P2 Energy Solutions Announces that Energy XXI has Licensed and Implemented its
April 15, 2008
P2 Energy Solutions Announces that Energy XXI has Licensed and Implemented its
Excalibur Energy Management Software
HOUSTON, TX (April 15, 2008)—P2 Energy Solutions, a leading provider of business software to the oil and gas industry, announces that Houston-based Energy XXI USA Inc., the primary operating subsidiary of Energy XXI (Bermuda) Limited (NASDAQ: EXXI), has implemented its Excalibur Financial Management software solution.
The Excalibur Energy Management system is an integrated oil and gas software solution that includes over 25 modules spanning the areas of production management, land and lease management and financial accounting. Used by over 120 independent producers in the United States, the system can meet the diverse and sophisticated needs of a large organization, or equally well, serve as a growth platform for smaller organizations.
Since their formation in 2005, Energy XXI has followed an aggressive growth through acquisition strategy that has seen them purchase properties primarily located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. The speed and complexity of the growth pattern meant their legacy financial accounting system was increasingly inefficient in meeting their needs.
“P2 Energy Solutions’ Excalibur accounting system was selected as a replacement because of its rich functionality, high level of support and ability to meet our future growth needs,” said Rick Fox, controller, Energy XXI. “With a company as dynamic as Energy XXI, we had to be certain that we were partnering with a vendor established and big enough to handle whatever we threw at them.”
Mr. Fox continues, “Another key consideration in the selection process was Excalibur’s ability to integrate with complementary, third-party IT systems. P2 Energy Solutions has established partnerships and alliances that make the integration process much easier for the customer. These supported integrations and interfaces take the burden off of our IT staff and lower our IT costs.”
Speaking from P2 Energy Solutions’ Houston office, Darrell Jones, senior vice president, Excalibur, states that “Excalibur serves as an ideal growth platform for a fast-growing company such as Energy XXI. Our large, knowledgeable staff, a proven delivery methodology and a stable software platform provides a total business solution which assures we can meet the challenges of Energy XXI’s continued aggressive acquisition strategy. Excalibur anticipates a long and fruitful partnership with Energy XXI.”
About Energy XXI
Energy XXI is an independent oil and natural gas exploration and production company whose growth strategy emphasizes acquisitions, enhanced by its value-added organic drilling program. The company’s properties are primarily located in the U.S. Gulf of Mexico waters and the Gulf Coast onshore. Offshore properties are primarily comprised of large legacy oil fields where activity focuses on exploitation, while onshore properties are primarily natural gas focused, with a large exploration component. Proved reserves and production are about evenly distributed between oil and gas.
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, Reserves Management, 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. |
