January 11, 2007
Network International End-of-Year Auction Jumpstarts IPAA Partnership
Network International, the global marketplace for buying and selling energy equipment, surpassed $2.2 million in sales during its year-end auction December 13-15. This auction also kicked off Network's partnership with the Independent Petroleum Association of America (IPAA).
The drilling rig, consigned by Bretagne LLC, received the highest web traffic over the 3-day auction. Bretagne, who is a member of the IPAA, was a first time consignor and received an exclusive IPAA rate on their consignment fee thanks to the recently signed marketing agreement between the IPAA and Network. In addition, Network donated a portion of their commission back to the IPAA.Bretagne, who previously received one offer for $100,000 on their drilling rig, sold it in Network's auction for $145,000 after receiving 55 total bids. "As a business owner, it's comforting to know that I am receiving a fair market price on my equipment," said Gigi Lazenby, owner of Bretagne. "The fact that they donated a portion of proceeds from our sale back to a noteworthy organization like the IPAA is an added benefit."
Boyd Heath, Chairman and CEO of Network International, states, "Completing the first sale under our new partnership with IPAA was an outstanding way to end 2006. As you can see, it was a true win -- win -- win outcome."
The December auction offered 241 equipment lots for sale from 22 different consignors with equipment located in 22 states and Canada. During the auction those lots received 3,445 bids from 173 unique bidders representing 31 states, Canada and Venezuela. Top-selling lots included a drilling rig, casing and tubing, wellhead, construction equipment, as well as compressor packages.
About Network International
Network International, Inc. is the global marketplace for buying and selling energy equipment through online auctions in the oil & gas, petrochemical and power industries. The company is based in Houston, Texas and provides its services around the world with over 10,000 registered buyers and sellers in more than 50 countries. Additional information is available at www.Networkintl.com.