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WellPoint Systems Inc., (TSX-V:WPS), provider of software and solutions designed to transform complex data into business insight for oil and gas industry executives, is extending its Energy Financial Management (EFM) solution to the upstream oil and gas industry in the United States.

The latest addition to WellPoint’s Energy Suite of products, EFM Revenue Distribution delivers the first fully integrated Oil and Gas-industry specific accounting solution powered by Microsoft’s Dynamics AX.

WellPoint Systems is well-known for its expertise in solving problems associated with the complexity of financial and accounting issues specific to the oil and gas industry. With more than 450 customers in upstream and midstream sectors, the company has excelled in designing solutions that work in the real world.

The company has been extending its Energy Suite product line by developing new applications that include Energy Financial Management (EFM), Energy Broker (ENB), and Enterprise Asset Maintenance (EAM). WellPoint’s EFM solution broadens the capabilities of Microsoft Dynamics AX into oil and gas companies by delivering:

– AFE tracking – joint interest billing – division of interest – international compliance – revenue distribution

Working with ePartners, a WellPoint partner and Gold Certified Microsoft Dynamics consulting firm; Endeavour International Corporation, an independent oil and gas exploration company, selected WellPoint’s upstream Energy Financial suite to provide oil and gas-specific functionality integrated with its Microsoft Dynamics AX ERP system.

“We needed a solution that could be deployed on an aggressive timeframe and quickly adopted by the company. The combination of Microsoft Dynamics AX and WellPoint’s upstream solutions met our business goals and reduced the overall cost of the system,” said Lynn Willis, Endeavour’s director of accounting and financial analysis. “This was a smooth implementation where ePartners and Wellpoint Systems listened to our feedback, responded to our needs, and ensured we had a successful implementation. I felt like we were a high priority.”

According to Michael McCarthy, CEO of ePartners, “WellPoint’s upstream financial applications and deep industry expertise, coupled with the power of Microsoft Dynamics AX, offer a proven solution for oil and gas companies seeking a full ERP system. The release of the Revenue Distribution product will make this offering even more compelling to a wide range of oil and gas companies, from start-ups to those considering SAP or Oracle-based solutions.”

“WellPoint’s Oil & Gas financial solutions are built based on the experience we have gained working with industry leaders and innovators – our customers,” said Richard Slack, President & CEO of WellPoint Systems. “We are delighted that Endeavour International chose our solutions to meet the demands they face daily in the upstream energy industry and to have partnered with ePartners to quickly and successfully implement the system.”

About WellPoint Systems Inc.

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Posted under Oil and Gas News

Production continues on the second cycle of the L1 well at the Red Earth Pilot. The cycle’s steam-to-oil Ratio (”SOR”), which continues to decrease as production is maintained, is now approximately 4.1 representing a 50% improvement over the initial cycle. For comparison purposes, our SOR when adjusted for heat content of injected steam equates to a Steam Assisted Gravity Drainage (”SAGD”) SOR of 3.5. This SOR compares favorably with the current industry average SOR of 3.7 for existing SAGD projects in commercial operations. The production rate to date for the cycle is 25 bbl/d over a period of 30 weeks which includes both steam injection time and production time.

The L2 well remains shut-in for a pump change and preparations are underway for conversion to a steam circulation test.

First Quarter Financial Results ——————————-

The Company’s financial statements, notes to the financial statements, management’s discussion and analysis are available on the Company’s website (www.northpec.com/investor/financial_reports.html) and have been filed on SEDAR (www.sedar.com).

First Quarter Highlights ———————— – Working capital of $3.5 million and no debt as at March 31, 2010 – Current working capital of approximately $3.1 million – Capital expenditures of $860,000 during the quarter, focused on the completion of drilling programs initiated in the fourth quarter of 2009 – Oil sales of $208,387 from the Red Earth pilot and $91,473 from the conventional assets – Announced a review of strategic alternatives for the Company which is currently underway – Sold a portion of the Company’s drilling royalty credits, which were earned as part of the conventional exploration program for $450,000 Updated Corporate Presentation ——————————

Available on the Company’s website at:

http://www.northpec.com/investor/event_presentations.html

Annual Meeting ————–

The Company’s Annual General Meeting of Shareholders is scheduled for 10:00 AM on Thursday May 27, 2010 in Cardium Room at the Petroleum Club, 319 – 5 Avenue SW, Calgary, AB.

About North Peace —————–

North Peace has an early stage in-situ oil sands play in northern Alberta. The Company has a 100% working interest in 86,400 acres of Crown oil sands leases in the Peace River area plus interests in other non-core areas. The oil sands leases have the benefit of over 300 legacy wells and are surrounded by accessible oil and natural gas production infrastructure. The target Bluesky zone is a regional sand, deposited in a near shore marine environment at approximately 400 metres in depth. Management estimates the initial area of focus has approximately 22 sections with 10 to 16 metres of oil-bearing thickness, technically sufficient to advance a 10,000 bbl/d commercial project with ultimate potential of 30,000 bbl/d. North Peace is currently advancing the development of its resource using Cyclic Steam Stimulation (”CSS”), a robust and proven in-situ thermal recovery process. The Company is currently operating a two well CSS pilot on its lands.

Forward-Looking Statements ————————–

Certain statements contained in this news release constitute forward-looking statements that involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. No assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this release should not be unduly relied upon. Information and statements in this news release relating to “reserves or resources” are deemed to be forward looking information and statements, as they involve the implied assessment, based on certain estimates and assumptions, that the reserves and resources described exist in the quantities predicted or estimated, and that the reserves and resources described can be profitably produced in the future. In particular, this news release contains forward-looking statements pertaining, directly or indirectly, to the following: business and operations strategies including the operations at North Peace’s pilot project and potential commencement of a subsequent commercial project. Actual results could differ materially as a result of changes in North Peace’s plans, changes in commodity prices, regulatory changes, general economic, market and business conditions as well as production, development and operating performance and other risks associated with oil and gas operations including anticipated success of resource prospects and the expected characteristics of resource prospects; uncertainties inherent in estimating quantities of reserves and resources; anticipated capital requirements, project rates of return and estimated project life; estimates of original discovered resource; estimates of recovery factors; lack of diversification; and overall technical and economic feasibility of the Company’s project. These statements speak only as of the date of this release or as of the date specified in the documents accompanying this release, as the case may be. The Company undertakes no obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.

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Posted under Oil and Gas News

By GIUSEPPE MARCONI for OIL-PRICE.NET, 2009/11/18

Everyone has been concerned by the recent global economic crisis. In the United States and Europe the newspapers are full of stories of those who have lost their houses and businesses. Elected officials from many nations have sung the evils of traders’ bonuses and demanded an international effort to legislate in this arena. Job losses, home foreclosures are regularly making the headlines and most anyone is or closely knows someone else whose life was impacted by the financial collapse.

However, is the global economy really so dependant on trader’s bonuses, the housing market and financial services as numerous governments and journalists would like us to believe?

Is it really the collapse of the housing sector, and that of the banking sector which are the origin of the worst recession that we have experienced for sixty years?We at Oil-Price.net believe otherwise, and so do two brilliant economists: Professors James Hamilton and Nouriel Roubini.

This year, Professor James Hamilton of the University of California presented an economic model to the Brookings Institute in which he asserted by using this model, that it was high oil prices and the oil shock which were the catalyst for the recent financial crisis. In order to back up his theory Hamilton begun his economic model in 2003. At this time crude oil was about $30 a barrel. Using the 2003 price as a ball point figure he showed what an oil shock would do,(such as the one experienced in 2007-8) to GDP. The graph that he presented showed that high oil prices would directly bring GDP to what it was in 2008. In view of his findings, he put forward the theory that it was in fact high oil prices which caused the housing sector to crash and in turn the financial market. He turned current theories on their head. According to Professor Hamilton it was in fact high oil prices which caused the financial crisis we have experienced in the past two years.

In fact Professor Hamilton model echoes the work of Dr Nouriel Roubini who is a Professor of Economics and International Business at the Stern School of Business at NYU. Dr Nouriel evangelizes that it is high oil prices which caused the recent financial crisis. In fact he is now predicting that although the global economy is presently in recovery, if the price of oil exceeds $100 a barrel, this will have a disastrous negative effect on the world economy. He states that it will have the same effect on the economy as oil did when it was at $145 a barrel last year. In a recent interview Dr Roubini explained that he was of the opinion that an increase in the price of oil over $100 would have a negative real trade effect and disposable income effect on countries such as the US, Europe and Japan.

Dr Nouriel Roubini also went further and said that he would not be against regulatory intervention to prevent swings in the value of oil. According to Dr Nouriel Roubini, the high price of oil at $145 per barrel was the primary reason for the financial crisis and not the crash of the world banking market. Of course time will tell whether Dr Roubini’s thesis is correct and whether an extreme increase in oil prices will halt global recovery.

Our own study of the market and global economy shows that the price of oil is going to have a direct effect on real trade, disposable income and hence the state of the economy.

Oil prices have nearly doubled this year and are reaching $80 per barrel. Interest rates at close to zero and a weak dollar are encouraging price rises in all markets including the oil market. The financial health of world economies is in fact more dependant on oil prices, than the financial services market and the housing market. If we look closely we see that the economic state of major world economies is often a reflection of fluctuations in oil prices. This is why if the price of oil exceeds $100 per barrel this year then it is very likely that the global economic recovery will be stopped in its tracks. Further more, it may be the catalyst for a bigger financial crash than the one we have recently experienced, and world economies are currently trying to recover from.

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Posted under Oil Prices

Page added on May 19, 2010

Oil prices open trading on Wednesday lower amid a decision by Germany yesterday to ban naked short selling of key bank stocks may “switch off Europe’s financial lights”.

US Light crude oil futures for June delivery was trading to $68.60 a barrel at midday Singapore time on the NYMEX, while in London, Brent crude oil futures were trading down at $74.45 on the ICE Futures Exchange.

Germany banned risky bets on bonds, stocks and credit protection, stunning investors and setting euro zone markets up for a rough ride on Wednesday amid fears Berlin’s attack on speculation will backfire.

“Germany just switched off the financial lights in Europe,” said a senior forex trader at a European bank in Singapore.

“Germany’s announcement … dented risk appetite as it raises the question as to whether the German regulator knows something the market doesn’t,” Rabobank said in a note. “If there is a secret here, it can’t possibly be a positive one.”

Crude oil prices have fallen more than 20 per cent since May 2010 on investor concern that efforts to contain Europe’s debt crisis could fail and deep government spending cuts will hurt economic growth and oil demand.

Many view investing in oil now favourable to buying into gold, however with the current issues facing Europe, it maybe better to sit on the fence and see what plays out.

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Posted under Oil Prices