EBCO assisted with the sale of select Okfuskee County, Oklahoma oil and gas properties owned and operated by Elite Resources, Inc. The leases were located in multiple sections of Township 10 North and, primarily, 8 East and were identified as the Cromwell Field.
The buyer was newly-formed Antlers Energy, LLC whose founder is Corry Stephenson. Corry is the grandson of Charles Stephenson, the founder of Tulsa-based Vintage Petroleum, which was acquired by Occidental Petroleum in October of 2005.
EBCO partner, Phil Smart, stated that there were several interested parties in the leases. "Three of the parties insisted on looking at logs, prior to bidding," states Smart. "Unfortunately, we only had hard copy versions." Mr. Smart noted that there were over one hundred logs stored in five bankers' boxes. "The seller lives in Cleveland and I ended up taking delivery of the logs at a Cracker Barrel parking lot in Oklahoma City. From there, I delivered them to a client downtown. Two weeks later, I drove them to Houston. Ultimately, they ended up in my garage where Corry (the buyer) retrieved them to complete his due-diligence."
The sale was conducted through private negotiations. The closing occurred at the offices of Levinson, Smith & Huffman, PC in Tulsa, Oklahoma.
[EBCO is an Oklahoma-based marketing company that sells oil and gas properties, minerals, and leases at its website, ebcoauctions.com.]