Petroleum Place signs agreement with Halliburton Energy Services

Aug 07, 2000 02:00 AM

Internet energy portal Petroleum Place, announced that it has signed a definitive agreement with Halliburton Company's Halliburton Energy Services, pursuant to which Halliburton Energy Services will acquire a 15 % equity stake in Petroleum Place. In connection with this agreement, the parties will establish a global, comprehensive technology sharing and marketing alliance.
This alliance will enable Petroleum Place to serve as an application service provider (ASP) for some of the leading exploration and production software applications from Landmark Graphics Corporation, a subsidiary of Halliburton Company, for use in the acquisition and divestiture (A&D) process on producing and non-producing oil and gas properties that are hosted on the Petroleum Place Web site.
It will also enable Petroleum Place to expand its international presence by co-promoting its products and services through Halliburton's world-wide sales and marketing organisation. The transaction is expected to close following approval from Petroleum Place shareholders and the Federal Trade Commission.

Petroleum Place hosts a range of domestic and international oil and gas properties on its Web site from producing properties featured in its e-catalogue and online auctions to undeveloped prospects showcased through secure electronic deal rooms. Through its Web site and The Oil & Gas Asset Clearinghouse, its wholly-owned subsidiary, Petroleum Place provides a full range of data, applications and transaction services to support each stage of the acquisition and divestiture process -- streamlining the discovery, evaluation, acquisition, divestiture and processing of property transactions.
Gary R. Vickers, president and CEO of Petroleum Place, said, "We are very pleased to have formed this alliance with Halliburton, one of the leading, diversified providers of products and services to the energy industry. Through Halliburton's world-wide presence and Landmark's leadership in computer-aided exploration and production technology, we are positioned to deliver a comprehensive solution for the discovery and evaluation phases of the online property transaction process."
Richard E. Herrmann, senior vice president geotechnology and business development of Petroleum Place, commented, "Our goal is to bring Internet efficiencies to the acquisition and divestiture sector of the upstream energy industry. By providing quick and secure access to relevant data packaged with evaluation tools, we will greatly expedite the due diligence process and reduce or eliminate the physical data room phase. We compress the entire property transaction process from the online marketing and technical evaluation of properties to the seamless integration of transactions through back office accounting, land and production systems. Halliburton and Landmark are ideal partners for achieving our goals in the future."
Robert Peebler, vice president of e-Business Strategy and Ventures for Halliburton Company, commented, "Our alliance with Petroleum Place will be a complementary component of the knowledge sharing environment that we are developing through our venture with Science Applications International Corporation (SAIC). We view Petroleum Place as the emerging leader in the A&D marketplace and look forward to working with them to create seamless workflows between the two ventures to provide new and improved ways for exploration and production professionals to collaborate on the discovery, evaluation and exchange of oil and gas properties."

Petroleum Place is an energy Internet marketplace serving the upstream petroleum industry. The Petroleum Place Web site, which was launched in 1995, seeks to bring price and process efficiencies to each stage of the oil and gas property transaction lifecycle, streamlining the discovery, evaluation, acquisition, divestiture, and processing of petroleum properties.
Petroleum Place provides a broad range of integrated, Internet-enabled solutions and services including: floor, Internet, hybrid, reverse auctions and negotiated transactions delivered through The Oil & Gas Asset Clearinghouse, a leading provider of acquisition and divestiture services for oil and gas properties and prospects.
It markets properties through electronic catalogues of auction properties and sophisticated electronic data rooms, and provides geotechnical data and analysis tools delivered over the Internet to support the discovery and evaluation process. In addition, an exclusive members-only listing service containing over 21,000 properties available for sale, trade or exchange is offered through TradeBank.
Through a pending acquisition, Petroleum Place will offer an enterprise resource planning system to support the processing of petroleum properties, including accounting, billing, land and production management software solutions. In addition to its e-commerce solutions, Petroleum Place offers EnergyGate, its online industry specific magazine, a directory of industry service providers, information on employment opportunities, as well as other business information specific to the needs of petroleum industry professionals.

Landmark is the leading supplier of integrated E&P technical and economic software and services to support decision making about finding, drilling and producing oil and gas. Knowledge-based E&P companies now are turning to Landmark for technical-to-business (T2 b) process integration for improving returns on their investments.

Halliburton Company, founded in 1919, is the world's largest provider of products and services to the petroleum and energy industries. The company serves its customers with a broad range of products and services through its Energy Services Group and Engineering and Construction Group business segments. In 1999, Halliburton's consolidated revenues were $ 14.9 bn and it conducted business with a workforce of approximately 100,000 in more than 120 countries.

Source: Petroleum Place, Inc.
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