sold one at a time, in sequential lot order.
Yes. Clearinghouse provides a conference call where you can listen realtime. The dial-in number can be found on the lower right of the bid window. Some people prefer to listen to the live audio when bidding, and others do not. Bidders need to remember to bid on what is on their bid screen and not what they hear on the live feed, as there may be a lag in what’s on the screen vs what you hear on the call.
Once you have logged on to Clearinghouse auction portal and opened your bid window, simply wait for your Lot to be offered. From your bid window, click on the BID button to place a bid at the asking price. If you are the first to bid, our internet clerk will acknowledge your bid. Once the bidding begins, the asking price will be displayed and increase as each bid is submitted.
Yes. After you click the Submit Bid button, you will be presented with a confirmation window. Once the Confirm button is clicked you bid is immediately posted.
You can begin bidding in a hybrid auction once the auctioneer opens the Lot and begins asking for bids. You may continue bidding until the Lot closes. You may begin bidding for internet only auctions as soon as the the bidding window opens.
Bids will generally be reflected in less than half a second. However, this depends greatly on the quality of your internet connection.
Properties will be closed for bidding one at a time, in sequential lot order for hybrid auctions. Generally, Clearinghouse averages closing 25-30 lots per hour, so if you know the start time of the Auction you can calculate the approximate time a lot will be offered and closed.
FAIR WARNING or LAST CALL in any hybrid auction may be considered an extension and a warning that the Lot will close imminently. Generally, once a Lot is declared SOLD or CLOSED, no further bidding will be considered; however, the auctioneer has the right to re-open bidding on any Lot at his/her sole discretion.
Fair warning is not guaranteed. Auctioneers may choose to give a warning that the Lot is about to sell. The Fair Warning period will vary between Lots, but may not be announced at all.
Yes, to some degree as an internet bidder. Your bid window will post whether a Floor Bidder or Internet Bidder is currently holding the highest bid. If the highest bidder is an Internet Bidder, the message will reflect the number of the Internet Bidder. Bidders names are not released on the internet. Floor Bidders are only identified by bidder number as well.
No. Proxy bidding is only available for Online Auctions.
Yes, without exception. In the event of title or other issues, the Buyer's Terms and Conditions of Purchase Agreement provides for the right to rescind a sale or for adjustments to the purchase price.
No. Once a bidder places a bid, it cannot be withdrawn.