ENSYTE Collaborates with Energy Industry Expert for PROPHET XL
HOUSTON, TX (May 17, 2011) – Bill Westberry, the CEO of Bishop Consulting Services, which provides consulting engineering services to exploration and production companies in the oil and gas industry, recently shared his expertise with ENSYTE ‘s product development team regarding their newest software release, PROPHET XL.
As CEO of Bishop Consulting Services, Westberry works closely with clients to assess economic viability and manage investments in onshore and offshore drilling & production projects. A prominent player in the E&P world, Westberry offered his 20 years of experience applying project economic and risk analysis, cost control, and production operations analytical skills to assist ENSYTE with fine-tuning PROPHET XL.
The new release is a Microsoft Excel driven economics and production forecasting software package. The primary objective of this configuration is to greatly simplify complex project economic analysis of oil and gas prospects and to reduce the time necessary to reach ‘go or no go’ decisions. The new look and feel captured with MS Excel allows a broad range of professionals to evaluate production and economic potential of drilling prospects. With Westberry’s help, ENSYTE has further tailored the deal making options to offer a well-organized system that can be utilized quickly, without extensive training to evaluate various deal participation scenarios and the financial potential of each investment alternative.
Michael Smith, ENSYTE’s CEO and author of PROPHET, has recognized, for years that economic analysis programs have grown in complexity to the point that they have very steep learning curves and require extensive training to master. With current software tool technology, such as the MS Excel User interface, and the ability to bolt it onto a comprehensive economic analysis engine, Smith reasons that a broad spectrum of reservoir engineers, geologist, planners and other prospect analyst could become proficient in making in-depth assessments of multiwall onshore and offshore investments. Also, people new to the oil and gas industry, land owners, financial analysts and other stakeholders will find the program particularly useful as they work with unfamiliar deal structures and exploration investment processes.
Most reservoir engineers and economists use existing programs that are cumbersome to structuring business deals. Hundreds of deal brokers are out there trying to find drilling deals and field acquisitions then find a buyer and earn commission,” said Westberry. “Financial stakeholders will likely use this tool as a preliminary snap shot of the well investment economics before they turn it over to their reservoir engineers or economic geologists for a detailed analysis of field development plans.
ENSYTE Energy Software International (www.ensyte.com) provides performance-driven software packages and professional services for the energy and power industries.