4/13/2005

SCANDPOWER PETROLEUM TECHNOLOGY AND KNOWLEDGE RESERVOIR TO JOINTLY PURSUE SOFTWARE-BASED HISTORY- MATCHING MARKET

HOUSTON, February 17, 2005 --- Knowledge Reservoir and Scandpower Petroleum Technology (SPT) have signed an agreement to jointly pursue the software-based reservoir simulation history-matching market. The technical workflow will revolve around the use of the MEPO® software product released last year by SPT. The product enables accurate decision-making and cost effective operations through uncertainty assessment, history matching and reservoir forecasting of reservoir models.

Dag Terje Rian, President of SPT said, “We are very pleased to be partnering with Knowledge Reservoir in our push into the Americas marketplace. We have achieved a very good response with the MEPO product in Europe, and our goal is to make MEPO a market leading software application within uncertainty quantification and history matching in North- and South America.

Dr. Ivor Ellul, CEO of Knowledge Reservoir said, "We feel that the technology incorporated in the MEPO product will provide immediate added value to our consulting workflow. Our aim is to maintain our track record of providing the highest quality consulting services to our clients. The ability to bring new technology to bear clearly falls within this scope.”


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