2007'02.01.Thu
Paradigm to Join Chevron, Shell, and Schlumberger as an Investor in OpenSpirit Corporation

April 05, 2006

AMSTERDAM, Netherlands, April 5 /Xinhua-PRNewswire/ -- Paradigm(TM), the leading geoscience software and services provider to the oil and gas industry for Rock and Fluid Interpretation(TM), today announced that they have signed a Memorandum of Understanding to invest in OpenSpirit Corporation, an independent software company focused on providing integration solutions for upstream applications and data. Paradigm shares the vision and common goals for vendor-neutral infinite data and application integration practiced at OpenSpirit and will participate on the OpenSpirit Board of Directors. The addition of Paradigm contributes to the delivery of rapid geological, geophysical, and petrophysical (G&P) data model access among the industry's leading data repositories (Schlumberger GeoFrame and Finder, Landmark OpenWorks, and Paradigm Epos) and provides best-of-breed application interoperability. "Oil and gas explorationists and producers need cooperation of the leading geoscience application and data system providers to achieve the goal of finding quality prospects to replace oil and gas reserves and increase daily production. Paradigm is making a very definite choice to 'play well with others' by sharing in the business vision and objectives of OpenSpirit," stated the Paradigm Executive Chairman and CEO, John W. Gibson, Jr. "Paradigm's planned investment in OpenSpirit validates our standing as the market's only platform-independent, standards-based, and vendor-neutral integration solution for upstream data," says Dan Piette, President and CEO of OpenSpirit. "We are pleased to extend our application and data integration capabilities to Paradigm clients to help them reduce their E&P cycle time and lower risks by making sure they have the right data at the right time. We look forward to working with John Gibson and his global team." "We are pleased to welcome Paradigm to OpenSpirit Corporation. Our longstanding commitment to openness is now shared by another key industry player. Paradigm's decision to join OpenSpirit strengthens the industry's ability to rapidly adopt new technologies to better meet current challenges," said Olivier Le Peuch, president of Schlumberger Information Solutions and OpenSpirit Board Director. About OpenSpirit The OpenSpirit Corporation, based in Sugar Land, Texas, began operations in July 2000 as an independent software company focused on providing integration solutions for upstream applications and data. The OpenSpirit application integration framework allows interoperability between multiple vendors' applications and data. To date, more than 30 software vendors have licensed the OpenSpirit developer's kit. Additionally, there are now more than 1500 oil company end users in more than 50 countries taking advantage of the framework to speed up critical work flows and enhance analysis in the geotechnical space, with more adopting the solution every day. Additional information on OpenSpirit is available at http://www.openspirit.com , or via e-mail at info@openspirit.com . About Paradigm Paradigm helps global oil and gas companies safely replace reserves and increase daily well production in complex geological areas. The Paradigm geophysics and petrophysics (G&P) advanced technologies suite includes Seismic Data Processing and Imaging, Prospect Interpretation and Modeling, Reservoir Characterization, Petrophysics, Time-to-Depth Conversion, Well Planning, and Drilling. Committed to open standards, Paradigm extends integration to exploration and production data and third-party applications with the Paradigm Epos(TM) Data Sharing and Application Interoperability Framework. The company has a global network of sales, services and user support, serving all major oil and gas producing regions in the world. For additional information visit Paradigm's website at http://www.paradigmgeo.com . The following are trademarks or registered trademarks of Paradigm Geotechnology B.V. or any of its affiliates (collectively, "Paradigm"): Paradigm(TM), Paradigm logo and/or other Paradigm products referenced herein. OpenSpirit is a registered trademark of OpenSpirit Corporation. All other trademarks are owned by their respective owners. For more information, please contact: Paradigm Media Contact Susan Allen Farrell Tel: +1-832-567-3747 Email: sfarrell@paradigmgeo.com OpenSpirit Media Contact Kathy Ashmore Tel: +1-281-295-1420 Email: kathy.ashmore@openspirit.com SOURCE Paradigm
PR
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