Houston, TX (February 27, 2008) P2 Energy Solutions, the industry’s leading provider of oil and gas software and services, is pleased to announce the launch of Qbyte Accounting Services in Canada through P2 Energy Solutions Alberta ULC (formerly Qbyte). P2 Energy Solutions Alberta ULC offers specialized software and services to the petroleum industry.

 

In Canada, P2 Energy Solutions Alberta has been providing its customers with oil and gas financial, production accounting, land administration and query and mapping software through the use of Qbyte Financial Management, Qbyte PRISM, Qbyte Land Management and Qbyte PetroLAB software. Clients have always had the choice of traditional in-house or hosted solutions via Qbyte Online. Qbyte has now taken the hosting service to the next level by adding additional experienced in-house staff to perform financial, production accounting and land administration services on behalf of our clients. This service will complete both monthly filings and deliver monthly reports to meet senior management’s reporting obligations.

 

P2 Energy Solutions Qbyte Accounting Service provides customers with five key benefits, including:

 

Bruce MacDonald, vice president, global hosting services, P2 Energy Solutions explains, "Our Qbyte Accounting Service is targeted primarily at smaller oil and gas companies. Our service is ideal for an organization that decides to avoid the time and expense of establishing a back-office function by outsourcing. Additionally, our knowledge of the Canadian oil and gas industry is unmatched. As such, clients rely upon our reporting mechanisms and accounting capabilities in areas such as the Canadian royalties’ regime."

Mr. MacDonald continues, "The central goal of our Qbyte Accounting Service is to provide an effective, variable cost approach for contract accounting and land administration services to independent oil and gas producers to better enable management to focus on core activities. What’s more, we are set-up and ready to go, enabling us to offer a very quick and efficient solution to difficult staffing problems. P2 Energy Solutions sees interest in hosted offerings growing over the coming years; this is the reason we are excited to be able to offer a full contract accounting service, including people, software and computing infrastructure. In short, everything a company operating in the oil and gas sector will need to fulfill its financial, production accounting and land administration needs."

About P2 Energy Solutions Inc. P2 Energy Solutions, Alberta (formerly Qbyte) is a wholly owned subsidiary of P2 Energy Solutions. 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 business management solutions. 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.