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Press Release | Business

Press Release: P2 Energy Solutions Builds Production Accounting Tool To Meet Existing and New Canadian Regulations

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P2’s Qbyte Metrix Production Accounting Solution

Selected by Enerplus To Meet Existing and New Canadian Regulations

DENVER, November 10, 2010 – Qbyte Metrix 2.0, a new web-based production accounting program that satisfies all the new Saskatchewan Registry reporting requirements and seamlessly integrates with major desktop applications has been adopted by Enerplus Resources Fund, one of Canada’s largest oil and gas producers. Qbyte Metrix 2.0 is produced by P2 Energy Solutions.

Companies producing in the Canadian upstream oil and gas market must: 1) meet regulatory reporting requirements; 2) meet royalty and owner revenue and volumetric distribution; and, 3) meet internal reporting requirements to multiple financial and operational stakeholders. Late reporting, incomplete reporting, incorrect reporting, and any non-compliance violations can result in cash-penalty fees, interest charges, and forfeiture of associated mineral leases for production companies.

“Qbyte Metrix allows us to implement the latest technology without the risk of losing critical business functionality,” said Roy Van Housen, Manager of Operations Accounting for Enerplus. “We like P2’s approach to leveraging the established functionality and business logic of Qbyte PRISM, the competitive and predictable cost structure for ongoing support, and the collaborative working relationship with P2.”

“Metrix demonstrates our core commitment to oil and gas production accounting,” said Peter Huggard, Sr. Vice President of Canadian Operations for P2 Energy Solutions. “Qbyte Metrix is designed with a focus on the user experience, production accounting workflow, interoperability, and making production accounting as intuitive as possible.”

New web-based Metrix 2.0 deploys Optix for performance reporting, enables ad-hoc reporting capability, and unique ways to query data, and incorporates activity-based knowledge accumulated over 20 years of tracking iterative business processes unique to upstream oil & gas.

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