POSC Rebrands as Energistics.

Energistics New Leadership and Business Strategy Deliver Bottom Line Value to the Upstream Oil & Gas Industry

HOUSTON -- Energistics launched its new brand identity and its Energy Standards Resource Centre during the 2006 Standards Summit & Reception in Houston yesterday.

Formerly the Petrotechnical Open Standards Consortium (POSC), Energistics' rebranding supports the new leadership goal of executing a market-focused business strategy. The mission of Energistics is to deliver the upstream oil and gas industry the means to produce, deploy and maintain common information and data standards. Facilitating a global community of open standards users will expand the adoption and drive the deployment of technical standards, while increasing the economic relevance of standards to the upstream oil and natural gas industry.

Commenting on the announcement, Energistics President and CEO Randy Clark, said, "We are very excited about the launch of Energistics and its new operating model. The Energy Standards Resource Centre will provide the upstream industry an open and collaborative environment that delivers real bottom-line value to the industry. As the facilitator for development, adoption and deployment of data and information-transfer standards, we will work with members to improve information exchange and increase business-process efficiency for E&P companies and professionals. Energistics is focused on ensuring that standards initiatives are market-driven and result in clear business value."

As part of Energistics' repositioning, the 2006 Standards Summit was designed to bring together thought leaders and standards experts to direct the future of energy standards. More than 180 participants attended the Summit where key areas of discussion focused on production optimization, integration of technical and business data, and the future direction for upstream standards.

"The E&P industry recognizes that increased standardization can result in millions of dollars of additional value in the area of production optimization alone, and there are additional millions to be saved in other areas of the business," added, Jonathan Lewis, Energistics Chairman of the Board. "With Energistics' inclusive membership, we have the unique opportunity and capability to help the industry capture significant value, not only in man hours but also financially. Today's announcement demonstrates Energistics commitment to drive the deployment and economic relevance of upstream industry standards."

Energistics is an international, not-for-profit, membership organization uniquely designed to unite industry professionals with standards issues and ideas and to address collaboratively E&P information challenges and opportunities. Membership consists of independent oil companies, national oil companies, service companies, software vendors, system integrators and the global user community. For more information visit our website at www.energistics.org.