BIDDER acknowledges that it is knowledgeable and sophisticated in the oil and gas industry and is capable of evaluating oil and gas properties. BIDDER claims to have an adequate net worth and financial means to provide for obligations and liabilities arising from acquiring oil and gas properties. Further, BIDDER understands that investing in an oil and gas property is highly speculative and subject to substantial risks, including repairs, maintenance, loss of production, the cost of plugging and abandonment and/or downturns in the market.
BIDDER is required to perform due-diligence on Property it desires to purchase prior to bidding. BIDDER must satisfy itself of the Property's history, current production, longevity, interest, marketable title, merchantability, equipment inventory, safety, environmental condition and fitness for any purpose, as BIDDER is aware that the Property is sold on an as-is basis, without recourse.
EBCO and SELLER make no representation or warranty on any Property, express or implied. All descriptions of the Property have been provided to EBCO by SELLER to use in identifying and promoting the sale of the Property, however, its accuracy has not been verified by EBCO.
The information provided by EBCO or by SELLER, whether online, in print, or verbally is provided as a guide only and is not a warranty or guarantee of any kind. BIDDER agrees it will not bid on a Property based solely on the information published at the web site. BIDDER agrees it will not bid on a Property unless it has performed thorough due-diligence and is completely satisfied with the results of its due-diligence.
BIDDERS will be charged a BUYER'S PREMIUM for Properties it purchases. The amount will be charged against individual Properties and NOT the aggregate sold. The BUYER'S PREMIUM will be included in the invoice at the conclusion of the sale.
|$100||$500K||3.50%||Flat commission rate|
|$500,001||$2M||3.495% to 2.50%||Reduced through interpolation|
|$2,000,001||$10M||2.495% to 1.50%||Reduced through interpolation|
|$10,000,001||$15M||1.495% to 1.00%||Reduced through interpolation|
|$15,000,001||$50M||1.00%||Flat commission rate|
EBCO is required to collect sales tax from the winning BIDDER on working interest Properties, whether operated or non-operated, located in the state of Oklahoma. BIDDER agrees that the "Oklahoma Tax Commission Rates and Codes for Sales, Use, and Lodging Tax" report should be used in order to calculate state, county, and city sales tax, if the Property is located within a city limit boundary, levied on production equipment use in the production of Property in which a working interest is being transferred.
Absent the SELLER providing an estimated value of the equipment used in the production of the wells, EBCO will apply a tax on twenty-one percent (21%) of the purchase price using the current Oklahoma sales tax rate, County rate, and City rate, if applicable, as required by the 1988 ruling from the Oklahoma Tax Commission. All sales tax collected will be remitted to the Oklahoma Tax Commission on the date required by law.
EBCO will include on its invoice to winning BIDDER a fee to cover the amount of recording fees required to file the conveyance documents of record by the appropriate County in which the Property is located as well as postage and other fees necessary to process the documents. The amount of the fee will be posted with the Property listing at the EBCO website.
An item is declared sold when EBCO notifies BIDDER that BIDDER has been awarded the winning bid, at which time payment in full for the Property purchased becomes immediately due and payable. An invoice wil be provided BIDDER that includes the selling price, recording fees, sales tax, if any, and any other amounts due if applicable.
Payment may be made in the form of a wire transfer or cashier's check, or a company or personal check if the BIDDER has a Bank Letter Guarantying Payment on file with EBCO. All payments are due immediately. All checks should be made payable to EBCO.
EBCO will file conveyance documents to be recorded with the appropriate county or regulatory authority at BIDDER'S expense, once EBCO has received a signed and notarized original assignment from SELLER and BIDDER.
EBCO will provide the original, recorded conveyance documents to BIDDER upon notice of its recordation.