KIKO Leads Another Successful Mineral Rights Auction!
Canton - On November 4th, 2013 over 2000 acres of mineral rights for 14 parcels spanning seven Northeast counties were auctioned off by industry leader KIKO, REALTORS®
and Auctioneers at their Canton office. This was one of the biggest shale play opportunities in the history of the Utica.
Dick Kiko Jr., CEO, said, "there was a lot of interest generated due to the chance that it gave the public to get a piece of the Utica action". Interest from Gas and Oil companies from as far as Oklahoma and Texas as well as local individuals made this a very exciting auction. The auction began at precisely 5:30 with auctioneer Peter Kiko running the block and his colleagues; Lori Kiko, Rusty Kiko, Randall Kiko, Ashley Ritchey, and Brooks Ames working the crowd, phone, and collecting bids. The first "auction" was a 168-acre parcel in Belmont County, a hotbed of drilling production. The action was fast paced and concluded with the winning party acquiring the mineral rights for over $8,000 an acre. The next 3 parcels, located in Belmont, Monroe and Tuscarawas respectfully, continued with feverish bidding netting millions of dollars for the seller. The last remaining parcels, located in surrounding counties, went like dominos rather quickly at a wide range of prices per acres from $400 to $500. The auction concluded around 7:00pm at which time the winning buyers began filling into a side conference room to collect their winning mineral rights.
Kiko Jr., reported that the parcels involved were mainly commercial and or residential land, some even with homes currently on them. It was noted during the auction, by Peter Kiko, that many of the parcels contained oil-producing wells already in place and still others had oil-producing wells very near by. The KIKO company has been preparing for this boom the last few years, since 2008, when they saw the market really begin to open up and are very well positioned to handle the real estate surface or real estate mineral rights, sold separately or together, for their clients.
The Utica and Marcellus shale are exciting opportunities for Northeast Ohio, making this an excellent time to convert your minerals rights into cash. KIKO, REALTOS®
and Auctioneers is the Ohio leader in selling gas and oil rights at auction. Our team of knowledgeable and experienced Sales Professionals and Auctioneers are experts in determining leasing rights, understanding state and local laws, and achieving the optimal solution to maximize your selling potential. So if you are interested in selling your Gas & Oil mineral rights call a KIKO agent today for a free consultation.
*With over 1100 auctions per year and over 60 years of proven results, KIKO is a leader in the auction industry and will gladly assist you in exploring your options of converting assets into cash. Call an experienced KIKO agent today! In Canton, call 330.453.9187. In the Dover area, call 330.343.7355. For more information on upcoming mineral rights auctions or any other auction navigate to the "Upcoming Auction Section" of this website.