Pandell Implements ARRP Royalty Formulas into EANexus™
Calgary, AB – (September 24, 2007) Pandell Technology Corporation, a leading vendor of back-office software solutions for oil and gas companies, announced today that its economic analysis software, EANexus, has already been updated to reflect the potential government royalty increases suggested by the Alberta Royalty Review Panel (ARRP) last week.
The results of a review of the industry’s royalty structure were made available last week in the 'Our Fair Share' report. The report called for a $2 Billion increase in the government's share of energy developments on provincial land, in the form of significantly higher oilsands royalties and a higher take on oil and natural gas wells. Pandell immediately implemented the new royalty increases into EANexus software, to help oil and gas companies better assess the impact of this major industry change.
"This uncertainty hits the smaller producers the most," says Greg Chudiak, Pandell's President and CEO. "When the playing field is changing substantially – like it is right now – they need to quickly understand how the new rules affect their current and future projects. Our updated software ensures that the oil and gas companies have the tools they need to assess whether their properties are still economically and commercially viable."
The new version of EANexus that incorporates the new royalty formulas is available to both current and new customers.
Pandell's EANexus is an all-in-one economics program that provides fast, accurate and easy economic analysis, reserves management and budgeting. Harnessing multiple data sources and using an intuitive workflow that guides users of all levels through the process, EANexus allows engineers to do complex economic evaluations in half the time of traditional approaches, without sacrificing the ability to handle the most complex royalty calculations. Priced for smaller organizations, EANexus is available through an affordable monthly subscription with no up front fees.
Pandell is a leader in delivering Software-as-a-Service (SaaS) solutions to 500+ energy companies in Canada, the USA, and abroad. Our customers range from startups to major enterprises across the energy sector including upstream oil & gas, midstream facilities, oilfield services, land brokers, pipelines, utilities, mining, and renewable energy. Our cloud-hosted product suite helps finance, land, and operations teams run their business more effectively; while our enterprise division builds and manages large-scale web portal applications that facilitate work across organizations. Combining the strength of our industry experience, ground-breaking Lithium™ technology, and practical software subscription model, we are Crafting the Future of Energy Software.