Daily News: June 18, 2014

Tiger Group Plans Webcast Sandia Drilling Auction

By order of the U.S. Bankruptcy Court, Tiger Group’s Remarketing Services Division, Auction Resolutions and PPL Group will conduct a live webcast auction at 10:30 a.m. on July 1 for four complete trailer-mounted drilling rigs, rolling stock, tubulars, and support equipment owned by Sandia Drilling. The live auction will be followed by a sealed bid offering of four complete substructure rigs from the company’s operations.

Bidders can attend the July 1 event in person at La Hacienda Event Center, located at 12600 Texas 191 Frontage in Midland, or participate in the live webcast through bidspotter.com.

Previews of the various assets being offered will be held at three locations: June 27-30, from 8:00 a.m. to 5:00 p.m., at Yard No. 1 located at 12010 Hwy 191, Midland, TX; June 27-28, from 8:00 a.m. to 5:00 p.m., at Yard No. 2, located at 1675 IH 20 Rd S. in Waksom,TX; and June 28-30, from 8:00 a.m. to 5:00 p.m. at Yard No. 3, located at 208 Rogers St., Pyote, TX.

“Sandia spent considerable money upgrading and refurbishing their rigs and support equipment over the years,” said Kelly Toney, president of Houston-based Auction Resolutions. “We are confident that buyers will find tremendous value in this auction opportunity.”

Key assets featured in the auction include four Spencer Harris 7000 750 HP, three-axle trailer-mounted drilling rigs; nearly 100,000 feet of tubulars; as well as components that include triplex and duplex mud pumps, generator sets, diesel engines, tool-pusher’s quarters, top doghouses, crew change/parts houses, and variety of other support equipment.