Team EBCO had the pleasure of closing an oil and gas lease transaction at the famed Mercantile store in Pawhuska, Oklahoma on April 3rd. The sale was between 4 D Oil & Gas, LLC, owned by Ladd Drummond, whose wife is Ree Drummond "The Pioneer Woman™" and Jireh Resources LLC based in Tulsa.
The Closing occurred on the second floor of the famous, 100 plus year old Mercantile store which is the office of Drummond's businesses. The transaction involved the sale of four oil and gas leases in Osage County designated as the Barnsdall East & West, Happy Hollow, and Jericho, the latter of which is located on the Drummond Ranch. The sale generated $400,000 in gross sale proceeds for the seller.
While many of EBCO's closings occur either at the office of the buyer or seller, not one has closed at a tourist destination. "We happened to meet the sellers on the street corner outside of the Mercantile store and I wondered how we were going to get inside," stated Paul Smart, a partner in EBCO. "The store was crowded with tourists and some were posing for photos right in front of the double door entry, blocking access. Once inside, we still had to navigate the crowd to get to the stairwell leading to the second floor office."
Mr. Smart stated that Mr. Drummond and his team were very cordial. "Ladd was very welcoming," stated Smart. "When it was time to begin signing the closing documents, we all sat at a 30 feet or so long old fashioned dining table. Ladd and his team sat on one side and David and Lanny and Phil sat on the other side. We passed documents across the table like we were passing bowls of food at a luncheon."
The sale marked the second sale of properties owned by Jireh Resources LLC that was marketed by EBCO this year.
[Notes: The Pioneer Woman is a cooking show hosted by Ree Drummond appearing on Food Network™ channel. David and Lanny are David House and Lanny Woods who are partners in Jireh Resources. Phil is the son of Paul Smart and a partner in EBCO. EBCO is an Oklahoma-based marketing company that sells oil and gas properties, minerals, and leases at its website, ebcoauctions.com.]