HOUSTON, Tx, Jan. 31, 2001 (BUSINESS WIRE)pennNET (www.PennWell.com) and a leader in building and operating B2B e-marketplaces for business professionals, announced today the creation of PennEnergy, Inc. and the relocation of its headquarters from San Mateo, California to Houston, Texas.
The launch of the new company underscores pennNET’s growing focus on the energy portion of its business. PennEnergy will own and operate the Oil & Gas Journal Exchange which has operated in Houston since January 2000 and Oil & Gas Journal Online which has operated in Houston since 1996.
Formation of PennEnergy
PennEnergy’s operations include all oil, gas, electric power and related energy market sites and content that pennNET formerly managed. Its Oil & Gas Journal Exchange (www.OGJExchange.com) includes its Oil & Gas Journal Property Exchange comprised of Madison Energy Advisors with deal rooms currently listing oil and gas properties in excess of $250,000,000 and EBCO auctions with the March 2001 auction listing properties in excess of $20,000,000. It also includes the Oil & Gas Journal Equipment Exchange which currently lists surplus and used oil, gas and power equipment online in excess of $1,500,000,000 (www.globalequipmentexchange.com).
PennEnergy will also include Oil & Gas Journal Online (www.ogjonline.com), the industry’s leading content and information site since 1996. In addition, PennEnergy will host PennPoint (www.PennPoint.com) which owns and updates a massive database of historical well and production data for 1.5 million U.S. oil and gas wells which will be available on the Internet this year.
The new company also holds the exclusive online content rights for Oil & Gas Journal, Offshore, Oil, Gas & Petrochem Equipment, Power Engineering, Electric Light & Power, POWER-GEN Conferences, as well as PennWell’s other energy publications and conferences and exhibitions to include virtual shows.
“For almost 100 years, our core competency has been to deliver reliable and unbiased information to the domestic and world energy markets and because of our unique heritage, we believe this move will strengthen the company and drive its growth and success now and well into the future,” said Robert F. Biolchini, Chairman and Chief Executive Officer of pennNET and PennEnergy.
“Through its rapid development of the Oil & Gas Journal Exchange, pennNET created the leading and most comprehensive Internet marketplace in the energy industry. Now with PennEnergy, we have created an even stronger holding and are poised for aggressive growth and near term profitability.”
The selection of Houston as its headquarters secures PennEnergy’s place in the epicenter of the world energy industry and aligns its operations more closely with its fastest growing business units. PennEnergy will be able to work even more closely with the leading domestic and global energy players who have also consolidated operations in Houston. It also allows the company the greatest access to the wealth of energy professionals in the Houston market as PennEnergy expands its significant employee base there.
PennEnergy’s business approach allows the company to bring the efficiency of the Internet to its vast e-commerce communities without sacrificing the domain expertise required to effectively complete complex transactions between buyers and sellers. Through its license agreement with PennWell, PennEnergy has the exclusive access to over 200,000 energy professionals around the world.
The company has multiple revenue streams including live and online oil and gas producing property auctions; transaction advisory services; virtual data rooms; surplus and used equipment sales; database services; advertising and product information services; interactive and professional services and subscription services. During 2001, PennEnergy’s exchanges will produce industry transactions in excess of $750 million.
About PennEnergy, Inc.
PennEnergy, Inc. is the leading global, business-to-business Internet marketplace for energy, the world’s most critical and strategically important industry. This rapidly growing Internet company has capitalized on the use of electronic commerce, media and interactivity to build the most vibrant, neutral, and respected online communities for business and engineering professionals in oil and gas, electric power, and related energy markets.
PennEnergy has developed state-of-the-art technology for its e-commerce and content communities including Ariba for its exchanges and Vignette for its content management needs. Its 100+ domestic employees work in Houston, Texas; Tulsa, Oklahoma; Forth Worth, Texas, and Durango, Colorado. PennEnergy has strategic international offices with employees located in London, England; Calgary, Canada; Internet City, Dubai; Buenos Aires, Argentina; Caracas, Venezuela and Singapore. Now a stand-alone affiliate of PennWell and PennNET, PennEnergy has its headquarters in Houston, Texas, the center of the energy industry.
pennNET (www.pennNET.com), creates secure and reliable e-marketplaces for business professionals in critical global markets. The company’s e-media enables the industry’s smartest e-commerce decisions by providing the broadest range of breaking news, original research and exclusive executive opinion. pennNET revolutionizes the traditional approach to commerce by creating focused e-marketplaces for rapid procurement of goods and services.
The company was formed in the spring of 1999 to leverage, in the electronic marketplace, the diversified resources of PennWell Corporation. PennWell Corporation was formed in 1910 and now publishes 46 business-to-business magazines and conducts over 40 major conferences and exhibits worldwide.