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Exchange will offer oil and gas properties
There's black gold on the Internet, and PennNet, the San Mateo, Calif.-based Internet division of business media company PennWell Corp., is drilling down for its share.
Beginning Tuesday Houstonbased PennWell's Oil & Gas Journal Exchange (www.ogjexchange.com), a brand extension of Oil & Gas Journal, will host its first fully Web-enabled auction. Through its OGJEProducing Property Exchange, PennNet will auction four oil and gas producing properties with an estimated value of $10 million. It will be selling not just the oil, but the sites themselves.
"One of the properties will be the first offshore...