A version of this story appears in the November 2017 edition of Oil and Gas Investor. Subscribe to the magazine here.
In late September, Maurice W. Brown Oil & Gas LLC (Bidder No. 33) was heatedly battling Titan Exploration LLC (No. 18) and Navigation Powder River LLC (No. 38) for parcels southwest of Wright, Wyo., along Highway 387 and Cosner Road in Campbell County.
The 815 acres that were in play in southwestern Campbell are in a Powder River Basin hot spot operated by EOG Resources Inc. (NYSE: EOG), Devon Energy Corp. (NYSE: DVN), Anschutz Exploration Corp., Liberty Resources LLC and others.
For the Bureau of Land Management’s Parcel 62, a bidder, No. 70, dropped out after Cheyenne-based Brown’s automated bid—set to raise any competitor by $1—posted $13,001 an acre. Houston-based Titan jumped in with $13,500. Brown auto-raised. Within 51 seconds, Titan was at $15,000. Brown won with $15,001.
For Parcel 63, Titan sparred with Navigation, seeing Navigation’s $3,501 and raising to $12,000. Within 19 seconds, the match grew to $16,001. Navigation won.