EMK3’s Technology Solves Data Management Problems in Post-Enron Times

One-stop software solution automates current manual oil and gas transactions

EMK3, a technology company that provides IT solutions for the energy industry, delivers software that automates current manual oil and gas transactions. This new technology proactively resolves security and data management issues in an industry reeling to gain management credibility after the Enron debacle.

More than ever, oil and gas companies realize the importance of tracking and maintaining credible data. Currently, most oil and gas companies depend upon handwritten documents, phone calls, emails and faxes for data compilation, and for the sale and purchase of oil and gas; therefore, making it difficult and inefficient to capture a company’s marketing and accounting processes. The current system poses many problems including an inability to acquire accurate data, loss of revenue, high time costs and routine human errors and omissions. The heightened sense of risk, in the wake of Enron, helps drive demand for better data management systems.

EMK3 solves these problems by deploying a software solution that automates current manual processes during and after the transaction of crude oil from the well. With EMK3 software, oil and gas producers can perform arduous accounting, contract compliance and credit management functions with a couple clicks of the mouse.

"There are so many elements in a typical petroleum transaction that it is nearly impossible to know commodity prices, sales volumes, contract status and credit exposure simultaneously," said Gary Wittsche, EMK3 Founder and CEO. "The uncertainty puts businesses at risk. We developed an application that addresses all phases of energy transactions at the well so oil and gas producers don’t have to make crucial decisions in the dark."

Proper data management and documentation are essential in this post-Enron era. EMK3 web-based technology empowers oil and gas producers with software that streamline and automate the entire energy transaction. EMK3 combines the functions of commodity pricing, production marketing, contract administration, price and volume reconciliation, sales allocation and revenue forecasting into one solution. By doing so, EMK3 significantly reduces cost, risk and exposure.