Triple Point Technology®, the leading global provider of multi-market commodity and enterprise risk management software solutions, announced today that Parallel Petroleum Corporation (NASDAQ:PLLL), an independent oil and gas company with proved reserves of 43.8 MMBOE, has selected Triple Point’s Commodity XL for Fair Value Disclosure™ to provide credit-adjusted mark-to-market (MTM) and fair value level assignment for its energy commodity derivative transactions.
Parallel joins the impressive ranks of Copano Energy, Plains Exploration & Production Company (NYSE:PXP), Dominion Resources and Range Resources in its recent selection of Triple Point’s comprehensive module for FAS 157 and IFRS 7 compliance. The software solution provides the tools and framework to define, measure and manage fair value levels and meet all disclosure requirements.
Headquartered in Midland, Texas, Parallel is engaged in the acquisition, development, exploration and production of oil and gas using 3-D seismic technology and advanced drilling, completion and recovery techniques. Parallel's primary areas of operation are the Permian Basin of West Texas and New Mexico, North Texas Barnett Shale, Onshore Gulf Coast of South Texas, East Texas, Utah and Colorado.
Parallel uses financial collars and swaps to hedge price movements in natural gas and crude oil. Triple Point’s fair value disclosure software provides the company with the tools and systems to ensure consistency and comparability of fair value measurements and the disclosure of credit-adjusted mark-to-market assumptions and valuations for both assets and liabilities by counterparty. Additionally, Commodity XL for Fair Value Disclosure provides Level 3 roll-forward activity and schedules and enables Parallel to track position by counterparty and perform sensitivity analysis.
“To a large extent, the financial crisis continues to be perpetuated by the simple loss of confidence,” said Elie Zabal, Triple Point’s senior vice president of treasury management and regulatory compliance solutions. “Triple Point’s FAS 157 solution ensures the consistency and auditability of fair value level assignments and the business transparency that stakeholders demand to confidently do business in today’s volatile environment.”
Triple Point’s Commodity XL for Fair Value Disclosure is based on mature, well-tested software solutions obtained in its acquisition of INSSINC. INSSINC, now the treasury management and regulatory compliance division of Triple Point, serves premiere energy and commodity industry leaders throughout North America and Europe including such notable companies as: PacificCorp, TransAlta, TransCanada, SUEZ Energy, Southern Company, Ameren Energy, Scottish Power and Campbell Soup Company.
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