FOR IMMEDIATE RELEASE
PetroAcct and Production Access to Provide Oil and Gas Production Accounting Outsourcing Services
Dunhill Resources signs on as first client
Houston, Texas (November 28, 2001) - Production Access, Inc. (PA), the oil and gas industry market leader in integrated production operations software, announced today an alliance with PetroAcct, L.P. (PetroAcct) to offer production accounting outsourcing services to oil and gas companies using PA's Production Center software.
PetroAcct's first production accounting client is Dunhill Resources, a Houston-based Exploration & Production company. In a recent acquisition, Dunhill Resources had a window of 45 days to set up operations of 70+ wells. Dunhill chose PetroAcct's proven outsourcing services to meet their tight deadline, including production accounting using PA's Production Center.
"Many times our new clients have a very short timeframe to transition operations and accounting responsibilities. Making certain that we have the proper resources in terms of capable employees and software tools to meet this demand is very critical. Production Access' software passed the test," said Jim Boney, President of PetroAcct.
E&P companies now have the opportunity to outsource their complete "Back Office" function to PetroAcct. PetroAcct's outsourcing model allows companies to focus on their core competencies, finding and producing oil and gas, while relying on outside experts to handle their accounting, land administration and production accounting requirements.
Production Center is one of four software modules that comprise PA's Operations Center. PetroAcct's clients have the option to acquire Drilling Center, Wellwork Center and P&L Center directly from PA, creating a fully integrated IT infrastructure that optimizes the workflows between an E&P company's financial and drilling and production engineering domains
Thomas R. Bandy, PA's President and CEO commented: "We are pleased that PetroAcct is now offering production accounting outsourcing services using our Production Center. The combination of PetroAcct's services and our industry-leading software solutions represents an strong alternative to an in-house production accounting function."
About Production Access, Inc.
PA provides software and data management products that make oil and gas companies more efficient by bringing together operational information from multiple disciplines. PA's enterprise solution enables users to manage operational data, and produce better decisions throughout the company. Using PA's products, oil and gas operators can gather, organize, and deliver operational information about AFE, drilling, wellwork, production, and asset performance. Production Access, Inc. is headquartered in Houston. For more information about Production Access products or services, visit http://www.productionaccess.com, e-mail info@productionaccess.com, fax 281-759-3111, or call 281-759-2002.
About PetroAcct, L.P.
PetroAcct, L.P. was formed in January 1999 for the purpose of offering oil and gas accounting, land administration, production accounting and product marketing services to the oil and gas industry. PetroAcct is based on three principle fundamentals - experience, professionalism and client focused. The PetroAcct team has direct oil and gas accounting outsourcing experience of more than 40 years. Sixteen clients are today utilizing PetroAcct's oil & gas outsourcing services. The company is based in Houston, Texas. For more information about PetroAcct's services, visit http://www.petroacct.com, e-mail info@petroacct.com, fax 713-772-0752, or call 713-772-0664.
COMPANY INFORMATION - PRODUCTION ACCESS, INC.
Lars P. Eliassen, Director of Marketing
281-759-2002
E-mail: larse@productionaccess.com
COMPANY INFORMATION - PETROACCT, L.P.
J. Michael Tissue, Executive Vice President
713-772-0664 x-120
E-mail: mtissue@petroacct.com