pennNET ACQUIRES MAJORITY STAKE IN EBCO

The "Oil & Gas Journal Exchange" Poised To Be The Leading B2B E-Commerce Solution In This Critical Global Market

SAN MATEO, California - February 2, 2000 - pennNET (www.pennNET.com), the leader in creating secure, reliable e-marketplaces for business professionals in critical global markets, today announced that it has acquired majority interest in EBCO for the purpose of creating an online auction for oil and gas producing properties. This acquisition will help pennNET move further toward its vision of changing the way companies do business through advanced e-commerce and e-media vortals.

The pennNET "Oil & Gas Journal Exchange" online auction will be the leading centralized marketplace for petroleum professionals to conduct the online purchase and sale of oil and gas producing properties and exploration prospects worldwide. The comprehensive suite of oil and gas property auction related products and services will improve, expedite, and bring greater efficiencies to the entire property transaction process.

Efficiencies will be gained by reducing or eliminating time and travel required in project screening, data room reviews and related due diligence, negotiation of terms, and convenience in conducting desired transactions. The combination of increased information availability, extended reach to a broader spectrum of buyers and sellers, and the convenience of online data review and transactions will deliver enhanced efficiencies for buyers, incremental divestment opportunities for sellers, and a focused and relevant audience for related sponsors and advertisers to market their products and services.

"We believe this will revolutionize the traditional approach to commerce in the Oil & Gas field," said Jim Casella, president and chief executive officer at pennNET. Casella added "This venture by pennNET and EBCO brings a trusted industry brand to a wider, global, marketplace allowing for quick and efficient property sales and purchases. The marriage of insightful industry content, and efficient commerce solutions, is what sets pennNET apart from the competition."

Founded in 1979, EBCO is recognized for pioneering oil and gas property auctions and setting the standard for acquisitions and divestitures in the oil and gas industry. EBCO maintains corporate offices in both Houston and Oklahoma City. The principals of EBCO are Paul, Thomas and David Smart. These brothers are the founders, owners and managers of EBCO U.S.A., Inc. and EBCO Resources, Inc., commonly known as EBCO. Each of the three began their professional careers in the oil industry as marketers and appraisers of drilling rigs and energy related assets. Recognized for holding the first nationally promoted sale of oil and gas properties at auction in 1987, they have built a career on converting assets into cash while maximizing value. Their accomplishments include:

  • World's First Internet Oil & Gas Auction
  • Largest one day sale -- $26,427,850
  • Highest Value VIP Properties -- $15,500,000
  • Largest No-Minimum Sales -- $16,128,250 and $13,561,250
  • Largest No-Minimum Properties -- $1,400,000
  • EBCO's 150 Auctions is the highest in the industry

EBCO conducts both negotiated sales and INVITATIONAL® sales for major and independent oil and gas producers. Since the company's inception, EBCO has provided its services to over 5,000 clients involving more than 70,000 transactions valued at nearly $1 billion. Additional services offered by EBCO include acquisition and divestiture advisory, property evaluations, data room administration, well data preparation and land and title services.

pennNET (www.pennNET.com) creates secure and reliable e-marketplaces for business professionals in critical global markets. The company's e-media enables the industry's smartest e-commerce decisions by providing the broadest range of breaking news, original research and exclusive executive opinion. pennNET also revolutionizes the traditional approach to commerce by creating focused e-marketplaces for the rapid procurement of goods and services. The company was formed in the spring of 1999 to leverage, in the electronic marketplace, the diversified resources of PennWell Corporation. PennWell Corporation was formed in 1910 and now publishes over 40 business-to-business magazines and conducts 50 major conferences and exhibits worldwide.

pennNET corporate headquarters are located in San Mateo, California

For more information, contact:
David Lisle
Director of Business Development for Energy
dlisle@pennnet.com

Paul Westervelt
Vice President of Business Development and Marketing
pwestervelt@pennnet.com

Related Articles

Magellan, PAA form Saddlehorn crude pipeline joint venture

02/27/2015 Magellan Midstream Partners LP and Plains All American Pipeline LP have formed Saddlehorn Pipeline Co., a 50-50 limited liability joint venture, to...

BHI: US rig count continues to tumble, falls 43 units to 1,267

02/27/2015 The US drilling rig count declined 43 units—down from losses of 48 last week and 98 the previous week—to settle at 1,267 rigs working during the we...

Statoil, Sinochem submit POD for Peregrino Phase II off Brazil

02/27/2015 Statoil ASA and partner Sinochem have submitted a plan of development (POD) for the $3.5-billion Peregrino Phase 2 project to Brazil’s National Age...

PetroChina mulling sale of its stake in Arrow CSG

02/27/2015

PetroChina is reportedly considering selling its half of Arrow Energy’s Queensland coal seam gas (CSG) resources.

Michie named Oil & Gas UK chief executive

02/27/2015

Deirdre Michie has been named chief executive of Oil & Gas UK, replacing Malcolm Webb, who will retire May 31.

Low crude prices pressure Latin American producers, CSIS forum told

02/26/2015 Depressed crude oil prices are putting new pressure on Latin American producing countries to improve terms if they expect to attract outside invest...

Antero Resources cuts 2015 Marcellus spending vs. 2014

02/26/2015 Antero Resources Corp., Denver, said it plans to spend $1.6 billion during 2015 for drilling and completion activities in the Marcellus and Utica s...

Chesapeake’s $4-4.5 billion capex down 37% vs. last year

02/25/2015

Chesapeake Energy Corp., Oklahoma City, is budgeting total capital expenditures, including capitalized interest, of $4-4.5 billion for 2015.

New regulator lists UKCS ‘priority actions’

02/25/2015 The UK’s Oil and Gas Authority, responding to calls from industry and the government for prompt support of UK Continental Shelf (UKCS) exploration ...
White Papers

Pipeline Integrity: Best Practices to Prevent, Detect, and Mitigate Commodity Releases

Commodity releases can have catastrophic consequences, so ensuring pipeline integrity is crucial for p...
Sponsored by

AVEVA’s Digital Asset Approach - Defining a new era of collaboration in capital projects and asset operations

There is constant, intensive change in the capital projects and asset life cycle management. New chall...
Sponsored by

Transforming the Oil and Gas Industry with EPPM

With budgets in the billions, timelines spanning years, and life cycles extending over decades, oil an...
Sponsored by

Asset Decommissioning in Oil & Gas: Transforming Business

Asset intensive organizations like Oil and Gas have their own industry specific challenges when it com...
Sponsored by

Squeezing the Green: How to Cut Petroleum Downstream Costs and Optimize Processing Efficiencies with Enterprise Project Portfolio Management Solutions

As the downstream petroleum industry grapples with change in every sector and at every level, includin...
Sponsored by

7 Steps to Improve Oil & Gas Asset Decommissioning

Global competition and volatile markets are creating a challenging business climate for project based ...
Sponsored by

The impact of aging infrastructure in process manufacturing industries

Process manufacturing companies in the oil and gas, utilities, chemicals and natural resource industri...
Sponsored by

What is System Level Thermo-Fluid Analysis?

This paper will explain some of the fundamentals of System Level Thermo-Fluid Analysis and demonstrate...
Available Webcasts


Cognitive Solutions for Upstream Oil and Gas

When Fri, Jun 12, 2015

The oil & gas sector is under pressure on all sides. Reserves are limited and it’s becoming increasingly expensive to find and extract new resources. Margins are already being squeezed in an industry where one wrong decision can cost millions. Analyzing data used in energy exploration can save millions of dollars as we develop ways to predict where and how to extract the world’s massive energy reserves.

This session with IBM Subject Matter Experts will discuss how IBM Cognitive Solutions contribute to the oil and gas industry using predictive analytics and cognitive computing, as well as real time streaming for exploration and drilling.

register:WEBCAST


The Alternative Fuel Movement: Four Need-to-Know Excise Tax Complexities

When Thu, Jun 4, 2015

Discussion on how to approach, and ultimately embrace, the alternative fuel market by pulling back the veil on excise tax complexities. Taxes may be an aggravating part of daily operations, but their accuracy is crucial in your path towards business success.

register:WEBCAST



On Demand

Prevention, Detection and Mitigation of pipeline leaks in the modern world

Thu, Apr 30, 2015

Preventing, detecting and mitigating leaks or commodity releases from pipelines are a top priority for all pipeline companies. This presentation will look at various aspects related to preventing, detecting and mitigating pipeline commodity releases from a generic and conceptual point of view, while at the same time look at the variety of offerings available from Schneider Electric to meet some of the requirements associated with pipeline integrity management. 

register:WEBCAST


Global LNG: Adjusting to New Realities

Fri, Mar 20, 2015

Oil & Gas Journal’s March 20, 2015, webcast will look at how global LNG trade will be affected over the next 12-24 months by falling crude oil prices and changing patterns and pressures of demand. Will US LNG production play a role in balancing markets? Or will it add to a growing global oversupply of LNG for markets remote from easier natural gas supply? Will new buyers with marginal credit, smaller requirements, or great need for flexibility begin to look attractive to suppliers? How will high-cost, mega-projects in Australia respond to new construction cost trends?

register:WEBCAST


Emerson Micro Motion Videos

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected