HOUSTON--(BUSINESS WIRE)--The Information Store (“iStore”), a developer of oilfield software, announces the commercial launch of WellBitz.com to give petroleum companies access to low-cost tools for managing properties, collaborating, storing, mapping, and analyzing oilfield data. The announcement was made at the North American Prospect Expo (NAPE) Summit in Houston, the industry’s largest event for selling, buying and trading oil and gas properties.
Sustaining or driving further production increases in the United States requires oil and gas professionals and teams to manage an increasing number of complex exploration and production (E&P) projects. What’s more, E&P team members are often located in multiple locations throughout a state or region. WellBitz™ provides individuals and teams with a central online workspace to organize and manage all their E&P projects, including drilling, operations, prospects and investments.
“We are very excited to offer this new technology to our industry at this time,” said Barry Irani, president and CEO of iStore. “WellBitz brings a much needed service to the industry at very affordable prices, at a time when the industry needs to become more efficient and cost effective.”
Designed by E&P veterans for the way E&P professionals work, the service lets users collaborate online, upload and organize oilfield documents; map, chart and analyze data, and securely share information with team members and partners.
“Low subscription cost makes the WellBitz technology accessible to everyone in our industry, from thousands of small independent businesses to users at larger E&P companies,” said Jim Anderson, iStore’s general manager for North America. “As a former independent operator, I can personally attest to the operational issues these folks are facing every day and to their need for affordable technology which will help them be more efficient.” Anderson added, “the solution has to be practical, simple to use and cost effective. Because WellBitz was built by industry veterans, we are confident that the service succeeds on all levels.”
iStore built WellBitz on the cloud using the latest Web technologies. Cloud based services, also known as software-as-a-service (SaaS), allow developers like iStore to operate and provide services at a much lower cost than traditional desktop or server applications. SaaS has already transformed many industries with major software publishers offering cloud versions of word processing and spreadsheet applications, such as Google Docs. With WellBitz, petroleum industry users will benefit from pay-as-you-go online services designed specifically for the E&P business.
WellBitz has already attracted attention of new users and competitors for the relatively low monthly fee required to use the service. Approximately the cost of a residential cable bill, WellBitz offers the same rich set of tools to all users with different price plans for small and large teams. Low cost tools like WellBitz are ideal for an industry looking for new efficiencies and lower operating costs.
“With uncertainty surrounding oil prices, companies can now gain clarity in two important ways using WellBitz,” said Tom Woolley, iStore’s WellBitz product manager. “First, users can easily forecast a well or field’s remaining oil or gas reserves years into the future using decline analysis tools. Second, WellBitz users can estimate the future economic value of their properties based on current or expected prices.”
Woolley, an engineer with over three decades in the industry, added, “economic insights have been historically limited to users of expensive or complicated analysis software, but now everyone in the industry can benefit.” He concluded, “WellBitz opens up reserves and economic analysis for many new users which helps them make financial decisions, such as whether or not to drill or service a well, based on expected future returns on the investment.”
iStore worked closely with a small group of oil & gas industry users during the development of WellBitz to ensure the service addresses the needs of E&P teams in the industry. As a result, WellBitz is launching with relevant features for today’s complex and ever-changing industry.
“WellBitz has a rich set of features that will make it a valuable tool for any size E&P company,” said Tom Divine with RKI Exploration & Production, an independent E&P company headquartered in Oklahoma. “The mapping and economic analysis functions are well thought out and simple to use. This should be a very attractive product for smaller operators as a lower cost alternative to traditional industry software packages.”
iStore has developed Web-based oilfield software for more than 20 years with a track record of building enterprise digital oilfield solutions for integrated and national oil companies. Unlike with a startup, WellBitz users are backed by decades of experience and technical innovation. iStore plans regular enhancements for WellBitz and provides a roadmap of features on the site’s home page.
For more information about WellBitz or to view a live demonstration, please visit NAPE Summit booth # 3310 at Houston’s George R. Brown Convention Center on February 12 or 13. Or, visit www.WellBitz.com.
For media inquiries or to arrange an interview, please contact Ben Parker at (713) 860-9055 or email@example.com.
The Information Store, Inc. (“iStore”) is a developer of Web-based software for the upstream petroleum industry. The Company offers services and products that help companies access and utilize oilfield information, with solutions tailored for major and national oil companies as well as small businesses and individual users. iStore’s PetroTrek® digital oilfield software has been widely adopted by enterprise clients, including Chevron, Shell, BP, Marathon Oil, PEMEX, PDVSA, Santos, and RasGas. The Company’s WellBitz™ online service (WellBitz.com) is designed for the needs of smaller independents and E&P teams. Founded in 1994, iStore is headquartered in Houston, Texas and is a certified Minority-owned Business Enterprise (MBE).