Commenting on the Summit, Dave Latin, Chairman of the Energistics Board andVice President of BP's fieldofthefuture® Programme, said, "In acompetitive and collaborative business world impacted by global challenges,such as climate change, energy efficiency, environmental concerns, ethicalissues, not to mention a complex and ever changing business environment,the need for reliable insight and information is critical. Standardsfacilitate movement of data and information. The Energistics StandardsSummit provides a forum to discuss how standards can improve the efficiencyand effectiveness of the upstream industry."

Randy Clark, President and CEO of Energistics, said, "The EnergisticsStandards Summit and Reception is intended to bring together industryleaders in order to help all of us understand better the importance andbenefits of implementing and deploying standards industry wide. Engagingthe entire upstream industry in this process can significantly improveprofits and competitiveness."

Industry leaders from Aspen Technology, Chevron, ONGC, Oracle, and LooperReed & McGraw kicked off the Summit's morning North America Region Meetingand Global Perspective Session by sharing viewpoints of the challenges,benefits, competitive advantage and protecting intellectual property rightsas they each relate to standards.

Stephen Munden, Managing Director for Business Keys Ltd, presented theKeynote Address during the afternoon session. Mr. Munden emphasized theimportance of creating a standards strategy and how standardization can beused to add value for a company and its customers in all areas of the valuechain.

Following Mr. Munden's Keynote Address, Bill Pike, Editor in Chief, HartEnergy Publishing, moderated a thought provoking and lively Round Tablediscussion including the following panelists: Randy Clark, President andCEO, Energistics; Tom Halbouty, VP & CIO, Pioneer Natural Resources; TimHopkins, VP Global Upstream Critical Information, IHS; Arshad Matin,President and CEO, SMT and Stephen Munden, Managing Director, BusinessKeys Ltd.

This year's Standards Summit and Reception was generously sponsored by IBM,Schlumberger, Tibco, Looper Reed & McGraw, Microsoft and Oracle.

Energistics is a global, membership-sponsored consortium that facilitatesan inclusive user community for the development, deployment and maintenanceof collaborative technologies using open data exchange standards for theupstream oil and natural gas industry. To ensure these freely-available,standards-based technological, computing, and process solutions deliverreal business value, Energistics focuses on market-driven, integratedtechnical and business information standards for efficient data handling,storage, management and exchange. Deployment of Energistics' open dataexchange standards promotes interoperability improvements between tradingpartners and implements universally applicable solutions that delivertangible bottom line results across the entire E&P life cycle.

Energistics membership consists of integrated, independent and national oilcompanies, oilfield service companies, hardware and software vendors,systems integrators, regulatory agencies and the global standards usercommunity.

For more information, visit www.energistics.org.

CONTACT:Jerry Hubbard+1 (713) 294-4993