pennNET ACQUIRES MAJORITY STAKE IN EBCO

The "Oil & Gas Journal Exchange" Poised To Be The Leading B2B E-Commerce Solution In This Critical Global Market

SAN MATEO, California - February 2, 2000 - pennNET (www.pennNET.com), the leader in creating secure, reliable e-marketplaces for business professionals in critical global markets, today announced that it has acquired majority interest in EBCO for the purpose of creating an online auction for oil and gas producing properties. This acquisition will help pennNET move further toward its vision of changing the way companies do business through advanced e-commerce and e-media vortals.

The pennNET "Oil & Gas Journal Exchange" online auction will be the leading centralized marketplace for petroleum professionals to conduct the online purchase and sale of oil and gas producing properties and exploration prospects worldwide. The comprehensive suite of oil and gas property auction related products and services will improve, expedite, and bring greater efficiencies to the entire property transaction process.

Efficiencies will be gained by reducing or eliminating time and travel required in project screening, data room reviews and related due diligence, negotiation of terms, and convenience in conducting desired transactions. The combination of increased information availability, extended reach to a broader spectrum of buyers and sellers, and the convenience of online data review and transactions will deliver enhanced efficiencies for buyers, incremental divestment opportunities for sellers, and a focused and relevant audience for related sponsors and advertisers to market their products and services.

"We believe this will revolutionize the traditional approach to commerce in the Oil & Gas field," said Jim Casella, president and chief executive officer at pennNET. Casella added "This venture by pennNET and EBCO brings a trusted industry brand to a wider, global, marketplace allowing for quick and efficient property sales and purchases. The marriage of insightful industry content, and efficient commerce solutions, is what sets pennNET apart from the competition."

Founded in 1979, EBCO is recognized for pioneering oil and gas property auctions and setting the standard for acquisitions and divestitures in the oil and gas industry. EBCO maintains corporate offices in both Houston and Oklahoma City. The principals of EBCO are Paul, Thomas and David Smart. These brothers are the founders, owners and managers of EBCO U.S.A., Inc. and EBCO Resources, Inc., commonly known as EBCO. Each of the three began their professional careers in the oil industry as marketers and appraisers of drilling rigs and energy related assets. Recognized for holding the first nationally promoted sale of oil and gas properties at auction in 1987, they have built a career on converting assets into cash while maximizing value. Their accomplishments include:

  • World's First Internet Oil & Gas Auction
  • Largest one day sale -- $26,427,850
  • Highest Value VIP Properties -- $15,500,000
  • Largest No-Minimum Sales -- $16,128,250 and $13,561,250
  • Largest No-Minimum Properties -- $1,400,000
  • EBCO's 150 Auctions is the highest in the industry

EBCO conducts both negotiated sales and INVITATIONAL® sales for major and independent oil and gas producers. Since the company's inception, EBCO has provided its services to over 5,000 clients involving more than 70,000 transactions valued at nearly $1 billion. Additional services offered by EBCO include acquisition and divestiture advisory, property evaluations, data room administration, well data preparation and land and title services.

pennNET (www.pennNET.com) creates secure and reliable e-marketplaces for business professionals in critical global markets. The company's e-media enables the industry's smartest e-commerce decisions by providing the broadest range of breaking news, original research and exclusive executive opinion. pennNET also revolutionizes the traditional approach to commerce by creating focused e-marketplaces for the rapid procurement of goods and services. The company was formed in the spring of 1999 to leverage, in the electronic marketplace, the diversified resources of PennWell Corporation. PennWell Corporation was formed in 1910 and now publishes over 40 business-to-business magazines and conducts 50 major conferences and exhibits worldwide.

pennNET corporate headquarters are located in San Mateo, California

For more information, contact:
David Lisle
Director of Business Development for Energy
dlisle@pennnet.com

Paul Westervelt
Vice President of Business Development and Marketing
pwestervelt@pennnet.com

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