P2ES bags Qbyte (July 2005)

P2ES bags Qbyte (July 2005)

P2 Energy Solutions has acquired IBM Canada’s QByte division, expanding its software portfolio, client base and geographic reach.

P2 Energy Solutions (P2ES) has acquired IBM Canada’s Qbyte unit. QByte supplies management information systems to some 140 upstream companies in Canada. QByte’s portfolio includes Qbyte Financial Management (ex Petro-Lab), Land Management, Prism (production accounting) and Data Retriever. PetroLab provides a GIS front end to data in other QByte systems which are also available in a hosted application service provider (ASP) mode.

Gosbee

George Gosbee, president of P2ES parent company, Tristone Energy Services, said, ‘This acquisition advances our corporate goal of becoming the leading provider of upstream financial and technology services in North America.’ Other Tristone companies include Tristone Capital and The Oil & Gas Asset Clearinghouse.

Vickers

P2ES CEO Gary Vickers added, ‘Our strategy is to provide solutions that allow oil and gas companies to expand their view and control of assets, finances and operations. With the addition of Qbyte, we will be able to provide our customers with cross-border services that support the merger and acquisition process, including integration of properties, people and back-office systems.’

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