Efficient Markets (formerly EnergyNet)

Efficient Markets, known as EnergyNet until a 2024 rebrand, is an online marketplace for real assets that began in 1999 with oil and gas transactions. It now also handles mining, geothermal, agricultural and land assets, and runs negotiated sealed-bid sales alongside online auctions. It hosts online lease sales for the Bureau of Land Management and has run them for state agencies, including the Texas General Land Office.

How buying works

• Registration: anyone can create a buyer account to view listings; bidding requires an annual Buyer's Agreement in which buyers certify they are sophisticated, knowledgeable oil and gas investors, plus a bank check of the requested bid allowance.
• Due diligence: each lot has a virtual data room with title, production and well data, and buyers do their own review.
• Bidding: lots usually run for seven days with automatic proxy bidding against a confidential seller reserve.
• Payment and closing: the high bidder wires funds to escrow within two business days, and Efficient Markets handles conveyance documents and recording.

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Facts only, from the sources listed above. Always check each listing’s terms before you bid.