CALGARY, ALBERTA -- (Marketwired) -- 06/12/13 -- Calgary-based Energy Navigator has unveiled Val Nav 6.2, the latest version of its popular suite of oil and gas forecasting, reserves management and economic analysis tools. It is the only software suite on the market that allows users to test a variety of decline methods, including a new method called "The Five Year Equation", and enables auto-forecasting of unconventional reserves with remarkable accuracy. With an estimated 75 per cent of North American oil and gas investment focused on unconventional resources, the ability to quickly create highly accurate production forecasts makes Val Nav a "must-have" tool for today's reservoir engineers and reserves managers.
"We're confident that no other reserves management or economics software on the market can deliver this kind of accuracy in unconventional forecasts, and certainly not with the kind of speed our auto-forecasting delivers," said Wayne Keinick, P.Eng., Energy Navigator's Chief Technical Advisor. "In a recent comparison, a 35-year industry veteran took six hours to forecast 600 wells. Val Nav 6.2 did it in 20 seconds, with greater accuracy and no bias."
The new forecasting methodology was developed by Energy Navigator engineers, Boyd Russell and Randy Freeborn, and was first presented in a white paper to the Society of Petroleum Engineers in 2012. Since then, the two have presented their research and "Five Year Equation" method to a range of industry groups. The method is quickly gaining favour with leading industry experts.
In addition to its unequalled auto-forecasting capabilities, Val Nav 6.2 includes a host of other new features that allow users to analyze alternate plans and scenarios, improve capital management, maintain data consistency and report with confidence for multiple jurisdictions and stock exchanges.
About Energy Navigator
Energy Navigator specializes in capital and reserve asset management software for the oil and gas industry. The company operates on the principle of continually developing a better way to help oil and gas companies get from data to decision. Energy Navigator's products include Value Navigator® (Val Nav), an industry leading forecasting, economics and reserves management tool, and AFE Navigator® (AFE Nav), an automated AFE creation, tracking and capital management solution. The company has headquarters in Calgary, with offices in Houston and Denver.
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