EBCO closes the sale of multiple leases for Oklahoma City-based DC Energy, Inc. and affiliated partners On November 10, 2018. EBCO facilitated the sale of the Reta Iris lease located in Roger Mills County and Doss 1 well located in McClain County, Oklahoma. The purchase prices were $90,000 and $110,000, respectively. The buyer was Gilliland Oil & Gas, Inc. based in Hennessey, Oklahoma.
EBCO has conducted business with both the buyer and the sellers dating back to its live, oil and gas auction days during the 1990s. As the primary auctioneer for EBCO, Paul Smart, a partner with the firm, reminisces about the live auction days. "I remember standing at the podium conducting auctions in the grand ballroom of the Southland Center Hotel and can picture Steve Gilliland and his wife, Cheryl, sitting on the third or fourth row bidding on properties," said Smart. "They attended nearly every live auction that we conducted."
Mr. Smart remembers Dennis Pealor with DC Energy, Inc. dating back to the late 1980s when Mr. Pealor was a vice president for Liberty Bank in Oklahoma City, "My dad, Gene Smart, leased a yard, warehouse, and office facility in south Oklahoma City for the purpose of conducting equipment auctions and warehousing items that were repossessed from failed banks and savings and loans by the F.D.I.C." Further, "We brokered and auctioned oilfield and construction equipment before marketing oil and gas properties."
Another lease that EBCO sold for DC Energy, Inc. was the PBMC Unit & Tank Battery located in Stephens County, Oklahoma. This sale closed on November 13, 2018. The purchaser was Hogback Exploration, Inc. of Ft. Smith, Arkansas who paid $225,000 for the lease. States Mr. Smart, "I personally closed this transaction with Jerry Lundy, who is the owner of Hogback Exploration, Inc. at his office in Ft. Smith." Mr. Smart stated that he made the trip accompanied by his wife, Pearl saying, "Pearl and I have been married for 36 years and she has always been involved in the business in some form or fashion. She won't hesitate to perform data entry or assist bidders, if required. On that day, she was my driver. She understands that it is difficult for me to drive, answer the phone, and take notes all at the same time. She is a wonderful partner and always eager to assist."
[The Southland Center Hotel was formerly the Adam's Mark Hotel and, now, the Sheraton Hotel. Gene Smart was the original founder of EBCO in 1979. EBCO is an Oklahoma-based marketing company that sells oil and gas properties, minerals, and leases at its website, ebcoauctions.com.]