Meagher Energy Advisors Inc.has been retained by the Department of Energy (DOE) to sell the Teapot Dome Oil Field, also known as the Naval Petroleum Reserve No. 3 (NPR-3).

While the name is linked to a scandal more than 90 years old, its interest to potential buyers will likely to be the substantial quantities of oil it holds.

NPR-3 is a federally owned oil and gas field of 9,481 acres located 35 miles north of Casper, Wyo. created by presidential order in 1915. The historic field has produced 28.5 million barrels of oil with an estimated 300 million barrels in place. The DOE is offering all right, title and interest to the field.

The Teapot Dome scandal was the popular name for the fraudulent leasing of the field during the administration of President Warren G. Harding. The scandal, which involved the secret leasing of naval oil reserve lands to private companies by the Secretary of the Interior, was first revealed to the general public in 1924 after findings by a committee of the Senate.

Matthew E. Meagher, president and CEO, said the significance and the size of the asset will generate significant competitive interest from the oil and gas industry.

“We are honored to have been awarded the contract for an oil field as historically and economically significant as Teapot Dome,” Meagher said. “We are committed to delivering the best possible value to the DOE."

“It is an asset with a significant amount of remaining reserves and is an excellent candidate for enhanced oil recovery technologies.”

Teapot Dome is the only remaining Naval petroleum reserve administered by the DOE. Despite the outrage of secret dealings, the Republican Party suffered little fallout from the affair.

Meagher Energy Advisors, based in Denver, earned the contract award based on its performance record of success and standing as an industry leading acquisition and divestiture advisor, according to an April 22 press release.

“We are pleased to have Meagher advising the DOE in the sale of NPR-3,” said Cheryl A. Thompson, business manager for the DOE in Casper, Wyo. “Meagher’s technical knowledge and oil and gas transactional experience will be critical in a successful disposition.”

Co-located with NPR-3 is the Rocky Mountain Oilfield Testing Center (Rmotc). Established in 1994, Rmotc utilizes NPR-3’s resources and facilities in order to assist the U.S. oil and gas industry, researchers and academia in the field validation of new technologies through shared cost arrangements. For information visit rmotc.doe.gov.

The Teapot Dome Oil Field sales process begins this summer and will be sold to the highest bidder through a competitive sealed bid process in the fall. For information contact Matthew E. Meagher at 303-721-6354, extension 230.