IHS Energy Acquires iMonitoring Subsidiary from Luna Innovations Company to Deliver Affordable, Intelligent Well Monitoring

HOUSTON (Friday, Oct. 3, 2003) - IHS Energy, the global source of oil and gas information, analytical software and consulting services, announced today it has acquired the iMonitoring subsidiary from Luna Innovations of Blacksburg, Virginia. Luna iMonitoring has developed a line of solar-powered, wireless sensing devices that will allow IHS Energy to augment its popular Web-based well-data collection system with the remote monitoring technology needed to make automation affordable for oil and gas operators of all sizes.

"Luna's innovations will help us rewrite the economics of well automation, extending the benefits of daily well performance monitoring, which are well proven for large producers, to the vast majority of onshore oil and gas wells," said Mike McCrory, president and COO of IHS Energy. "The integration of iMonitoring will expand our existing FieldDIRECT® offering of Web-based data-collection services to include intelligent monitoring of daily production. This allows oil companies to consider automating entire fields, rather than only selected high producers."

Affordable for wells that produce as little as 10 BOE per day, the implementation of these expanded FieldDIRECT services has the potential to improve any oil and gas operator's day-to-day decision-making processes. Unlike other systems, FieldDIRECT is a field solution designed to continuously monitor wells, and plan production and field operations, enabling engineers and managers to more quickly check well or field status.

Ken Ferris, chief executive officer of Luna iMonitoring, has been working with IHS Energy's engineering staff for more than a year on product development. "We have been field testing and fine-tuning this offering, tailoring it to the needs of the oil and gas field operator," said Ferris. "By setting our sights on the economics of the average well, we've been able to significantly lower the costs of both installation and ongoing monitoring," he said.

Prior to the acquisition, the two companies had been collaborating to develop the FieldDIRECT and iMonitoring technologies as a tightly integrated well data monitoring system. Field-testing of these technologies will continue as iMonitoring's staff joins the IHS Energy team.