Casbah-powered Auction Up and Running At Petroleum Place in 14 Days; One-Day Hybrid Auction Sets Record $28.4 Million in Properties Traded.Business Editors SAN JOSE San Jose, city, United States San Jose (sănəzā`, săn hōzā`), city (1990 pop. 782,248), seat of Santa Clara co., W central Calif.; founded 1777, inc. 1850. , Calif.--(BUSINESS WIRE)--April 20, 2000 Casbah Corporation, the technology partner of choice for business-to-business (B2B (Business to Business) Refers to one business communicating with or selling to another. See B2B e-commerce, B2C and B2G. B2B - business to business ) net market makers, announced today that Petroleum Place, Inc. (www.petroleumplace.com), one of the leading online portals and digital marketplaces for the upstream From the consumer to the provider. See downstream. (networking) upstream - Fewer network hops away from a backbone or hub. For example, a small ISP that connects to the Internet through a larger ISP that has their own connection to the backbone is downstream from the larger oil and gas industry, successfully integrated Casbah's Internet Exchange See IXP and NAP. technology into its Web site for its March 15th auction of oil and gas properties. Casbah's scalable solution, a hosted ASP asp, popular name for several species of viper, one of which, the European asp (Vipera aspis), is native to S Europe. It is also a name for the Egyptian cobra (Naja haja). model, was incorporated into the Petroleum Place site within 14 days. The Casbah-powered cyberauction enabled Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the participants to place real-time 1. real-time - Describes an application which requires a program to respond to stimuli within some small upper limit of response time (typically milli- or microseconds). Process control at a chemical plant is the classic example. bids during the live, oral-bid auction hosted by The Oil & Gas Asset Clearinghouse ("The Clearinghouse"), a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Petroleum Place. The Clearinghouse is a market leader in live, oral-bid auctions of oil and gas properties. The one-day auction was the largest in The Clearinghouse's history and set an industry record with more than 480 floor and Internet bidders, who purchased 375 lots for more than $28.4 million. "The success of this auction is a huge affirmation A solemn and formal declaration of the truth of a statement, such as an Affidavit or the actual or prospective testimony of a witness or a party that takes the place of an oath. An affirmation is also used when a person cannot take an oath because of religious convictions. of Casbah's ability to rapidly deliver trading solutons to our customers," said Ben Smith, senior vice president of corporate development at Casbah. "Our customizable, user-friendly interfaces readily adapt to any business-to-business auction setting. Our technology simplifies the complex process of bringing together buyers and sellers, which is vital to helping digital marketplaces, such as Petroleum Place, build liquidity." The enhanced bidding features of Casbah's Internet Exchange technology kept Petroleum Place's online participants equally matched with floor bidders, as its real-time, push-pull communication bus delivered up-to-the-minute information on the auction and the status of their bids. In total, Casbah processed approximately $300,000 of winning bids for Internet bidders. In addition, the day saw the largest bid -- $1.2 million -- and the largest winning Internet bid -- $290,000 -- in Casbah history. "We have received a very enthusiastic response from our clients since the March 15th auction," said Kenneth R. Olive, Jr., president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of The Oil & Gas Asset Clearinghouse. "In the past, many of our bidders have been required to travel long distances to participate in our live auctions. Now, thanks to Casbah's Internet Exchange technology, they can bid from anywhere in the world as if they are right on the auction floor." The Clearinghouse's next hybrid auction is scheduled for April 26th. Future enhancements will include Casbah's bidder credit, community controls and auction management tools, that will enable The Clearinghouse to notify its clients of changes to offered Lots. About Petroleum Place, Inc. Petroleum Place, Inc. (www.petroleumplace.com), offers a comprehensive line of services to promote and enable the sale and trade of petroleum properties through its digital marketplace. Launched in 1995, the Petroleum Place Web site is one of the leading and most visited portals for the upstream oil and gas industry. Petroleum Place offers e-commerce solutions, content (through the EnergyGate online magazine), and community services for the worldwide energy industry. The site contains a listing for more than $1 billion of proven reserves and producing properties available for sale or trade, a directory of nearly 3,000 industry service providers, a database of nearly 8,000 pieces of used equipment, and more than 1,000 resumes of industry professionals. In 1999, Petroleum Place acquired The Oil & Gas Asset Clearinghouse, the Houston-based leader in live oral bid auctions of oil and gas properties. In addition to holding live oral-bid auctions, The Clearinghouse provides a comprehensive line of Internet enabled services, including simultaneous Internet and floor bidding at live auctions, exclusively online auctions, negotiated transaction services, Data Room Administration and high levels of engineering and geotechnical analysis supporting these properties. The Oil & Gas Asset Clearinghouse is a wholly owned subsidiary of The Petroleum Place, Inc. Petroleum Place also owns and operates TradeBank, Inc., one of the industry's premier acquisition and divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). communities for oil and gas property deal information, listings, trade opportunities, and networking. About Casbah Casbah Corporation (www.casbahcorp.com), an e-commerce solutions provider, is the Transaction Service Provider (TSP TSP - travelling salesman problem ) of choice for B2B net market makers. Casbah offers the only market-ready technology capable of powering the next generation of business-to-business Internet exchanges: virtual trading networks that allow multiple buyers and sellers to conduct automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. transactions in real time using multiple decision criteria while simultaneously interacting with parties throughout the supply chain. Its unrivaled Internet Exchange technology is easy to deploy and platform-independent. Casbah has formed strategic partnerships with Cambridge Technology Partners and EDS-A.T. Kearney Ventures. Current customers include PetroleumPlace, CapacityWeb, Butterfields (an eBay company), and Daewoo Information Systems. Casbah can be reached in the U.S. at 408/280-1975 or via e-mail at info@casbahcorp.com. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion