Digital Oilfield

August 04, 2005 09:00 ET

EnCana Corporation Expands Implementation of Digital Oilfield's Solutions to Automate Invoice Processes and Reconcile Invoice Pricing

HOUSTON & CALGARY, Alberta--(CCNMatthews - Aug 4, 2005) -

One of the world's leading independent oil and gas companies signs a multi-year agreement with Digital Oilfield to expand implementation of OpenInvoice™ and OpenContract™.

Digital Oilfield Inc., a software solutions company that optimizes financial and operational processes between energy companies and their suppliers, announced that EnCana Corporation has agreed to expand implementation of Digital Oilfield's OpenInvoice and OpenContract solutions to automate and streamline its invoicing processes, and has signed a multi-year corporate license agreement.

EnCana, one of the world's leading independent oil and gas companies, is extending its technology agreement to include OpenContract, as well as OpenInvoice Image. By utilizing OpenContract, EnCana now reconciles invoice pricing automatically, as well as taking advantage of the OpenContract EarlyPay module to realize significant savings through early pay discounts. EnCana is also expanding its implementation to include OpenInvoice Image™ to create digital invoices from scanned images. EnCana has been using OpenInvoice since 2002.

"We have seen tremendous value using Digital Oilfield's technology," said Hayward Walls, Vice President and CIO, EnCana Corporation. "Because of these benefits realized to date, we decided to not only extend the term of our agreement, but to add several more modules to our Digital Oilfield suite. We are continuing to expand our implementation by bringing on more suppliers and transacting even higher percentages of expenditures and invoice volume through the system."

OpenInvoice allows suppliers and operating companies to collaboratively create and process invoices and field tickets, eliminating up to 80% of invoice processing costs. In addition, OpenInvoice provides for spend capture and analysis, allowing operating companies to work with their strategic suppliers to improve operations and drive out inefficiencies.

OpenInvoice Image, an add-on module, enables the operating company to use the OpenInvoice workflow engine, even for those invoices that are still submitted manually. By converting the paper invoice to a digital image through the OpenInvoice Image module, the same processing, routing and approval workflows that OpenInvoice Professional users enjoy for processing electronic invoices, are available for paper invoices as well.

OpenContract is fully integrated with OpenInvoice to further reduce invoice processing time through its pricing reconciliation, early pay discount management, and contract lifecycle management capability.

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.

About EnCana Corporation

EnCana Corporation is one of the world's largest independent oil and gas companies with an enterprise value exceeding US $30 billion. EnCana is North America's largest independent natural gas producer and gas storage operator.

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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