Introducing the EnergyNet Auction Manager

Uploaded by energynetdotcom on 16.07.2012

For 25 years, sellers have had to endure a laborious process to sell an oil and gas property
in a live auction. Thankfully, times have changed!
Now you can sell your assets simply by providing EnergyNet the most basic information about
your property: an API number, the last 6-months of check stubs, joint interest billing statements,
and your conveyance document. That's all we need to make your sale successful.
EnergyNet does the rest! This video will introduce you to the EnergyNet
Auction Manager and demonstrate the entire process of creating a lot and submitting it
to the EnergyNet Land Department for review, from start to finish.
As you can see, this video is fairly short, even though we'll be showing you the entire
process. That's because the Auction Manager makes it
easier than ever to submit your assets to EnergyNet!
There's one basic concept to understand before we begin:
EnergyNet sells assets in units called "Lots." Each lot may contain one or more "Properties."
The EnergyNet Auction Manager steps you through the process of creating a lot, then adding
properties to that lot. You'll only need to provide the most basic
information about your lot and properties. Once you've completed those steps, you will
"finalize" your lot and send the information to the EnergyNet Land Department for review.
For lots that contain 15 or fewer properties, the Auction Manager is the ideal tool to use.
If your lot will contain more than 15 properties, the Auction Manager can guide you through
downloading a spreadsheet that you may prefer to use instead.
So, let's get started! To begin, log into the EnergyNet website with
your Seller account. After logging in, you are taken to your Seller's
Homepage. If you are already logged in as a Seller,
click the "Seller's Homepage" link at the top of the website.
Right from your Seller's Home page, you'll see a link to create a new lot using the EnergyNet
Auction Manager. Click that link to begin creating your new
lot. Now you're at the Getting Started page of
the Auction Manager. When you're ready to begin, click the button
that says, "I would like to start creating a new lot."
Remember, lots contain one or more properties. If your lot will contain 15 or fewer properties,
select that option. Next, give your lot a name.
Choose a name that is meaningful to you. The name you choose will help you identify
this lot in the future, and return to it if you need to make changes later.
You'll notice that as you step through each field, help text appears in a yellow box out
to the right of the field. The Auction Manager helps you every step of
the way. Now, add some notes to your lot.
Provide a brief description of the properties your lot will contain.
This is a great opportunity to pass information about your lot along to the Land Department.
Consider using this field to provide details about your lot that may increase a buyer's
interest, or details that are important to disclose to potential buyers.
The more detail you provide, the quicker your lot can be prepared to sell.
You'll also notice that as you type the information you enter is being validated to be sure you're
entering the correct type of information. Once a green checkbox appears beside each
field in a step, you may continue. After you've entered your lot name and a description,
click the "Continue" button. Next, you'll choose the type of property you
are adding to your lot. Click the "Add Property" button below the
type of property you are adding. Now you'll enter a few basic pieces of information
about this property. First, select all of the interest types that
you will be divesting for this property. Choose from Working Interest, Royalty Interest,
Operated Working Interest and Overriding Royalty Interest.
Next, enter the name of the property or well. You may like to use the name of the well,
or the name of the lease where the well is drilled.
Enter the state where this property is located. As you type the first few letters of the state,
choices appear below the field. You can use your arrow keys or your mouse
to select the full name of the state when it appears.
After entering the state name, you will then enter the county where this property is located.
Next you will enter the Section/Township and Range, the Section/Block and survey, or the
legal description of the location of the property. Finally, you'll provide the API number for
the property. This is one of the most critical pieces of
information for each property, and greatly increases the speed that the Land Department
can process your lot. If your property has more than one API number,
enter them all here, separated by commas. Once all the information has been entered,
and you have a green checkbox beside each field, click the continue button.
You've just entered your first property for your lot!
If you need to change any of the information you entered for this property, select the
property from the drop-down list and click the button that says "Edit the property shown
above." Otherwise, at this point, if you only have
one property to include with your lot, you can click the "Finalize Lot" button to finish.
However, for purposes of this demonstration, we're going to add an additional property
to this lot. To add another property to your lot, click
the "Add another property" button. Again, you will select the type of property
you are adding then select all of the interest types you will be divesting for the property.
Once again, enter the property name, state, county, legal description and API numbers,
then click "continue" when all of the fields have green checkmarks.
Now we've added two properties to our new lot.
Again, we can choose to edit the details of the properties we've entered or add an additional
property. In this case, we don't have any additional
properties to add, so we are ready to finalize our lot.
We'll click the "Finalize Lot" button. We're almost done - just a few questions left.
First, if you have digital files such as spreadsheets, check stubs, joint interest billing statements,
source documentation, division orders, the outgoing assignment or any other supporting
documentation, select the option that says "Yes, I have digital files I would like to
submit." When you do this, you'll receive an email
from EnergyNet after you finalize your lot with instructions about how to send your digital
files to EnergyNet. Otherwise, select "No."
Verify the contact information that appears on the right.
This information is pulled from your seller account.
The person listed here will be considered the primary point of contact throughout the
sale process for this lot. Last, you can decide if you will be setting
a reserve price for this lot. When all the information is correct, click
the button that says "I'm ready to finalize this lot."
That's it! You've just created a lot, added properties,
and sent the information to the EnergyNet Land Department for review!
EnergyNet takes care of the rest! After you finalize your lot, the EnergyNet
Land Department goes to work filling in the blanks, pulling production history, creating
lot descriptions and organizing the data into a uniform format.
They'll create the Property Information Page for your lot.
This page contains all the data the Land Department has gathered and organized.
The Lot Description shows your lot's name, a description of the properties the lot contains,
summary production curves and monthly revenues and expenses.
Buyers will see an advanced property information sheet for each property in your lot.
Documents and digital files you have submitted will be available for buyers to view in the
EnergyNet Internet Data Room. Buyers can even download data packages or
order printed data books with all the information about your lot.
You'll be given a chance to evaluate the presentation of your lot before it becomes available to
the vast EnergyNet buyer base, and you'll have input about when your lot is scheduled
to be auctioned. Your Business Development Representative or
the Land Department will contact you to be sure you have an appropriate Seller's Agreement
on file, and guide you through any additional information, records or paperwork that are
required. One last note: You can use the EnergyNet Auction
Manager to edit lots you have created previously, as long as they've not been activated on the
website. Simply return to the Getting Started page
of the Auction Manager, select the lot you would like to edit from the dropdown list,
and click the button that says "I would like to edit an existing lot from this list."
Thank you for taking time to familiarize yourself with the powerful EnergyNet Auction Manager.
If you have any questions, we would love to hear from you!
Simply call EnergyNet toll-free at 877-351-4488 or email us at
Thank you!