As part of Tri-Point’s liquidation by order of the U.S. Bankruptcy Court, its assets are heading to public auction this month. GA Global Partners LLC, Myron Bowling Auctioneers, Capital Recovery Group LLC, PPL Group, and Terra Point are planning to conduct a real-time virtual public auction of the company’s oil and gas production and processing equipment on June 23rd, 24th and 25th.
Prior to shuttering in March 2020, Tri-Point provided custom engineered solutions to upstream and midstream customers in some of the most prolific shale plays in North America.
The online auction will feature five complete oil and gas processing fabrication facilities, as well as the equipment and parts inventory of Tri-Point in Midland and Kountze, Texas; Loveland, Colorado; Elk City, Oklahoma; as well as its other locations in New Mexico, Wyoming and Pennsylvania. Equipment for auction includes machinery, tools and metal fabrication equipment.
“This sale encompasses a broad range of exceptional equipment,” said Kevin Gamm of Myron Bowling Auctioneers. “In addition to the late model manufacturing equipment and rows of welding cells, the sale also features a valuable package of rolling stock, including a 2019 Kenworth Tractor with a Palfinger Crane, purchased new for $600,000.”
“With over $30 million of finished goods, parts inventory and raw materials, each day of the three-day auction presents a tremendous opportunity for equipment end-user and dealer and manufacturers to make purchases on an extensive assortment of separators, heater treaters, tanks, valves and controllers, as well as steel bar, pipe, round stock and much more,” adds Peter Wyke, Senior Vice President of GA Global Partners.
In addition to the auction offering, the company’s intellectual property, including more than 12 patented and non-patented processes, trademarks and domains will be sold by sealed bid. Bids for the intellectual property are due June 11, 2020.
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