Digital Oilfield

June 01, 2005 09:01 ET

Digital Oilfield Supplier Network Reaches 3000 and Transactions Reach More Than $5 Billion in Annual Spend

HOUSTON and CALGARY, Alberta--(CCNMatthews - Jun 1, 2005) -

More Than 3000 Oil and Gas Industry Suppliers Are Up and Running on Digital Oilfield's Energy Industry Platform

Digital Oilfield Inc., a software solutions company that optimizes financial and operational processes between energy companies and their suppliers, today announced that more than 3000 energy industry suppliers are on-board and transacting electronically with their customers. Using Digital Oilfield technology, those suppliers are submitting invoices representing more than $5 billion in annual spend.

Digital's supplier network includes a broad range of suppliers, from small "mom and pops" to large multi-nationals, and covers vast geographic regions throughout North America. Suppliers and operating companies use Digital's technology to collaboratively create and manage field tickets and invoices, streamlining the entire invoice process.

Digital fully expects supplier on-ramping to continue at a brisk pace, as its customers aggressively pursue their ongoing rollout plans. Some of the world's largest independents and energy trusts are using Digital's solutions, including Anadarko Canada, ARC Resources, EnCana Corporation, EnCana Oil & Gas (USA) Inc., Enerplus Resources, Nexen Inc., Noble Energy, Occidental Oil and Gas Corporation and Unocal Corporation.

"Our customers hit their 2004 targets for invoice volume and spend processed through the system, and supplier on-ramping is on target for their 2005 goals," said Deborah Close, Executive Vice President, Digital Oilfield. "We have significant supplier coverage throughout North America, from the Gulf of Mexico to Alaska, and current customers are continuing to expand in all North American regions as well as among multi-national suppliers."

Using Digital Oilfield's OpenInvoice™ and OpenContract™ solutions, suppliers and energy companies automate and improve their processes for managing field tickets, invoices and contracts. This fully electronic process dramatically reduces processing time from invoice creation to approval to payment, providing benefit for all parties. The process automation results in eliminating up to 80 percent of the internal processing time and cost associated with invoice approval and audit.

About Digital Oilfield Inc.

Digital Oilfield delivers Internet-based solutions that automate and integrate financial and operational processes between energy companies and their suppliers. Our products simplify complex workflow processes and enable collaboration within and between organizations. Drilling, Production, Finance, Procurement and Purchasing departments, as well as external service suppliers and partners, all use Digital Oilfield solutions.

Digital Oilfield Inc., digitaloilfield.com, OpenInvoice and the Digital Oilfield Inc. logo are either trademarks, trade names or service marks of Digital Oilfield Inc. and its licensors, or are the property of their respective owners. These marks may not be copied, imitated or used, in whole or in part, without the express prior written permission of Digital Oilfield Inc.

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