Press Release Summary:
Complex Services Management (CSMÂ®) suite helps oil and gas companies manage business processes relating to planning, procurement, and payment of oil field services. It includes electronic authorization for expenditure (AFE) solution that automates AFE creation, routing, and internal authorization. Partners can benefit from pre-AFE planning and compilation portion of AFE process through routing to final approval with full visibility and controls at each step.
Original Press Release:
Wellogix, Inc. Announces Launch of Electronic AFE Solution to Improve Management and Controls in the Authorization for Expenditure (AFE) Process
HOUSTON, May 10, 2005 -- Wellogix, Inc. today announced the launch of a new electronic AFE solution as a component of its Complex Services Management (CSM(R)) suite. The new module will increase the operator's management and control as well as the efficiency of the AFE process. Oil and gas operators will also realize a reduction in cycle time through AFE creation, routing and internal authorization. Benefits are extended to joint interest partners as well. These benefits will be realized in the "pre-AFE" planning and compilation portion of the AFE process through routing to final approval with full visibility and controls along the way.
Commenting on the announcement, Ike Epley, President and CEO of Wellogix, said, "Our customers and prospective customers have suggested that the current AFE process is mired in paper and difficult to manage. This paper intensive process is fraught with problems: Operators have little visibility or control of the process as an AFE is being routed throughout the company. Additionally, the current processes take too long and wells are in some cases being drilled prior to AFE approval. This is obviously a SOX issue for publicly traded companies and a challenge to any privately held operator. The fully integrated CSM solution can now take our customers spend tracking capabilities from early planning through procurement, payment, reconciliation and back to planning."
The Wellogix CSM(R) suite is designed to address the needs of oil and gas companies who desire to improve their business processes relating to the planning, procurement and payment of complex oil field services. The Wellogix CSM delivers a complete, end-to-end solution that helps company engineers to collaboratively plan and specify complex services with their service providers, to automatically create and reconcile AFE, field-tickets and invoices, and to enforce compliance with preferred service providers' contracts.
About Wellogix, Inc.
Formed in 1998 and based in Houston, Wellogix is led by an experienced executive team who truly understands the issues and challenges faced by energy companies and their service providers.
Wellogix delivers on-demand business solutions that support complex services planning, procurement and payment for energy companies and their service providers. Available on-demand, the company's scalable, flexible and standards-based applications connect to and integrate with our clients' existing applications. Wellogix customers realize immediate and lasting value by focusing resources on higher value activities, by utilizing business intelligence to improve decisions and by decreasing risk.
In short, Wellogix solutions improve business performance and reduce cost.
For more information about Wellogix products or services, visit www.wellogix.com, e-mail firstname.lastname@example.org, or call 713-621-0931.