Press Release: New P2 Managed Reserves Streamlines Reserves Reporting03/24/2014
Modern reserves management software enables due diligence in reserves valuations and auditing
DENVER, CO – (March 24, 2014) – P2 Energy Solutions (P2) announced the release of P2 Managed Reserves 7.0, the most significant update to their reserves management solution ever.
For upstream oil and gas companies and National Oil Companies (NOC’s), the valuation and reporting of their reserves is a critical process. Reserves management is data intensive and needs to be easily audited, whether you’re a public company looking to remain SOX compliant, or a private firm dealing with lenders, buyers, and other investors. Improper management of a company’s reserves can lead to costly expenses such as data clean up, hiring external consultants, extra audits and, in some cases, severe legal implications.
P2 Managed Reserves 7.0 is a reliable repository for reserves data that enables team collaboration on reserves management and reporting. It easily integrates with existing processes, including:
- Microsoft Excel processes
- Production accounting
- Reservoir engineering
- Economics tools
By simplifying the reporting process and database management, companies can perform reserves value reconciliations in minutes or hours rather than days or weeks. P2 Managed Reserves 7.0 is the first reserves management system to offer accurate historical hierarchies regardless of any structural changes that may have been made, further enhancing the repository’s value and providing an immediate benefit.
“Reserves management is a critical process for upstream companies. There is obviously a great deal of risk associated with inaccurate reporting, especially considering the vast number of data sources and inputs. P2 made a significant investment to massively upgrade this capability,” commented Charles Goodman, CEO of P2.
With several super-majors already migrating to the latest version of P2 Managed Reserves, P2 is excited by the momentum and customer feedback on the solution.
About P2 Energy Solutions
P2 Energy Solutions is the only technology company that provides a comprehensive range of software, geospatial data, land management tools, and outsourcing to the energy industry. More than 1,450 companies use P2 products and services daily to improve decision-making, gain clarity into complex workflow scenarios, and optimize upstream efficiency. P2's core focus is the upstream oil and gas industry. P2's solutions are flexible and extensible and have been adopted by customers in manufacturing, midstream oil and gas, mining and minerals. With more than 80 years of experience in data and 30 years in software, P2 has offices around the world, and employs over 700 people.