HOUSTON— By the second lot of the auction, it was clear the spark of The Oil & Gas Asset Clearinghouse auction was as bright as ever.

“Here we go, folks, let’s have an auction right here in Houston, Texas—Clearinghouse style,” auctioneer Bill Sturgis shouted out to an audience of bidders, some watching online and others in-person at the opulent Houstonian Hotel.

On June 9, Clearinghouse held its first auction since being purchased by OFSCap. The second lot up for sale was a Comstock Resources’ (NYSE: CRK) operated property package in Sebastian County, Ark., and Le Flore County, Okla.

Sturgis opened the lot at $50,000.

An online bidder quickly doubled the asking price: $100,000.

The pulse of the room quickened. Bidding escalated on the floor and via the Internet as the price rapidly shot past $1 million.

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