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Origo oil&gas financial reporting and analytics software expands internationally

Thursday, March 19, 2020

Third Corner, Inc., developer of the Origo oil & gas data integration and financial reporting solution, announces the signing of software licenses for Calgary-based Sitka Exploration Ltd and Prairie Thunder Resources Ltd.

The announcement marks the first international deployment of Origo, Third Corner's flagship oil & gas product and emerging leader in upstream and midstream financial reporting that integrates disparate sources of accounting, production, economics, and other datasets for rapid insight.

'Sitka was looking to streamline its financial reporting and we believe we have found that solution in Origo,' said Greg Jerome, Chief Financial Officer at Sitka Exploration Ltd.

The Origo oil & gas software suite is a cloud-based software-as-a-service (SaaS) product that seamlessly integrates with a company's existing applications and data sources, including accounting, reserves, and production. By directly accessing and bringing scattered data together in the cloud, Origo delivers critical financial reporting faster with enhanced visibility into key performance indicators across the petroleum enterprise.

'Prairie Thunder wanted the ability to merge reporting from several data bases into one comprehensive reporting tool. Third Corner's Origo software will be able to accomplish this for us,' said Bill Lewington, Chief Financial Officer at Prairie Thunder Resources Ltd.

The easy to use Origo toolset features multiple out-of-the-box data integrations with leading oil & gas commercial software solutions. Combined with state-of-the-art financial reporting and analytics, Origo extends and complements general ledger reporting by bringing different datasets together to help companies better understand economic returns and manage expenses.

By leveraging Origo's advanced financial reporting, Sitka Exploration Ltd. and Prairie Thunder Resources Ltd. will benefit on multiple dimensions, including:

- Ability to roll-up assets by cost center and drill-down to rapidly understand returns, variances, received pricing, and margins.
- Quick look analysis to assess budgets, scenarios, and improve process efficiencies.
- Immediate return on software investment by optimizing cash flow, improving operational efficiency, and reducing G&A.

What's more, Origo helps companies weather market downturns and uncertainty with the data-driven insights needed to stay positioned for future growth.

'Origo is such a powerful financial and analytical toolset because it unlocks the tremendous value that exists across the petroleum enterprise, from siloed accounting and lease operating expenses to reserves and production forecasts stored in an operator's economics software,' said Colby Nate, CEO of Third Corner. He said, 'We've seen tremendous uptake in the US market as companies increasingly look for ways to optimize their cash flow, cut costs, and gain competitive advantage, and now those benefits are being made to our first international customers.' Nate added, 'a warm welcome and a big thank you to Sitka and Prairie Thunder in Calgary, we look forward to powering faster, more informed decisions together!'

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» Third Corner
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