HOUSTON, TX (July 15, 2002) - The Information Store Inc., a Houston-based provider of asset and data management software for upstream petroleum companies, announced today that the company has focused its PetroTrek software to better meet the current challenges faced by upstream asset teams. The company also announced its intention to seek alliances with credible industry players in order to broaden the reach of its sales and marketing efforts.
"The Information Store set out in 1994 to develop products that would allow E&P asset teams to access vital information wherever it resides and present it in a usable and familiar form," said Barry Irani, president and CEO of The Information Store (iStore). "We've done that with our PetroTrek offerings, and we are now positioned to offer the industry proven and unparalleled software functionality to enhance productivity."
The PetroTrek suite of software products now includes asset and data management solutions for exploration and production teams, and also allows the sharing of mission-critical information among partners in joint venture activities. The company is exploring a direct-licensing program for its software toolkit that drives the efficient implementation of Web-based applications.
The Information Store is staffed by teams of industry-experienced professionals, who have spent several decades as engineers, geoscientists and landmen. Because of that, the PetroTrek offering was created to be intuitive to asset team users and to fit naturally into the upstream workflow. The software is in use today among upstream majors, both domestically and internationally.
"We have products that are urgently needed by the industry," Irani continued. "With the large numbers of ongoing mergers and acquisitions, petroleum companies have vital data in literally hundreds of proprietary and commercial databases, much of it needed to make technical and business decisions. Our software fills this void by providing quick, seamless access to all of this data without having to move any of it. This empowers people and enables them to make better, informed decisions, maximizing value to their organization."
Irani stated that iStore envisions itself as mainly providing software licenses, training and certification for PetroTrek's offerings and leaving hands-on customer consulting, sales and distribution to well-respected companies in the industry whose mission is to provide upstream services.
"While we continue to disseminate the PetroTrek technology throughout the industry with our internal marketing and sales efforts," Irani said, "what we've learned is that creating software solutions is what we do best. That's exactly what we'd like to concentrate on going forward."
Irani said he expects to have significant partnerships in place by year's end. This extension of the company's sales and marketing efforts will allow iStore to continue to create new and more powerful software tools and solutions. The company will continue to offer full service and support to its current customers.