AssetBook ARO Manager achieves a new level of SOC Compliance for improved ARO financial reporting.

Calgary, AB, March 07, 2023 – Calgary-based oil & gas data and software provider XI Technologies Inc. (“XI”) announced today the achievement of SOC 1 Type 2 compliance for their AssetBook ARO Manager software module. ARO Manager is a tool that helps companies monitor and report their Asset Retirement Obligations (ARO) to manage end-of-life commitments for oil and gas assets. The module was granted SOC 1 Type 2 compliance to the effective date of Nov 30, 2022 with a bridge letter available to end of December if required.

SOC (System and Organization Controls) is a certification standard that companies use to validate the trustworthiness of financial controls of software. Furthermore, Type 2 compliance includes the design and testing of these controls to ensure that they are operating effectively over a defined period (typically 12 months).

ARO Manager has demonstrated compliance with the standard by providing evidence that XI Technologies, the business processes, and information technology infrastructure of the application are fortified with appropriate controls, thereby safeguarding clients’ financial data.

“Ensuring our clients have secure, auditable processes has always been a foundational piece of ARO Manager,” says Amber Anderson, VP of Operations for XI Technologies. “When our clients store their financial data in our system, and count on us to correctly calculate their ARO, they’re putting an enormous amount of trust in us, which is a responsibility we take seriously. We are excited to comply and receive this SOC 1 Type 2 certification as we know it provides the assurance our clients deserve.”

Not only does ARO Manager align with SOC compliance standards, but it also offers additional audit-friendly functionalities. These features include the automatic generation of comprehensive change logs, enabling easy tracking of all modifications made to projects. Moreover, the platform facilitates effortless comparison of projects, highlighting all the differences between them, thereby ensuring complete transparency and accuracy. Such capabilities are a testament to the platform’s commitment to delivering the utmost accountability and trustworthiness to its users, satisfying the needs of both auditors and executives alike with delivery of accurate reports on current and future ARO plus standardized accretion reports for financial requirements.

To view ARO Manager’s SOC report, or for more information on AssetBook ARO Manager, get an in depth look here.

 

About XI Technologies
XI Technologies provides the data-driven solutions that Canadian energy companies need for informed decision-making, competitive analysis, A&D scoping, asset planning, business development, liability management, drilling, operations, regulatory compliance, and risk management.

For Immediate Release  

XI Technologies welcomes Tamara Ritzel as they elevate their account management service. 

Calgary, AB, February 6, 2023 – Calgary-based oil and gas data and software provider XI Technologies Inc. (“XI”) announced today the appointment of Tamara Ritzel as Senior Account Manager to oversee client needs and services. 

With over twenty years of account management experience and a full network of industry connections, Tamara comes to XI excited about taking the role to the next level. “I’m passionate about building long term business relationships based on trust and respect,” she says, adding, “The oil and gas industry in Western Canada has been my home since 2005 where I have worked with software and data companies that ranged in size from small start-ups to large global enterprise solutions. Now, at XI Technologies, I can help my clients ‘find a better way’ by providing must-have solutions that are fast, efficient, and equally trusted.” 

The role’s focus will be on the AssetSuite of tools for A&D prospecting and risking, strategic business planning, corporate benchmarking, Liability analysis (LLR/LCA), Asset Retirement Obligation (ARO) management, and emissions analysis. Drilling and regulatory tools will be added to the portfolio in the near future. 

“Ensuring our clients have the very best software and tools for understanding asset data is our passion, our niche, and our industry reputation,” says Jennifer Baerg, VP Business Development for XI Technologies. “We are already known for our client focused approach to product development, training and support, but adding an exceptional senior account manager like Tamara to our team is part of the plan to elevate our overall client experience even further.” 

For more information on AssetBook, ARO Manager, LLR or any other module within the AssetSuite, click here to view our offerings.  

About XI Technologies 
XI Technologies provides the data driven solutions that Canadian energy companies need for informed decision making, competitive analysis, A&D scoping, asset planning, business development, liability management, drilling, operations, regulatory compliance, and risk management.