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Halliburton Company/Petroleum Place Alliance Announces Major Development Initiative
Enabling Customers to Securely Upload Landmark Graphics' Projects using OpenJournal™ and to Promote their Properties Through an Electronic Data Room on Petroleum Place
DALLAS, Texas - Landmark Graphics Corporation, a wholly owned business unit of Halliburton Company (NYSE: HAL), and Petroleum Place (www.petroleumplace.com), a leading Internet portal and marketplace serving the upstream oil and gas industry, announced today the joint development of an integrated foundation that enables customers to securely upload Landmark Graphics and GeoGraphix project data to create electronic data rooms (EDR) on the Petroleum Place Web site.
"This joint development effort is one of the first major initiatives to deliver business process efficiencies for oil and gas property acquisition and divestiture that comes as a result of the worldwide strategic alliance between the two companies," said John Gibson, president and chief executive officer, Landmark Graphics Corporation.
The alliance leverages Landmark Graphics' position as the provider of analytical applications to the upstream exploration and production (E&P) industry and Petroleum Place's industry-leading, business-enabling Internet portal and marketplace that hosts one of the industry's largest inventories of properties for sale or trade. The development initiative is based on extending Landmark's OpenJournal product to enable customers to efficiently and securely upload asset information to an electronic data room hosted on Petroleum Place. Additionally, an OpenJournal template has been developed to provide a standard format for listing assets. This template will expedite the information gathering process by guiding the user through a workflow to capture the pertinent information.
"This development will bring significant efficiencies to sellers and enable prospective buyers, already using Landmark software, to leverage their analytical expertise and dramatically speed up the evaluation of properties listed through Petroleum Place," said Gary R. Vickers, president and chief executive officer of Petroleum Place.
OpenJournal documents crucial decision-making steps in an E&P workflow with a combination of visual screen images and associated text. Workflows, reports, notebooks and presentations that include seismic processing, seismic and geological interpretation, velocity modeling, log analysis, log correlation, 3-D model building and reservoir simulation and drilling can all be included in OpenJournal project documentation. OpenJournal allows geoscientists, petrophysicists, engineers and others to develop and share best practices that reduce cycle time, increase confidence in their interpretations and improve decision-making. OpenJournal is currently implemented at many major and independent oil and gas companies. The added functionality will be released with OpenJournal v2.0 in late March, and will be available for download through Petroleum Place's Web site at www.petroleumplace.com.
Landmark Graphics is a leading supplier of integrated E&P technical and economic software and services to support decision-making about finding, drilling and producing oil and gas. Knowledge-based E&P companies now are turning to Landmark for technical-to-business (T2B™) process integration for improving returns on their investment. Visit the Landmark Web site at www.lgc.com.
Halliburton Company, founded in 1919, is the world's largest provider of products and services to the petroleum and energy industries. The company serves its customers with a broad range of products and services through its Energy Services Group and Engineering and Construction Group business segments.
Petroleum Place, Inc. is an energy Internet marketplace serving the upstream petroleum industry. The Petroleum Place Web site (www.petroleumplace.com), which was launched in 1995, seeks to bring price and process efficiencies to each stage of the oil and gas property transaction lifecycle, streamlining the discovery, evaluation, acquisition, divestiture and managing of petroleum properties. Petroleum Place provides a broad range of integrated, Internet-enabled products and services supporting each of these stages, including online oil and gas asset databases (discovery); geotechnical data and applications (evaluation); negotiated transaction services, hybrid and exclusively online auctions (acquisition and divestiture); and accounting, asset management and enterprise resource planning solutions (managing).
Forward-Looking Statements for Halliburton Company and Landmark Graphics
In accordance with Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995, Halliburton Company cautions that statements in this press release which are forward-looking and which provide other than historical information, involve risks and uncertainties that may impact the company's actual results of operations. Please see Halliburton's Form 10-Q for the quarter ended September 30, 2000 for a more complete discussion of such risk factors.
Legal Notice Regarding Forward-Looking Statements for Petroleum Place
This release may contain forward-looking statements regarding Petroleum Place's business, customers or other factors that may affect future earnings or financial results. Actual results could differ materially from those projected in such forward-looking statements. Additional information concerning factors that could cause our actual results to differ materially from those contained in the forward-looking statements can be found in Petroleum Place's filings with the Securities and Exchange Commission (SEC), including its registration statement on Form S-1 that was filed with the SEC on May 19, 2000, which identify important risk factors that could cause actual results to differ from those contained in the forward-looking statements. Copies of filings made with the SEC are available through the SEC's electronic data gather analysis and retrieval system (EDGAR) at www.sec.gov. Petroleum Place assumes no obligation to update the forward-looking statements included in this document.
This communication shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there by any sale of these securities in any State in which such offer, solicitation, or sale would be unlawful prior to the registration or qualification under the securities laws of any such State.
Contact
Wendy Hagan
wendy.hagan@halliburton.com
Halliburton Company
(p) 713.676.5619
Kim Pickett
kpickett@petroleumplace.com
Petroleum Place
(p) 303.884.9157
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