EnergyNet.com, Inc. Announces Record Oil and Gas Property Sale for The Chase Manhattan Bank; Online Auction Site Provides Liquidity for Oil and Gas Properties

Business Wire, March 15, 2001

Business Editors

AMARILLO, Texas--(BUSINESS WIRE)--March 15, 2001

EnergyNet.com, Inc. (www.energynet.com), an online, real time oil and gas property auction company, announced today the sale of a record number of oil and gas properties sold in a single day for The Chase Manhattan Bank. The properties brought a 52% premium above the Bank's expectations.

Steven C. Cranford, Vice President, Manager, Private Bank - Oil & Gas Group, said, "Our experience with EnergyNet.com has found it to be a very efficient method for divestiture. We were very pleased with how smooth the process was from start to finish and the fact that we were able to maximize values of the offering of these properties."

Bill Britain, President and CEO of EnergyNet.com, Inc. said, "The results of our 24/7/365 online auctions continue to impress us both in terms of price results and user acceptance. We have now closed the sale of over 850 properties through our 24/7/365 online auctions and are particularly pleased with the effectiveness in selling minerals, royalty, and working interests, both operated and non-operated."

EnergyNet.com, Inc. offers an investor-to-investor Internet trading community. The Company is the first server-based real time Internet oil and gas property auction service in which buyers and sellers are brought together to trade oil and gas properties. The EnergyNet service permits sellers to list properties for sale with a reserve price, buyers to bid on properties of interest, and all EnergyNet users to browse through property data in a fully automated service that is available online 24 hours a day, 7 days a week, and 365 days a year.

The EnergyNet community is growing rapidly, and includes more than 1,400 registered bidders, and more than 140 registered sellers, who use EnergyNet as a place to conduct business in an online trading environment. Through EnergyNet, investors can buy and sell oil and gas properties without leaving the comfort of their home or office. Headquartered in Amarillo, Texas, EnergyNet has offices in Houston, Dallas, Midland, Fort Worth, Wichita Falls and Tyler, Texas, and Oklahoma City, Oklahoma. The EnergyNet principals have more than 20 years experience in the oil and gas business, and have been active in the acquisition and divestiture, exploration and production, producing well operations, drilling, geologic engineering, and land management. EnergyNet is a registered Broker/Dealer with NASD and covered by SIPC.