Pandell Prepares for IFRS with NexusSuite Software Package for Junior O&G Companies
Calgary, AB – (September 14, 2009) Pandell Technology Corporation announced today that it is on schedule in modifying its JVNexus and FANexus financial accounting software, and other business management software products to comply with the January 2010 International Financial Reporting Standards (IFRS). Pandell’s IFRS-ready industry-tailored software, support, product training, and advisory services will begin rolling out to clients on October 31, 2009.
“Our motivation for ensuring IFRS compliancy in all our software products is based on our commitment to our junior O&G clients,” says Greg Chudiak, Pandell’s President and CEO. “Changes in reporting standards will impact most E&P companies in the O&G sector – not just publically traded companies – due to high merger and acquisition activity in the industry. Our clients need to be IFRS compliant to attract investors and larger companies that may one day buy them up. We’re making sure they have the tools they need to achieve that successful outcome.”
Backing the company’s position as the only software vendor to supply a complete back-office toolkit for small E&P companies, Pandell is launching its NexusSuite bundled-software option in conjunction with its IFRS readiness project. The 5-product package option includes software applications to manage all business areas impacted by IFRS, including: financial accounting, economic analysis, capital tracking, production accounting, and land management.
“IFRS affects more areas of O&G back-office management than just financial accounting, and that’s where Pandell offers the most complete solution to junior companies,” says Joel Pollard, Pandell’s VP Product and Support. “Facing the necessity for stricter data analysis and reporting than what they’re accustomed to in the current business environment, junior companies can affordably enlist the entire NexusSuite to help generate IFRS required data from their economic analysis, capital tracking, and production tracking applications.”
While other software vendors in Canada’s oil and gas industry have not committed to delivering IFRS compliance capabilities, or have asserted to charging exorbitant upgrade fees, Pandell is implementing all IFRS system changes through its existing monthly subscription fee. Pandell’s approach is to provide a comprehensive package of IFRS-ready, back-office software products that are available at an affordable price.
Pandell is an industry 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, Lithium™ technology, and practical software subscription model, we are Crafting the Future of Energy Software.