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For Additional Information Contact:
Glen Anderson at 713.410.4894 or ganderson@asset-auctions.com
Paola Ramirez at 55.5351.4950 or pramirez@asset-auctions.com

Important Dates & Deadlines:
Inspection / Removal Contact: Glen Anderson at 713.410.4894 or ganderson@asset-auctions.com
Inspection: By appointment ONLY
Payment Deadline: February 12, 2010
Removal Deadline: February 26, 2010

BP GoM Terms & Conditions
View This Seller's Conditions of Sale
View This Seller's Resale Certificate

Terms & Conditions

ALL ITEMS ARE SOLD AS-IS, WHERE-IS, AND WITH ALL FAULTS
ALL AWARDS ARE SUBJECT TO SELLER APPROVAL. BP America Production Company reserves the right to reject any and all bids.

Payment and Removal:
Payment Deadline is 48 hours after the auction ends. All items must be removed by February 26, 2010.. Buyer’s who fail to complete their purchase and the removal by deadline may be precluded from participating in future sales. In addition, if the Buyer does not remove an item within the stated removal period, AssetAuctions and the Seller may, at their sole discretion, charge additional fees or consider the item abandoned. Abandoned items will be subject to a $50 per lot/per day storage fee and may be disposed of if remaining on site after the removal deadline. The buyer will forfeit all rights to the abandoned items and any money paid for such items.

Purchaser must present and submit a signed Certificate of Resale (Exhibit C) to AssetAuctions or is responsible for paying the local sales tax to AssetAuctions, which is included in the purchaser’s invoice. After submitting the signed Certificate of Resale, the purchaser will receive a revised invoice to remove the sales tax amount. The certificate must be submitted and invoice must be paid in full prior to release of the auction item.

Attached Conditions of Sale Agreement and its terms are required conditions of sale. Buyer should carefully review terms prior to bidding. Please note that this item will not be released until the required Agreement has been presented to AssetAuctions.

Late payment; failure to complete sale: If the winning bidder fails to pay the purchase price and other fees before the payment deadline then the winning bidder must pay a late fee equal to 2% of the purchase price to AssetAuctions. If the winning bidder fails to make full payment of the purchase price and other fees, such bidder is in default and forfeits its rights to purchase the goods, in which case the Seller may sell the goods to another bidder. A defaulting bidder will be assessed a Default Penalty of the lesser of $2,000 or his complete invoice, and will be barred from bidding on other auctions on the marketplace until the Default Penalty is paid. The Default Penalty must be paid by a method agreed to by AssetAuctions. The defaulting bidder may be subject to other claims, damages or liabilities to the Seller and/or AssetAuctions.

Accepted payment methods:
Wire transfers (wire transfers initiated from banks outside of the United States are subject to a $35 charge.)
Visa™, Mastercard™, Discover Card™ and American Express™ Credit Cards
Wire transfer and the above credit cards are the only accepted payment methods. Company check, cashier's check, money order, cash, etc. are NOT accepted payment methods.

This auction carries a 13% buyer's premium. If paid by wire transfer a 3% discount applies to the buyer's premium. Payment information and wire information will be sent with your invoice. There will be no adjustments to the final bid price after the bidding closes.

Buyers are strictly forbidden to send any third party customers onto property for the sole purpose of inspection of equipment for possible resale.

Titles and Taxes:
Untitled items will be taxed. Sales tax will not be collected on all titled items. Buyers MUST transfer title into their name.

Item Inspection, Description and Condition:
Seller does not guarantee accuracy of descriptions. Descriptions have been obtained from sources believed to be reliable, however prospective buyers are strongly encouraged to inspect the property. Bidders should avail themselves of the opportunity to inspect the items for sale. It is the responsibility of the buyer to assess equipment condition and specifications to their satisfaction prior to bidding.

Auctioneers Note:
Both AssetAuctions and the Seller want all of our buyers to feel they have been treated fairly and pay a fair price for the items based on their condition. Please do not enter a bid at a price that is greater than you are comfortable paying for any individual item based on its condition. There will be no adjustments to the final bid price after the bidding closes.

All items are being sold AS-IS. Any notes or descriptions are for information only, you need to make your own decisions based on your own observations. Items often sell at very reasonable prices but sometimes need minor to major mechanical and/or cosmetic work. If you want to have a high level of confidence you MUST inspect for yourself and make decisions based on this inspection. We strongly urge you to inspect on the pre-assigned inspection dates that will be posted on our Web site. There will be no adjustments to the final bid price should you find any problems with the item after the bidding closes.

Insurance Requirements:
Buyers are required to comply with any safety or removal requirements sent forth by the Seller.

Asset Removal:
Buyer is required to remove all items in the lots purchased. All removal shall be at the expense, liability and risk of the Buyer. If the Buyer does not remove an item within the stated removal period, AssetAuctions and the Seller may, at their sole discretion, deem the Asset to have been abandoned by the Buyer and the Buyer will have no further rights with respect to the Asset. In most cases Buyers, outside contractors, including riggers and machinery movers, will not be allowed to work on the Seller's premises until they have provided proper insurance, protecting AssetAuctions, the Seller and the landlord from all and any claims resulting from their actions.