Press Release: P2 Energy Solutions to Acquire Merrick Systems11/13/2014
Links Upstream Back Office and Field for Enterprise-wide Production Management
DENVER, CO – (Nov. 13, 2014) – P2 Energy Solutions (“P2”) today announced it has signed a definitive agreement to acquire Merrick Systems, Inc. (“Merrick”), combining Merrick’s production management software with P2’s extensive upstream oil and gas software and data portfolio. Merrick has a strong U.S. position in production management and field operations currently supporting an estimated 25% of U.S. wells. Today, many mutual customers already recognize the benefits from using both systems in their day-to-day operations, and will benefit from the closer integration of these capabilities.
Merrick’s Production Manager is a comprehensive software solution for production management and hydrocarbon accounting combining tightly integrated tools for capturing and validating field data, hydrocarbon allocations, analysis and reporting of production.
“Merrick’s strong market position and 25-year legacy in production management make it a natural fit for P2,” said Charles Goodman, P2’s CEO. “Combined with P2’s back-office strength, together with Merrick we can support upstream organizations that want to run a real-time, data-driven model for optimized production.”
“Together, Merrick and P2 can benefit customers by combining our products to manage day-to-day operations and to streamline the flow of data from the wellhead to the back office,” Merrick President and CEO Scott Raphael said.
Merrick founder, board member and COO Samina Farid said, “I’m excited to join forces with P2. We see a tremendous benefit for our customers and employees in becoming a part of the P2 family. We look forward to working as a team to provide the best industry offerings and superior service to our clients.”
The closing of the acquisition is subject to customary regulatory approvals and closing conditions. P2 expects the transaction to be completed before year end.
Ola Saetre, of HitecVision—Merrick’s financial sponsor—commented, “It’s been an exciting journey working with Merrick, and we think P2’s complementary products and global reach will take the Production Manager software suite to the next level.”
Chris Egan, Managing Director at Advent International—P2’s financial sponsor—said, “We look forward to working with the Merrick team to build something truly special for the upstream oil and gas industry.”
P2 Energy Solutions Empowers the People Who Power the World. Upstream oil and gas professionals who are focused on solving tough challenges rely on P2 software, data and analytics solutions to optimize their business performance. More than 1,500 companies from around the world use P2 solutions every day to manage their land assets, measure and process financial information, optimize production, manage their reserves and so much more. www.p2energysolutions.com.
Merrick is an experienced leader providing Production Management and Hydrocarbon Accounting software in the oil and gas industry. For over 25 years, Merrick has partnered with leading exploration and production companies to provide energy professionals with the software that gives them the comprehensive data they need to accurately manage their production, assets, and operations. www.merricksystems.com.