Mission Resources Selects Quorum for Contract Management Solution; New Agreement Extends Mission's Licensing of Quorum Energy Suite Software Products.Energy Editors/Business Editors/High-Tech WritersHOUSTON--(BUSINESS WIRE)--Sept. 9, 2003 Quorum A majority of an entire body; e.g., a quorum of a legislative assembly. A quorum is the minimum number of people who must be present to pass a law, make a judgment, or conduct business. Business Solutions Inc. (Quorum) announced today that Mission Resources Corporation (Nasdaq:MSSN MSSN Mission (street suffix) MSSN Military Spouse Support Network MSSN Manufacturing & Specialist Support Network ), an independent oil and gas company, has agreed to license the Quorum Contract Management software solution. Mission Resources is an existing licensee of Quorum Land for its land and lease management operations. Quorum Contract Management and Quorum Land are both integral components of the Quorum Energy Suite of software products. Mission Resources is a Houston-based independent exploration and production company that drills for, acquires, develops and produces natural gas and crude oil in the Permian Basin The Permian Basin is a sedimentary basin largely contained in the western part of the U.S. state of Texas. It reaches from just south of Lubbock, Texas, to just south of Midland & Odessa, extending westward into the southeastern part of the adjacent state of New Mexico. of West Texas, in East Texas, along the Texas and Louisiana Gulf Coast and in the Gulf of Mexico Noun 1. Gulf of Mexico - an arm of the Atlantic to the south of the United States and to the east of Mexico Golfo de Mexico Atlantic, Atlantic Ocean - the 2nd largest ocean; separates North and South America on the west from Europe and Africa on the east . "Mission Resources recently concluded that it had a need for a corporate-wide contract management system," said Lloyd Armstong, Mission Resources' Vice President - Revenue Administration. "The scale and complexity of our business has now reached the point where it is obvious that we need a way to centralize cen·tral·ize v. cen·tral·ized, cen·tral·iz·ing, cen·tral·iz·es v.tr. 1. To draw into or toward a center; consolidate. 2. , manage, monitor and optimize our contract information. Quorum Contract Management is the ideal purpose-built solution to meet our requirements." Quorum Contract Management is designed as an enterprise-wide central repository that supports all contract management processes through the entire contract life-cycle. Effective and efficient management of contracts and counter parties is facilitated by accessing contract information in one central location rather than in disparate systems spread across the organization. The software goes beyond data collection to include a number of features such as e-mail notification, performance evaluation Performance evaluation The assessment of a manager's results, which involves, first, determining whether the money manager added value by outperforming the established benchmark (performance measurement) and, second, determining how the money manager achieved the calculated return , and analytical and reporting tools to help users proactively anticipate and optimize evolving business relationships. "As a result of our successful experiences working with Quorum and the Quorum Land software, as well as excellent references provided by other users, Quorum was the natural choice for Mission," said Richard W. Piacenti, Executive Vice President and CFO See Chief Financial Officer. . "Quorum Contract Management is an excellent functional and technical fit for Mission Resources. We have confidence in a successful project outcome given our experience implementing Quorum Land." "We introduced Quorum Contract Management to the energy market last year," said Mr. Paul Weidman, President of Quorum Business Solutions Inc. "Our success in licensing the software multiple times shows that the industry is seeking better ways to address contract management and associated business issues. The broad acceptance of our product also underscores Quorum's unique design philosophy and approach. We are pleased that Mission Resources, an existing customer, has decided to adopt it." About Quorum Business Solutions Inc. Quorum Business Solutions Inc. is a product-centered consulting services company that designs, develops, implements and supports business software solutions with a unique approach to helping clients obtain long-term value. Quorum provides industry standard energy software solutions as well as software products that support selected business processes across multiple industries, including Enterprise Incentive Management (EIM EIM Enterprise Incentive Management EIM Enterprise Information Management EIM Enterprise Identity Mapping (IBM) EIM Enterprise Instant Messaging EIM Employee Internet Management EIM European Institute for the Media ) and Contract Management software. Founded in 1998, Quorum now has over 120 staff operating out of offices in Houston, Dallas and Calgary. Represented among Quorum's clients are over 20 Fortune 500 companies. Quorum provides the Quorum Energy Software Suite, a set of business applications for the energy industry that includes TIPS, the de facto [Latin, In fact.] In fact, in deed, actually. This phrase is used to characterize an officer, a government, a past action, or a state of affairs that must be accepted for all practical purposes, but is illegal or illegitimate. industry standard solution for gas processors. Quorum's energy software products are used by companies that produce, gather, transport, process and market natural gas and other energy commodities. The company's products include Contract Management, Land and Lease Management, Production and Revenue Accounting, Gathering Management, Environmental Management, Joint Interest Billing, TIPS (Gas Plant Accounting and Allocations), Measurement, Right of Way, Pipeline Transaction Management, Pipeline Integrity Management, Liquids (NGL NGL - A dialect of IGL. ) Marketing, Gas Marketing, and LDC LDC See: Less developed countries LDC See less developed country (LDC). Transportation Management. For more information, visit Quorum's Web site at www.qbsol.com or call us at 713-430-8601. |
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