Taylor Green, Director of Business Development

GHS: Tell us a little about yourself.

Lease Auction House (Rhett Bennett): I'm the CEO of the Lease Auction House LP. Being a member of a family who has been in the energy business through 4 generations, I definitely benefit from the perspective of being able to see how things have changed over the years. This multi-generational experience keeps us steady and even-keeled even as the energy business experiences booms and busts, which are a part of its cyclical nature. The majority of my family works in the energy business, including my brother, 5 of my aunts and uncles, and most of my 13 cousins as well.

GHS: Tell us a little about your background.

Lease Auction House (Rhett Bennett): I graduated from the University of Georgia with a degree in Business Administration. After college, I went to work for an energy company in Dallas and got to learn the business from the Oil & Gas producer’s side. Eventually, I returned to work with my family on our various business ventures in the energy business.

GHS: What do people need to know about your company?

Lease Auction House (Rhett Bennett): First, we are a family owned business. It’s important that people know that our name and reputation is more important than any one deal. The Lease Auction House is a company we created to help level the playing field between Oil & Gas companies and landowners. We assist landowners by marketing their property, negotiating with multiple Oil & Gas companies to get the best deal, and making sure that the lease they are entering into is a fair one. We possess interests in over 2,000 wells through various family partnerships from North Dakota to the Gulf Coast, so we feel that we are well versed in Mineral Management and can bring a lot of experience and knowledge to the table. When we go to work on behalf of a landowner to help them get a better deal, their needs and interest come first before our own. We feel that is our responsibility to always put our clients first. If our clients are successful, then we too will be successful. Our success depends on our client’s success, and not the other way around.

GHS: Any observations about the Haynesville Shale?

Lease Auction House (Rhett Bennett): First, we think that the initial well results have been fantastic. The reserves are there to make this play one of the best, if not the best, shale play in the United States. Obviously, the price of natural gas plays a big role in determining how quickly the area gets developed and how large of an area is economic. Unfortunately, at $5/mcf gas, most of these wells don’t make sense to drill economically. Most companies that are still drilling are anticipating prices being higher, which we are all hoping for. For activity to really pick back up, we need natural gas prices to rise to the $7-8/mcf range. The economy in 2009 will have a lot to say about that. Most of our models don’t show a recovery in natural gas prices until the economy stops contracting and begins growing again.

GHS: How has this affected you/your business?

Lease Auction House (Rhett Bennett): We are still really excited about the Haynesville Shale. Even though leasing has really slowed down and lease bonuses are not like they were during the frenzy, the play is going to still continue to have a positive impact on the lives of people in the region. We are finding that in the current climate, people working in small groups with us are having the best success with leasing right now. Going it alone individually is hard to do right now, as the individual doesn’t have much leverage in negotiations; it’s a buyer’s market.

GHS:How can people reach you and learn more?

Lease Auction House (Rhett Bennett): People can reach us at:

The Lease Auction House
500 Main Street, Suite 1000
Fort Worth, TX 76102
(888)698-9901 ph.
(817)698-9902 fax
elisemullen@leaseauctionhouse.com
Elise is our Client Relations Manager and would be happy to assist you with any questions.