Classic Hydrocarbons Inc. Contracts with P2 Energy Solutions’ Petroleum Financial Outsourcing Solution
February 5, 2008
Classic Hydrocarbons Inc. Contracts with P2 Energy Solutions’ Petroleum Financial Outsourcing Solution
HOUSTON (February 5, 2008)—P2 Energy Solutions, a leading provider of business software and outsourcing services to the oil and gas industry, announces that Classic Hydrocarbons Inc., based in Fort Worth, Texas, has implemented its Petroleum Financial (PFI) outsourcing solution to manage its growing land and accounting needs.
PFI is a technology-centric outsourcing service that helps growth-oriented oil and gas companies manage their land and accounting operations without the typical costs and capital expenditures associated with running a back office. Through advanced, proprietary technology, PFI provides customers with Web-based access to reporting, document management, and business analysis tools to help them run their businesses more efficiently and effectively.
Classic is a private equity funded oil and gas company focused on growth through low risk strategic acquisitions, leasehold accumulation, and development and exploitation drilling. Classic is backed by equity provided by company management and Natural Gas Partners VIII, LP.
When Classic’s management team was analyzing the due diligence requirement for a large acquisition they realized that in order to support their new volume of business they would need to make some major enhancements to their back office accounting and land infrastructure processes. Instead of making an investment in a system upgrade and increasing personnel, Classic made the strategic decision to outsource non-core aspects of accounting to PFI.
“By letting PFI handle our back office accounting and land administration, we are free to focus on big-picture, financial management issues,” said Greg Oliver, controller of Classic Hydrocarbons Inc. “We had two main criteria to fulfill; first, to transition a large acquisition from a legacy accounting system to PFI, and second, to have accounting operations ready in less than two months. PFI met all of our timelines and is now successfully processing all of our back office needs. We now have the infrastructure in place to make other strategic acquisitions; without worrying that our back office cannot keep up.”
Jerry Rugg, senior vice president of P2 Energy Solutions commented, “We are pleased to bring Classic into our customer base and look forward to a long, successful relationship. Fast growth oil and gas companies today need the flexibility that a technology driven outsourcing solution can deliver. Our large service center with established best practices delivers a great alternative to purchasing software and trying to hire scarce human resources.”
About P2 Energy Solutions Inc.
P2 Energy Solutions focuses on the development and support of data, software and enterprise services to meet the information and business process needs of the energy industry. P2 Energy Solutions is the oil and gas industry’s most comprehensive source of asset management solutions including Entelligent, Enterprise Upstream, Excalibur, Qbyte, Enterprise Land Tobin GIS Studio™ and Tobin SuperBase™. With solutions deployed at more than 500 companies worldwide, P2 Energy Solutions enables clients to achieve greater productivity while maintaining effective controls.
The company has an 80-year history of serving the oil and gas industry and understands its workflow processes. P2 Energy Solutions has the breadth and depth of expertise to meet the expanding financial, operational and data management needs of energy companies from private independents to supermajors. More information can be found at www.p2es.com. |
