NetworkOil Completes On-line Sales - Network Oil hold auctions for Kerr-McGee Chemical L.L.C. and Equilon Enterprises L.L.C - Brief Article

Information Superhighways Newsletter, Sept, 2001

NetworkOil, a marketplace for surplus energy equipment, announced results of the first Internet auction held on behalf of Kerr-McGee. Conducted entirely over the Internet, the two-day auction event of July 10-11 brought prices substantially higher than Kerr-McGee has realized through traditional sales. The first Kerr-McGee Internet auction is the largest Internet auction in gross sales held to date by NetworkOil. There were over 1,200 bids captured throughout the two-day event NetworkOil is an independent marketplace for energy equipment. The company sources and sells equipment through traditional auctions Internet auctions, on-line listings, and custom sourcing.

NetworkOil also conducted an Internet auction held on behalf of Equilon. Conducted entirely over the Internet the two-day auction event of July 24-25 attracted bidders from across the US. Pumps, line pipe, valves, motors, and other surplus pipeline assets in yards spread throughout California were purchased at prices substantially higher than expected. The first Equilon Internet auction produced over 1,200 bids and 115 lots were sold.