(07/23/2005)

Lawsuit auction draws interested parties, Roy G. Hildreth
and associate (left on steps) and Steve Satterfield
and associates (right) next to attorneys holding the sale

A lawsuit filed by Roane County oil and gas producer Roy G. Hildreth (KIMCO) and oil and gas producer Steve Satterfield of Grantsville was settled at auction yesterday morning on the steps of the Calhoun courthouse.

Satterfield had the winning bid, in an auction that drew several parties. The bidding ended up being between the principal parties of the suit, Hildreth and Satterfield.

Hildreth had brought the suit against Satterfield over leases and holdings in which both parties had vested interests.

Auctioneers had interested parties bid individually on 25 different holdings, but then all the leases and wells were offered together to see which brought the highest bid.

Satterfield's bid of $400,000 maintained his current interests, also acquiring interests that were being held by Hildreth.

The properties in dispute were referred to as the "old Gunn holdings," which Satterfield began purchasing several years ago.

Roy Hildreth keeps tabs on bidding process, Satterfield issued highest bid


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