P2 Energy Solutions Completes Acquisition of WellPoint Systems

DENVER, May 2, 2011 /PRNewswire/ -- P2 Energy Solutions today announced it has completed the asset acquisition of Canada-based WellPoint Systems Inc., provider of several leading energy product families including BOLO™ Financial Management Software, IDEAS™ International Oil & Gas Venture Management System, Energy Financial Management and several mid-stream solutions.  

(Logo: http://photos.prnewswire.com/prnh/20110401/CL75819LOGO )

This acquisition has created the largest independent technology company providing solutions to the energy industry.  The consolidated company offers a comprehensive range of financial, production, and operations software, land management tools, mid-stream marketing solutions and outsourcing services to more than 1,200 clients in 65 countries, and employs nearly 700 people. Eighty percent of the top 150 US energy companies*, 91 of the top 100 Canadian operators, and nearly 200 international operators use P2 solutions.

"Adding the WellPoint solutions to our portfolio marks yet another exciting step for our company and further establishes P2 as a global market leader in the upstream energy industry," said P2 Energy Solutions President and CEO Bret Bolin. "I am very excited about the future of P2 and look forward to combining the two amazing organizations into the largest and leading energy solution provider."

In the coming weeks, P2 will hold several client town hall meetings to provide further visibility about this acquisition and how it will result in an extended value offering to the industry.

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 720 top global energy companies use P2 products and services daily to improve decision-making, gain clarity into complex workflow scenarios, and optimize upstream efficiency.  P2 serves the entire energy sector -- including hydrocarbon-sourced, as well as alternative-sourced energy, including solar, wind, hydro, and geothermal. With more than 80 years of experience in data and 30 years in software P2 operates from its global headquarters in Denver, CO, has eight additional locations and employs nearly 700 people.  For additional information, visit: www.p2energysolutions.com.

BOLO™ and IDEAS™ are registered trademarks of P2 Energy Solutions

* Oil and Gas Financial Journal, February 2011

SOURCE P2 Energy Solutions