ODESSA, Texas, September 1, 2010 /PRNewswire/ -- The U.S. oil and gas industry's largest auction firm is hosting an unprecedented series of auctions in three cities over 15 days, featuring more than 125 well service and drilling rigs, including some three dozen late-model rigs.

Kruse Energy and Equipment Auctioneers, LLC is leading off with a major three-day auction in Oklahoma City, OK featuring 61 well service rigs and eight drilling rigs, trucks and equipment on September 21, 22 and 23. This will be followed by an offering of more than 40 quality portable drilling/workover rigs and components in Denver, CO on September 29. And finally on October 5 and 6 in Odessa, TX, a selection of well service rigs, drilling components, trucks and trailers. One of the highlights of this sale is, during the Oklahoma City sale, Kruse Energy will be selling a never used 3000HP Electric Draw Works and a 1000 ton block and hooks.

This is an unprecedented sale of late-model drilling and well service rigs, said David Long, co-founder of Kruse Energy and Equipment Auctioneers, LLC. Because of the strong demand for energy and the strength of the industry, companies are upgrading equipment. Companies are now choosing competitive bidding through auctions to get the top dollar for their assets.

Kruse Energy will be selling more than 40 rigs that are 2006, 2007, 2008 and 2009 models.

This is good for the U.S. oil and gas industry, said Kruse Energy chief auctioneer Jim Richie. These sales mean companies are upgrading and due to the strong demand for energy, more rigs will be going to work in the U.S.

This is a very exciting happening and it will bring qualified bidders from all over the world, added Richie. This is a historic offering.

Kruse Energy, which has conducted 90 percent of the industry auctions over the last 25 years, operates in all 50 states, Canada and 31 foreign countries with offices in Odessa, TX, Tulsa, OK, San Antonio, TX, Oklahoma City, OK and Tyler, TX.

For more information, visit http://www.kruseenergy.com.

MEDIA CONTACT: Steve Braley at +1-561-310-2555 or via email at sbraley@kruse.com

SOURCE: Kruse Energy and Equipment Auctioneers, LLC

CONTACT: Steve Braley of Kruse Energy and Equipment Auctioneers, LLC,+1-561-310-2555, sbraley@kruse.com