EBCO assisted with the sale of the final group of assets owned by Tulsa-based Jireh Resources, LLC. The leases were the Blackland and McComb located in Sections 1 and 2 in Township 27 North and Range 7 East in Osage County, Oklahoma. The sale included a yard, shop, rolling stock and oilfield equipment inventory located in Pawhuska, Oklahoma.
The buyer was Raptor Resources, LLC whose owners purchased another group of Jireh's Osage assets in late 2018. In all, Jireh's leases, yard and shop closed in three separate transaction. EBCO partner, Paul Smart, stated that it took several month to sell all of the assets. "The leases were spread throughout Osage," states Smart. "We had interest in all of them but no one party wanted everything." The second package of leases sold in April to 4D Oil & Gas, LLC whose owner, Ladd Drummond, desired to own the Jericho lease located on the Drummond ranch.
When an agreement had been reached regarding sales price and terms for selling the Blackland and McComb, EBCO ran all initial drafts of the purchase and sale agreement that established a structure for closing the sale. The purchase price of the leases, yard, shop, and equipment was $1,400,000 with an effective date of July 1st. "Ultimately, both parties were pleased with the price and deal structure." The closing occurred at the offices of Levinson, Smith & Huffman, PC in Tulsa, Oklahoma.
[ Note: EBCO is an Oklahoma-based marketing company that sells oil and gas properties, minerals, and leases listed at its website, ebcoauctions.com]