Upstream Professionals Inc. Announces O&G Total Asset Manager for Laredo Petroleum

HOUSTON--(BUSINESS WIRE)--Upstream Professionals, Inc., an oil and gas consulting firm, has created an innovative solution for Laredo Petroleum, which will revolutionize the way companies will manage their Well Lifecycle environment. O & G Total Asset Manager (TAM) is a software application that combines Asset Management with your Well Lifecycle Management strategy into an enterprise warehouse to allow the integration of information from a variety of sources as you grow through both the drill bit and acquisitions. O & G TAM integrates key information from applications such as drilling, production, economics, land accounting, and others into a framework for business intelligence to drive dashboards and other analytical tools for unlimited insight into business performance and a comprehensive understanding of assets.

“Because TAM is configurable and the formulas and other computational algorithms reside in TAM, implementation is rapid, and clients can start realizing value right away in each phase of the process and add new functionality with ease.”

According to Jerry Schuyler, President of Laredo Petroleum, “O & G TAM automated our Well Lifecycle strategy. It pulls data from multiple applications into one trusted source for easy access and utilization. This gives us a platform for generating accurate data and reports about our assets. From the O & G TAM system, we have created dashboards that help highlight problematic areas quickly and easily. Now, our technical professionals spend most of their time solving problems, not wasting their time sorting through cumbersome databases.”

Key Performance Indicators (KPIs) set in TAM monitor performance and improve asset visibility; minimize downtime, increase capacity, manage capital burn rate and alert potential problems before they are out of control. Business management functions are easily configured with TAM in the form of KPIs & dashboards including: AFE management, capital budget management, supply chain optimization, lease expirations, failure analysis, production performance and more.

"The major problems operators face with their current IT environment include: process inconsistencies, data inconsistencies and clarity across departments and systems. Complicating matters, data resides in multiple sources, is difficult to access and requires intense labor to consolidate information. The end result is that the information is regarded as either too late, or can't be trusted," says Jeff Dyk, Upstream Professionals, Inc. CEO. "Executives simply had to live with this deficiency in their decision-making process until now. Upstream Professionals, Inc. offers software solutions for managing activities in drilling and production, and the next logical step is to integrate these applications into one focal area for 'intelligence' to help you achieve optimal efficiencies & returns on your assets."

"TAM provides trustworthy information to all users, all levels of management. We selected Information Builders for our business intelligence framework, offering robust dashboard capabilities with WebFocus, and cutting edge technology," says Dyk. "Because TAM is configurable and the formulas and other computational algorithms reside in TAM, implementation is rapid, and clients can start realizing value right away in each phase of the process and add new functionality with ease."

The human interface is designed for users to easily add new assets and properties, without the need for systems coders. This feature is especially helpful for a company with aggressive drilling and acquisition plans. New wells can be added to the system through O& G TAM, and bilaterally update new well entries across all applications, while managing well header information for consistency between departments and systems with appropriate audit trails back to the record of source. Upstream Professionals, Inc. believes that O& G TAM will set new benchmarks for business intelligence and data management in the oil and gas industry.

More information on O & G TAM is available at www.upstreamprofessionals.com or by calling 281-736-4876.