Petroleum Place Announces Debut of VirtualBasin(TM)

Apr 26, 2001, 01:00 ET from Petroleum Place, Inc.

    DENVER, April 26 /PRNewswire/ -- Petroleum Place, Inc., a leading Internet
 portal and marketplace serving the upstream energy industry, announces the
 debut of VirtualBasin(TM), an environment that offers oil and gas companies
 the ability to convert idle leases and/or exploration ideas in non-core areas
 into revenue generating opportunities.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20000925/PETROLOGO )
     VirtualBasin(TM) combines the Petroleum Place asset marketplace that
 engages over 16,000 qualified buyers and sellers of producing properties with
 a robust technology platform.  This platform features industry leading
 applications such as those from its strategic partner Landmark Graphics,
 enabled through GrandBasin, Landmark's online collaborative e-workspace.
 Through VirtualBasin(TM), oil and gas companies can market their properties
 and prospects to a worldwide audience and provide a technology platform for
 interpreters to collaborate, access and evaluate data in a secure, online
 environment.
     By leveraging the Internet, VirtualBasin(TM) enables oil companies to
 attract and solicit the skills and experience of thousands of independent and
 consultant interpreters and geoscientists in the industry.  Through creative
 business arrangements interpreters may engage in creating or submitting
 prospects to oil and gas companies in exchange for prospect fees and other
 interest.
     Petroleum Place is currently working with a major independent on a pilot
 project based on VirtualBasin(TM).
 
     About Petroleum Place, Inc.
     Petroleum Place, Inc. is an Internet marketplace serving the upstream
 petroleum industry.  The Petroleum Place Web site (www.petroleumplace.com),
 which was launched in 1995, seeks to bring price and process efficiencies to
 each stage of the oil and gas property transaction lifecycle, streamlining the
 discovery, evaluation, acquisition, divestiture, and managing of petroleum
 properties.  Petroleum Place provides a broad range of integrated,
 Internet-enabled products and services supporting each of these stages,
 including online oil and gas asset databases (discovery); geotechnical data
 and applications (evaluation); negotiated transaction services, hybrid and
 exclusively online auctions (acquisition and divestiture); and accounting,
 asset management and enterprise resource planning solutions (managing).
 
     Legal Notice Regarding Forward-Looking Statements
     This release may contain forward-looking statements regarding Petroleum
 Place's business, customers or other factors that may affect future earnings
 or financial results.  Actual results could differ materially from those
 projected in such forward-looking statements.  Additional information
 concerning factors that could cause our actual results to differ materially
 from those contained in the forward-looking statements can be found in
 Petroleum Place's filings with the Securities and Exchange Commission (SEC),
 including its registration statement on Form S-1 that was filed with the SEC
 on May 19, 2000, which identify important risk factors that could cause actual
 results to differ from those contained in the forward-looking statements.
 Copies of filings made with the SEC are available through the SEC's electronic
 data gather analysis and retrieval system (EDGAR) at www.sec.gov.  Petroleum
 Place assumes no obligation to update the forward-looking statements included
 in this document.
 
     This communication shall not constitute an offer to sell, or the
 solicitation of an offer to buy, nor shall there by any sale of these
 securities in any State in which such offer, solicitation, or sale would be
 unlawful prior to the registration or qualification under the securities laws
 of any such State.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X38654177
 
 

SOURCE Petroleum Place, Inc.
    DENVER, April 26 /PRNewswire/ -- Petroleum Place, Inc., a leading Internet
 portal and marketplace serving the upstream energy industry, announces the
 debut of VirtualBasin(TM), an environment that offers oil and gas companies
 the ability to convert idle leases and/or exploration ideas in non-core areas
 into revenue generating opportunities.
     (Photo:  http://www.newscom.com/cgi-bin/prnh/20000925/PETROLOGO )
     VirtualBasin(TM) combines the Petroleum Place asset marketplace that
 engages over 16,000 qualified buyers and sellers of producing properties with
 a robust technology platform.  This platform features industry leading
 applications such as those from its strategic partner Landmark Graphics,
 enabled through GrandBasin, Landmark's online collaborative e-workspace.
 Through VirtualBasin(TM), oil and gas companies can market their properties
 and prospects to a worldwide audience and provide a technology platform for
 interpreters to collaborate, access and evaluate data in a secure, online
 environment.
     By leveraging the Internet, VirtualBasin(TM) enables oil companies to
 attract and solicit the skills and experience of thousands of independent and
 consultant interpreters and geoscientists in the industry.  Through creative
 business arrangements interpreters may engage in creating or submitting
 prospects to oil and gas companies in exchange for prospect fees and other
 interest.
     Petroleum Place is currently working with a major independent on a pilot
 project based on VirtualBasin(TM).
 
     About Petroleum Place, Inc.
     Petroleum Place, Inc. is an Internet marketplace serving the upstream
 petroleum industry.  The Petroleum Place Web site (www.petroleumplace.com),
 which was launched in 1995, seeks to bring price and process efficiencies to
 each stage of the oil and gas property transaction lifecycle, streamlining the
 discovery, evaluation, acquisition, divestiture, and managing of petroleum
 properties.  Petroleum Place provides a broad range of integrated,
 Internet-enabled products and services supporting each of these stages,
 including online oil and gas asset databases (discovery); geotechnical data
 and applications (evaluation); negotiated transaction services, hybrid and
 exclusively online auctions (acquisition and divestiture); and accounting,
 asset management and enterprise resource planning solutions (managing).
 
     Legal Notice Regarding Forward-Looking Statements
     This release may contain forward-looking statements regarding Petroleum
 Place's business, customers or other factors that may affect future earnings
 or financial results.  Actual results could differ materially from those
 projected in such forward-looking statements.  Additional information
 concerning factors that could cause our actual results to differ materially
 from those contained in the forward-looking statements can be found in
 Petroleum Place's filings with the Securities and Exchange Commission (SEC),
 including its registration statement on Form S-1 that was filed with the SEC
 on May 19, 2000, which identify important risk factors that could cause actual
 results to differ from those contained in the forward-looking statements.
 Copies of filings made with the SEC are available through the SEC's electronic
 data gather analysis and retrieval system (EDGAR) at www.sec.gov.  Petroleum
 Place assumes no obligation to update the forward-looking statements included
 in this document.
 
     This communication shall not constitute an offer to sell, or the
 solicitation of an offer to buy, nor shall there by any sale of these
 securities in any State in which such offer, solicitation, or sale would be
 unlawful prior to the registration or qualification under the securities laws
 of any such State.
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X38654177
 
 SOURCE  Petroleum Place, Inc.