pennNET and PennWell form PennEnergy
pennNET (www.pennNET.com), a subsidiary of PennWell Corp. (www.PennWell.com) and a leading provider of B2B e-marketplaces for business professionals, has formed PennEnergy Inc.
pennNET (www.pennNET.com), a subsidiary of PennWell Corp. (www.PennWell.com) and a leading provider of B2B e-marketplaces for business professionals, has formed PennEnergy Inc. and relocated its headquarters from San Mateo, CA, to Houston, TX. 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, andOil & Gas Journal Online, which has operated in Houston since 1996.
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, which is composed 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 $1.5 billion (www.globalequipmentexchange.com).
PennEnergy will also includeOil & 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 database of historical well and production data for 1.5 million US oil and gas wells that 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, conferences, and exhibitions.
"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," says 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 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."