IHS Inc. Acquires Assets of GeoPLUS Corp.
GeoPLUS’ PETRA Software to Streamline Data Flow for Greater Productivity
ENGLEWOOD, Colo. – June 8, 2006 – IHS Inc. (NYSE: IHS), a global provider of integrated oil and gas information, software and consulting services announced today it has acquired the assets of GeoPLUS Corporation of Tulsa, Okla. GeoPLUS has a PC-based software family, PETRA®, which is a popular platform used by oil and gas companies to analyze subsurface data from existing oil and gas wells. This acquisition will enhance the decision support tools IHS customers use to analyze the information in its exploration and production databases.
“The addition of PETRA to the IHS family means IHS can offer a more complete set of integrated data and tools for finding and producing oil and gas,” says Ron Mobed, president and chief operating officer of the Energy operating segment at IHS. “Both IHS and GeoPLUS share a vision of E&P projects that are always up-to-date. We plan to streamline the flow of IHS data into the PETRA decision support tools, which will then accurately reflect the most current development and drilling in an area. This will enable faster and lower-risk decision making by our customers as they compare, evaluate and select new assets to drill, based on the latest information."
“PETRA customers have identified enhanced data loading and project updating as areas for improving productivity because finding, loading and updating data still take too much of their time, which can be better spent on evaluation — actually finding and producing oil and gas,” says Tom Whitwell, GeoPLUS president. “Good geological analysis starts with good data, and PETRA customers identify IHS as their preferred data supplier. So this is a strategic fit that serves the needs of the mutual customers previously served by both IHS and GeoPLUS, and helps customers derive greater value from the critical information IHS delivers.”
The PETRA software and customer service teams will remain in Tulsa, Okla. They will maintain their focus on enhancing functionality and ease-of-use, while an IHS data integration team will focus on short- and long-term plans for enhancing the flow of IHS data to PETRA. IHS will also maintain PETRA’s longstanding support of data formats for a variety of data and software suppliers.
About IHS (www.IHS.com)
IHS (www.ihs.com/energy) provides integrated E&P information, software, consulting services and industry insight to oil and gas companies worldwide. IHS is one of the leading global providers of critical technical information, decision-support tools and related services to customers in a number of industries including energy, defense, aerospace, construction, electronics and automotive. (NYSE: IHS). (www.ihs.com).
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