EnergyNet.com, Inc. implements BLM's first Internet-based oil and gas lease auction

July 22, 2009
Amarillo, Texas

For the first time in history, the Bureau of Land Management (BLM) will conduct one of their scheduled oil and gas lease sales via the Internet. The BLM's Internet-based auction has been built by EnergyNet.com, Inc., an Amarillo, Texas corporation. The BLM's Colorado State Office has included 38 parcels for this auction, as nominated by the public. The one-week parcel bidding period begins at 9:00 am (MDT) on September 9, 2009. The Oil and Gas Lease Internet Auction Pilot (OGLIAP) website became available to the public on July 8, 2009 at http://www.blm.gov/leasingpilot/.

The BLM's Mineral Leasing Program has traditionally utilized a live outcry auction format. In the FY2008 Consolidated Appropriations Act, Congress directed the BLM to conduct an Internet-based pilot auction in order to evaluate potential savings and benefits to the Federal government and lease sale participants. After a competitive bidding process, EnergyNet.com, Inc. was awarded the contract to develop the pilot in August, 2008.

EnergyNet.com has more than ten years of experience auctioning over 28,000 oil and gas properties on the Internet in a continuous online marketplace. “We hope this is just the first of many initiatives designed to improve service for Federal Lease buyers,” says Bill Britain, CEO and co-founder of EnergyNet.com, Inc. “EnergyNet experiences firsthand, on a weekly basis, just how powerful the continuous Internet oil and gas property marketplace is. We're excited to see the BLM test the waters for themselves, and we're honored to be a part of that process.”

The OGLIAP web site allows interested parties to register and be assigned an anonymous bidder number with which to participate in the pilot auction. Detailed information about the parcels up for auction is currently available for research on the website, including unique parcel stipulations and maps. Each parcel will be available for a 7-day bidding period. The first parcel opens for bidding on September 9, 2009 at 9:00 AM (MDT). Additional parcels commence their bidding period in 10-minute increments following the first; spread over a 2-day period. The first parcel's auction period closes at 9:00 AM (MDT), September 16, 2009.

For those who are new to the online auction process, the OGLIAP site features a full Help Center, including detailed user guides and online tutorial videos. Users of the web site are offered online “Help Icons” to assist them throughout the various stages of the auction process. A Help Desk phone line, featuring both English and Spanish instruction, is available to users who need additional assistance.

After the sale concludes in September, the BLM will analyze the results and then decide on “next steps” with regard to the Federal Leasing program. “This process mirrors private sector advances in presenting due diligence data and making properties available for auction on-line,” says Britain. “The Internet removes the barriers traditionally associated with an outcry auction, namely travel expenses and anonymity concerns.”

About EnergyNet.com

EnergyNet.com, Inc. provides continuous, online marketing services to the oil and gas industry. EnergyNet offers its clients a pure Internet trading community, the first real-time Internet oil and gas property auction service in which buyers and sellers are brought together to divest and acquire oil and gas properties. EnergyNet's service permits sellers to divest properties with a reserve price and buyers to bid on properties of interest. EnergyNet users browse through property data in online data rooms that are available 24 hours a day, 7 days a week and 365 days a year. EnergyNet clients are able to buy and sell oil and gas properties from virtually any computer or PDA.

EnergyNet clients include major oil companies, large independents, bank trust departments, foundations, churches, universities and individuals. EnergyNet's technological reach presents an oil and gas property portfolio to thousands of buyers with multi-billion-dollar buying power. EnergyNet maximizes divestment returns by enabling sellers to achieve the highest prices for properties in the industry and to drive down costs as well.

Headquartered in Amarillo, Texas, EnergyNet has Business Development Representatives in Amarillo, Houston, and Dallas, Texas; Oklahoma City, Oklahoma; Denver, Colorado; and Bloomfield, Michigan. EnergyNet principals have more than 30 years' experience in the oil and gas industry and have been actively involved in acquisition and divestiture, exploration and production, producing well operations, drilling, geology, engineering and land management. EnergyNet is a registered FINRA Broker/Dealer.

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Website: http://www.energynet.com/ 

Contact

EnergyNet.com, Inc.
Ethan House, Director of Marketing
7201 I-40 West
Suite 319
Amarillo, Texas 79106

Email: Ethan.House@energynet.com
Website: http://www.energynet.com/
Telephone: 806-351-2953
Fax: 806-354-2835