First, we are the only eBay format oil and gas auction in existence. Our auction structure, which puts the seller and buyer in control of their acquisition and divestiture work schedules, is in stark contrast to the public outcry auction houses which sell oil and gas properties. They sell properties in a one or two-day auction format. Second, using the Internet exposes properties to buyers who heretofore would never have considered traveling to the traditional regional live auction setting. Third, we have opened it up for people who were unable to sell properties because they had no access to a market.
Sellers can load sale properties on to the Web site by themselves and at their leisure.
They don t have to wait and meet time milestones set out by an auction company. Additional due diligence, which is the most critical aspect in reaching true market value for a property, is scanned on to the Web site by EnergyNet's staff. We don t have clerks digitizing information, which could potentially create errors in data. Instead, we actually scan the check stub or the division order. All the documents that are germane to that sale are scanned and made visible to all buyers.