|By PR Newswire||
|March 14, 2014 01:40 AM EDT||
CAMARILLO, California, March 14, 2014 /PRNewswire/ --
All amounts are in U.S. Dollars unless otherwise indicated:
Fourth Quarter Year Ended 2013 2012 % 2013 2012 % Earnings (Loss): $ Thousands $(11,016) $(4,538) - $(19,710) $(14,948) - $ per common share $(0.08) $(0.03) - $(0.14) $(0.10) - assuming dilution Capital Expenditures $36,502 $4,945 638% $81,772 $40,537 102% Average Production (Boepd) 877 1,681 (48%) 776 1,581 (51%) Gross Revenue 5,678 5,184 10% 13,995 20,028 (30%) Average Product Price per Barrel $70.39 $33.52 110% $49.39 $34.61 43% Average Netback per Barrel $50.65 $17.83 184% $30.81 $17.75 74% 12/31/2013 12/31/2012 Cash, Cash Equivalents and Marketable Securities $42,215 $2,836 Working Capital $18,854 $472
BNK's President and Chief Executive Officer, Wolf Regener commented:
"I feel we have made excellent progress this last year on both our U.S. and European projects. In our 2013 Tishomingo Field, Caney formation drilling program, our efforts were focused on reducing drilling time and cost, testing the optimal lateral placement within the formation and optimizing the fracture stimulations resulting in increasing the oil rate of each consecutive well. These goals were achieved. The last two wells that we drilled and completed in 2013, the Barnes 7-2H and the Wiggins 12-8H, have been our best performing wells to date, demonstrating lower decline rates along with higher percentages of oil in the production mix. The Barnes 7-2H well, which still has 15% of the lateral left to fracture stimulate, had a 60 day initial production rate of 360 barrels of oil per day (bopd) (469 barrels of oil equivalent per day (boepd)) and the Wiggins 12-8H well, where only approximately half the length of the lateral was effectively stimulated was 273 bopd (402 boepd). These two wells were the first to be drilled in the lower Caney interval rather than the Transition zone which was targeted in the first three wells. The Company's fourth quarter average production was 877 boepd and our December average production was approximately 1,050 boepd.
"The 2013 year end reserves report confirmed the Company's belief in the potential for the Caney as the Company's proved and probable ("2P") gross reserves were estimated at approximately 15.5 million boe, while the proved, probable and possible ("3P") gross reserves were estimated at approximately 40.9 million boe. The net present value of Future Net Revenue before tax, discounted at 10% was $286 million for the 2P reserves and $847 million for the 3P reserves.
"We look forward to starting our 2014 drilling program in the second quarter after we obtain the final data from the Barnes 7-2 whole core analysis. Fracture stimulation operations are expected to begin at the end of this month on the first of the two lateral Caney wellbores that were not yet fully fracture stimulated (the remaining 15% of the Barnes 7-2H well and the Leila 31-2H well). In addition, work on the locations and surface casing installation for the next two Caney wells has already commenced and is expected to be finalized in the coming weeks.
"In less than 8 months after selling substantially all of our producing assets we were able to replace all of our revenue as our fourth quarter 2013 revenues exceeded 2012 fourth quarter revenues by over $400,000. Our cash flow from operations for the fourth quarter 2013 was $2.3 million, which is $1.5 million more than our 2012 fourth quarter operating cash flow. In addition, our Caney netbacks for the fourth quarter 2013 averaged $50.65 per barrel, a 184% increase over the netbacks from the Woodford production in the fourth quarter of last year, which averaged $17.83 per barrel.
"In Poland, the Company successfully drilled, cased and cemented the Gapowo B-1 well in its Bytow concession. We are encouraged by the high gas shows encountered in the 5,900 feet of lateral and we look forward to fracture stimulating the first thirty percent of the available length. After this portion of the well has been tested we will design the stimulation for the rest of the lateral, incorporating what we learn from the first stimulation.
"The fracture stimulation design for the first portion of the Gapowo B-1 well has been finalized, subcontractors have been selected and location work is underway. We expect to commence fracture stimulation of this well as soon as the location work is complete.
"In 2013, Saponis Investments Sp. z o.o ("Saponis") decided to relinquish the Slawno and Starogard concessions, while retaining the Slupsk concession. In December 2013, the Company increased its ownership in Saponis to 57.04%, up from 26.7%. This triggered an impairment test of the Company's Saponis interest under IFRS rules and the resulting impairment plus the writedown of the two concessions contributed to the Company recording a $7.5 million loss from equity investments. However, the Company believes its interest in Saponis is more valuable now than prior to these events due to its increased interest in the more prospective Slupsk concession.
"The Company incurred an $11.0 million loss in the fourth quarter of 2013, which includes the nonrecurring $7.5 million Saponis equity investment loss and a $1.7 million write-off of the Darlowo lease in Poland, versus a loss of $4.5 million in the fourth quarter of 2012.
"For the 2013 year the Company incurred a loss of $19.7 million versus a loss of $14.9 million in 2012. Oil and gas revenues declined $4.9 million, or 30%, due to a decrease in average production per day due to the sale by the Company in April 2013 of all of its rights in the Woodford and other formations in the Tishomingo Field (the "Woodford Sale"), which was offset by production from our subsequently drilled Caney wells and an increase in average pricing per barrel.
"The Company recorded a gain of $9.5 million on the Woodford Sale, and used a portion of the proceeds to pay down its debt from $41 million to $100,000. Offsetting this gain was $3.5 million related to the amortization of deferred financing costs, a pre-payment penalty of $2.5 million and a $2.5 million payment to settle all of our financial commodity contracts."
FOURTH QUARTER HIGHLIGHTS:
- Drilled and fracture stimulated the Barnes 7-2H and Wiggins 12-8H wells in the Caney formation in the Tishomingo Field
- Received required EIA and concession modification to drill Gapowo B-1 well lateral in Poland
- In January 2014, completed the drilling and ran casing on the Gapowo B-1 well, which is expected to be fracture stimulated in the second quarter of 2014
- Oil and gas revenues were $4.6 million, which exceeded the prior year quarter for the first time since the Woodford Sale
- Cash flow from operating activities was $2.3 million compared to prior year operating cash flows of $0.8 million
- Netbacks were $50.65 per barrel compared to $17.83 in the prior year fourth quarter
- Production continued increasing, post Woodford Sale, and averaged 877 BOEPD in the quarter
- G&A decreased by $1.0 million due to cost cutting efforts including reductions in staff and lower costs in Europe
- Loss of $11.0 million in the fourth quarter of 2013 versus loss of $4.5 million in the third quarter of 2012 due to a loss from investments in joint ventures of $7.4 million in 2013
- At quarter end, cash and marketable securities totaled $42.2 million and working capital was $18.9 million
Fourth Quarter 2013 to Fourth Quarter 2012
Oil and gas revenues net of royalties totaled $4,613,000 in the quarter versus $4,212,000 in the fourth quarter of 2012. Oil revenues were $4,716,000 in the quarter versus $1,822,000 in the fourth quarter of 2012, an increase of 159% as production increased 118% to an average of 533 barrels per day due to the production mix from the Caney wells while average oil prices increased 19% or $15.20 a barrel. Natural gas revenues declined $1,008,000 or 79% as natural gas production decreased to 690 mcfd due to the Woodford Sale and the production mix of the Caney wells while average natural gas prices per mcf increased 3%. NGL revenue declined $1,391,000 or 67% to $690,000 as average production decreased 73% to 197 boepd as a result of the Woodford Sale and the production mix from the Caney wells while average NGL prices increased 22% to $38.03 a barrel.
Other income decreased $735,000 to $163,000 as fourth quarter 2012 results included gains from eliminating asset retirement obligations for wells no longer owned by the Company.
Exploration and evaluation expenses increased $859,000 between quarters due to the 2013 write-off of the Darlowo well in Poland.
Production and operating expenses declined $925,000 between quarters due to the Woodford Sale.
Depletion and depreciation expense decreased $189,000 between quarters due to decreased production and depletion base and lower production as a result of the Woodford Sale.
General and administrative expenses decreased $954,000 between quarters primarily due to lower payroll and related costs and lower professional fees incurred in Europe relating to legal, accounting, and management fees which were partially offset by higher director fees incurred in 2013.
Stock based compensation increased $524,000 between quarters due to a grant of stock options in the fourth quarter of 2013.
Finance income decreased $344,000 due to realized gains on financial commodity contracts in 2012. Finance expense decreased $774,000 primarily due to interest on loans and borrowings of $384,000 in 2012 and unrealized losses on financial commodity contracts in 2012.
Capital expenditures of $36,502,000 were incurred in the fourth quarter of 2013, almost all of which was spent in Oklahoma.
YEAR ENDED 2013 HIGHLIGHTS
- Drilled and fracture stimulated the first five wells in the Caney formation in the Tishomingo field
- Closed the Woodford Sale in April 2013 for $146.4 million
- Paid down the Company's credit facility from $41 million to $100,000 in connection with the Woodford Sale
- Settled all the financial derivative contracts in April 2013 in connection with the Woodford Sale and incurred a realized loss of $2.5 million
- Capital expenditures increased $40.7 million or 99% to $81.8 million primarily due to the 2013 drilling program in Oklahoma which totaled $78.1 million for the year ended 2013. The 2012 capital expenditures amount included $28 million of capital expenditures for exploration and evaluation assets, mainly in Poland
- G&A expenses decreased by $2.9 million primarily due to staff reductions and lower costs in Europe
- Average production decreased 51% between comparative years due to the Woodford Sale, which was partially offset by production from the new Caney wells
- A net loss of $19.7 million was incurred in the year ended 2013 versus a loss of $14.9 million in in 2012 partially due to a loss from investments in joint ventures of $7.5 million in 2013 and the $1.7 million write-off of the Polish Darlowo concession
Year Ended 2013 to Year Ended 2012
Oil and natural gas revenues net of royalties declined $4,902,000 or 30% to $11,371,000. Oil revenues before royalties increased $624,000 to $9,149,000 due to a 2% increase in production due to the production mix from the Caney wells and a 6% increase in prices between years. Natural gas revenues before royalties declined $2,086,000 or 54% due to a 62% decline in average production due to the Woodford Sale and production mix from the Caney wells, partially offset by a 23% increase in natural gas prices per mcf. NGL revenue before royalties declined $4,574,000 or 60% to $3,054,000 due to a 60% decline in average production per day due to the Woodford Sale and the production mix from the Caney wells.
Other income decreased due to 2012 gains from eliminating asset retirement obligations for wells no longer owned by the Company.
Exploration and evaluation expenses increased $606,000 due to the write-off of the Darlowo concession in Poland.
Production and operating expenses decreased 56% to $2,641,000 as average production decreased 51% due to the Woodford Sale.
Depletion and depreciation expense decreased $2,288,000 primarily due to decreased production and depletion base and lower production as a result of the Woodford Sale.
General and administrative expenses decreased $2,935,000 primarily due to lower payroll and related costs, lower professional fees incurred in Europe relating to legal, accounting, management fees and lower travel costs partially offset by higher director fees in 2013.
Finance Income decreased $1.5 million due to realized gains on financial commodity contracts and unrealized gains on warrant revaluations in 2012. Finance expense increased $7.6 million primarily due to a $7.5 million charge related to interest on loans and borrowings which included $3.5 million for the amortization of deferred financings costs and $2.5 million of pre-payment penalties related to the loan paydown along with a realized loss on financial commodity contracts of $2.5 million as these contracts were all settled in April 2013.
At December 31, 2013, cash and marketable securities increased by $39,379,000 from December 31, 2012, primarily due to the Woodford Sale offset by the 2013 capital expenditures.
BNK PETROLEUM INC. CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited, Expressed in Thousands of United States Dollars) December December 31, 31, 2013 2012 Current assets Cash and cash equivalents $ 17,159 $ 2,836 Investments in marketable securities 25,056 - Trade and other receivables 7,268 11,363 Deposits and prepaid expenses 1,243 2,334 Fair value of commodity contracts - 779 50,726 17,312 Non-current assets Long-term receivables 433 1,297 Investments in joint ventures 2,787 10,114 Property, plant and equipment 94,663 156,549 Exploration and evaluation assets 36,194 33,590 134,077 201,550 Total assets $ 184,803 $ 218,862 Current liabilities Trade and other payables $ 31,872 $ 16,840 Loans and borrowings - 31,797 31,872 48,637 Non-current liabilities Loans and borrowings 100 - Fair value of commodity contracts - 75 Asset retirement obligations 1,192 1,312 Warrants - 3 1,292 1,390 Equity Share capital 247,782 247,326 Contributed surplus 18,721 16,663 Deficit (114,864) (95,154) Total equity 151,639 168,835 Total equity and liabilities $ 184,803 $ 218,862
BNK PETROLEUM, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited, expressed in Thousands of United States dollars, except per share amounts) Three months ended Twelve months ended December 31 December 31 2013 2012 2013 2012 Revenue: Oil and natural gas revenue, net $ 4,613 $ 4,212 $ 11,371 $ 16,273 Gathering income - 356 331 1,420 Gain on sale of assets (119) - 9,499 - Management fees and other income 163 898 1,124 1,633 4,657 5,466 22,325 19,236 Expenses: Exploration and evaluation 1,937 1,078 1,994 1,388 Production and operating 528 1,453 2,641 6,002 Depletion and depreciation 1,729 1,918 4,786 7,074 General and administrative 3,414 4,368 13,344 16,279 Share based compensation 716 192 1,305 877 Loss from investments in joint ventures 7,439 (101) 7,533 172 Restructuring expenses - 756 595 1,771 15,763 9,664 32,198 33,563 Finance income 97 441 166 1,686 Finance expense (7) (781) (10,003) (2,397) Net loss and comprehensive loss $ (11,016) $ (4,538) $ (19,710) $ (14,948) Net loss per share Basic and Diluted $ (0.08) $ (0.03) $ (0.14) $ (0.10)
BNK PETROLEUM, INC. FOURTH QUARTER 2013 (Unaudited, expressed in Thousands of United States dollars, except as noted) 4th Quarter 2013 2012 2013 2012 Oil revenue before royalties $ 4,716 1,822 9,149 8,525 Gas revenue before royalties 273 1,281 1,787 3,873 NGL revenue before royalties 690 2,081 3,054 7,628 Oil and Gas revenue 5,679 5,184 13,990 20,026 Cash flow used by operating activities 2,286 784 (6,656) (10,153) Additions to property, plant & equipment (34,504) (3,982) (78,386) (12,915) Additions to Exploration and Evaluation Assets (1,998) (963) (3,386) (27,622) Statistics: 4th Quarter 2013 2012 2013 2012 Average natural gas production (mcf/d) 879 4,240 1,504 3,981 Average NGL production (Boepd) 197 729 264 660 Average Oil production (Bopd) 533 245 261 257 Average production (Boepd) 877 1,681 776 1,581 Average natural gas price ($/mcf) $ 3.38 $3.28 $3.26 $2.66 Average NGL price ($/bbl) $ 38.03 $31.02 $31.69 $31.58 Average oil price ($/bbl) $ 96.13 $80.93 $95.93 $90.59 Average price per barrel $ 70.39 $33.52 $49.39 $34.61 Royalties per barrel 13.20 6.29 9.26 6.49 Operating expenses per barrel 6.54 9.40 9.32 10.37 Netback per barrel $ 50.65 $17.83 $30.81 $17.75
The information outlined above is extracted from and should be read in conjunction with the Company's audited financial statements for the year ended December 31, 2013 and the related management's discussion and analysis thereof, copies of which are available under the Company's profile at http://www.sedar.com.
Netback per barrel, net operating income and funds from operations (collectively, the "Company's Non-GAAP Measures") are not measures recognized under Canadian generally accepted accounting principles ("GAAP") and do not have any standardized meanings prescribed by GAAP. Management of the Company believes that such measures are relevant for evaluating returns on each of the Company's projects as well as the performance of the enterprise as a whole. The Company's Non-GAAP Measures may differ from similar computations as reported by other similar organizations and, accordingly, may not be comparable to similar non-GAAP measures as reported by such organizations. The Company's Non-GAAP Measures should not be construed as alternatives to net income, cash flows related to operating activities, or other financial measures determined in accordance with GAAP, as an indicator of the Company's performance.
Netback per barrel and its components are calculated by dividing revenue less royalties and operating expenses by the Company's sales volume during the period. Netback per barrel is a non-IFRS measure but it is commonly used by oil and gas companies to illustrate the unit contribution of each barrel produced. This is a useful measure for investors to compare the performance of one entity with another. However, non-IFRS measures do not have any standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures used by other companies.
Net operating income is similarly a non-GAAP measure that represents revenue net of royalties and operating expenses. The Company believes that net operating income is a useful supplemental measure to analyze operating performance and provides an indication of the results generated by the Company's principal business activities prior to the consideration of other income and expenses.
Funds from operations is a non-GAAP measure that represents cash provided by (used in) operating activities, as per the consolidated statements of cash flows, before changes in non-cash working capital. The Company considers this a key measure as it demonstrates its ability to generate the funds necessary for future growth after taking into account the short-term fluctuations in the collection of accounts receivable and the payment for accounts payable.
The Company's natural gas production is reported in thousands of cubic feet ("Mcfs"). The Company also uses references to barrels ("Bbls") and barrels of oil equivalent ("Boes") to reflect natural gas liquids and oil production and sales. Boes may be misleading, particularly if used in isolation. A Boe conversion ratio of 6 Mcf:1 Boe is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. Given that the value ratio based on the current price of crude oil as compared to natural gas is significantly different from the energy equivalency of 6:1, utilizing a conversion on a 6:1 basis may be (a) misleading as an indication of value. Discounted and undiscounted net present value of future net revenues (b) attributable to reserves do not represent fair market value. Possible reserves are those additional reserves that are less certain to be recovered than probable reserves. There is a 10% probability that the quantities actually recovered will equal or exceed the sum of (c) proved plus probable plus possible reserves. This news release contains short-term production rates. Readers are cautioned that such production rates are not necessarily indicative of (d) long-term performance or of ultimate recovery.
Readers are referred to the full description of the results of the Company's December 31, 2013 independent reserves evaluation and other oil and gas information contained in its Amended and Restated Form 51-101F1 Statement of Reserves Data and Other Oil and Gas Information for the year ended December 31, 2013, which the Company filed on SEDAR on March 10, 2014.
Caution Regarding Forward-Looking Information
This release contains forward-looking information including information regarding estimates of reserves and future net revenue, the proposed timing and expected results of exploratory and development work including production from the Lower Caney and upper Sycamore formations on the Company's Oklahoma acreage, the effect of design and performance improvements on future productivity, the anticipated timing of commencement and completion of drilling and fracture-stimulations in connection with the Company's Caney drilling program, the advancement of the Company's European projects, including permit and concession applications and approvals, drilling plans and fracture stimulation operations underway on the Company's Gapowo B-1 shale gas well in Poland, planned capital expenditure programs and cost estimates, planned use and sufficiency of cash and marketable securities on hand and the Company's strategy and objectives. The use of any of the words "target", "plans", "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and similar expressions are intended to identify forward-looking statements.
Such forward-looking information is based on management's expectations and assumptions, including that the Company's geologic models will be validated, that indications of early results are reasonably accurate predictors of the prospectiveness of the shale intervals, that previous exploration results are indicative of future results and success, that expected production from future wells can be achieved as modeled, declines will match the modeling, future well production rates will be improved over existing wells, that rates of return as modeled can be achieved, that recoveries are consistent with management's expectations, that additional wells are actually drilled and completed, that design and performance improvements will reduce development time and expense and improve productivity, that discoveries will prove to be economic, that anticipated results and estimated costs will be consistent with managements' expectations, that all required permits and approvals and the necessary labor and equipment will be obtained, provided or available, as applicable, on terms that are acceptable to the Company, when required, that no unforeseen delays, unexpected geological or other effects, equipment failures, permitting delays or labor or contract disputes are encountered, that the development plans of the Company and its co-venturers will not change, that the demand for oil and gas will be sustained, that the Company will continue to be able to access sufficient capital through financings, credit facilities, farm-ins or other participation arrangements to maintain its projects, that the Company will not be adversely affected by changing government policies and regulations, social instability or other political, economic or diplomatic developments in the countries in which it operates and that global economic conditions will not deteriorate in a manner that has an adverse impact on the Company's business and its ability to advance its business strategy.
Forward looking information involves significant known and unknown risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to: any of the assumptions on which such forward looking information is based vary or prove to be invalid, including that anticipated results and estimated costs will not be consistent with managements' expectations, the risks associated with the oil and gas industry (e.g. operational risks in development, exploration and production; delays or changes in plans with respect to exploration and development projects or capital expenditures; the uncertainty of reserve and resource estimates and projections relating to production, costs and expenses, and health, safety and environmental risks), the risk of commodity price and foreign exchange rate fluctuations, risks and uncertainties associated with securing the necessary regulatory approvals and financing to proceed with continued development of the Tishomingo Field and other shale basins in the United States and Europe, the Company or its subsidiaries is not able for any reason to obtain and provide the information necessary to secure required approvals or that required regulatory approvals are otherwise not available when required, that unexpected geological results are encountered, that completion techniques require further optimization, that production rates do not match the Company's assumptions, that very low or no production rates are achieved, that the Company is unable to access required capital, that occurrences such as those that are assumed will not occur, do in fact occur, and those conditions that are assumed will continue or improve, do not continue or improve and the other risks identified in the Company's most recent Annual Information Form under the "Risk Factors" section and the Company's other public disclosure, available under the Company's profile on SEDAR at http://www.sedar.com.
With respect to estimated reserves and future net revenue, the evaluation of the Company's reserves is based on a limited number of wells with limited production history and includes a number of assumptions relating to factors such as availability of capital to fund required infrastructure, commodity prices, production performance of the wells drilled, successful drilling of infill wells, the assumed effects of regulation by government agencies and future operating costs. All of these estimates will vary from actual results. Estimates of the recoverable oil and natural gas reserves attributable to any particular group of properties, classifications of such reserves based on risk of recovery and estimates of future net revenues expected therefrom, may vary. The Company's actual production, revenues, taxes, development and operating expenditures with respect to its reserves will vary from such estimates, and such variances could be material. In addition to the foregoing, other significant factors or uncertainties that may affect either the Company's reserves or the future net revenue associated with such reserves include material changes to existing taxation or royalty rates and/or regulations, and changes to environmental laws and regulations.
Although the Company has attempted to take into account important factors that could cause actual costs or results to differ materially, there may be other factors that cause actual results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. The forward-looking information included in this release is expressly qualified in its entirety by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking information. The Company undertakes no obligation to update these forward-looking statements, other than as required by applicable law.
About BNK Petroleum Inc.
BNK Petroleum Inc. is an international oil and gas exploration and production company focused on finding and exploiting large, predominately unconventional oil and gas resource plays. Through various affiliates and subsidiaries, the Company owns and operates shale gas properties and concessions in the United States, Poland and Spain. Additionally the Company is utilizing its technical and operational expertise to identify and acquire additional unconventional projects. The Company's shares are traded on the Toronto Stock Exchange under the stock symbol BKX.
For further information: Wolf E. Regener, President and Chief Executive Officer, +1(805)484-3613, Email: [email protected]
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce the value of the network in helping organizations to maximize their company’s cloud experience.
Oct. 1, 2014 06:15 PM EDT Reads: 517
Cultural, regulatory, environmental, political and economic (CREPE) conditions over the past decade are creating cross-industry solution spaces that require processes and technologies from both the Internet of Things (IoT), and Data Management and Analytics (DMA). These solution spaces are evolving into Sensor Analytics Ecosystems (SAE) that represent significant new opportunities for organizations of all types. Public Utilities throughout the world, providing electricity, natural gas and water, are pursuing SmartGrid initiatives that represent one of the more mature examples of SAE. We have spoken with, or attended presentations from, utilities in the United States, South America, Asia and Europe. This session will provide a look at the CREPE drivers for SmartGrids and the solution spaces used by SmartGrids today and planned for the near future. All organizations can learn from SmartGrid’s use of Predictive Maintenance, Demand Prediction, Cloud, Big Data and Customer-facing Dashboards...
Oct. 1, 2014 06:15 PM EDT Reads: 309
All major researchers estimate there will be tens of billions devices – computers, smartphones, tablets, and sensors – connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be!
Oct. 1, 2014 05:00 PM EDT Reads: 2,344
Noted IoT expert and researcher Joseph di Paolantonio (pictured below) has joined the @ThingsExpo faculty. Joseph, who describes himself as an “Independent Thinker” from DataArchon, will speak on the topic of “Smart Grids & Managing Big Utilities.” Over his career, Joseph di Paolantonio has worked in the energy, renewables, aerospace, telecommunications, and information technology industries. His expertise is in data analysis, system engineering, Bayesian statistics, data warehouses, business intelligence, data mining, predictive methods, and very large databases (VLDB). Prior to DataArchon, he served as a VP and Principal Analyst with Constellation Group. He is a member of the Boulder (Colo.) Brain Trust, an organization with a mission “to benefit the Business Intelligence and data management industry by providing pro bono exchange of information between vendors and independent analysts on new trends and technologies and to provide vendors with constructive feedback on their of...
Oct. 1, 2014 03:30 PM EDT Reads: 875
Software AG helps organizations transform into Digital Enterprises, so they can differentiate from competitors and better engage customers, partners and employees. Using the Software AG Suite, companies can close the gap between business and IT to create digital systems of differentiation that drive front-line agility. We offer four on-ramps to the Digital Enterprise: alignment through collaborative process analysis; transformation through portfolio management; agility through process automation and integration; and visibility through intelligent business operations and big data.
Sep. 30, 2014 10:30 AM EDT Reads: 1,555
There will be 50 billion Internet connected devices by 2020. Today, every manufacturer has a propriety protocol and an app. How do we securely integrate these "things" into our lives and businesses in a way that we can easily control and manage? Even better, how do we integrate these "things" so that they control and manage each other so our lives become more convenient or our businesses become more profitable and/or safe? We have heard that the best interface is no interface. In his session at Internet of @ThingsExpo, Chris Matthieu, Co-Founder & CTO at Octoblu, Inc., will discuss how these devices generate enough data to learn our behaviors and simplify/improve our lives. What if we could connect everything to everything? I'm not only talking about connecting things to things but also systems, cloud services, and people. Add in a little machine learning and artificial intelligence and now we have something interesting...
Sep. 29, 2014 06:45 AM EDT Reads: 1,905
Last week, while in San Francisco, I used the Uber app and service four times. All four experiences were great, although one of the drivers stopped for 30 seconds and then left as I was walking up to the car. He must have realized I was a blogger. None the less, the next car was just a minute away and I suffered no pain. In this article, my colleague, Ved Sen, Global Head, Advisory Services Social, Mobile and Sensors at Cognizant shares his experiences and insights.
Sep. 28, 2014 09:45 AM EDT Reads: 1,555
We are reaching the end of the beginning with WebRTC and real systems using this technology have begun to appear. One challenge that faces every WebRTC deployment (in some form or another) is identity management. For example, if you have an existing service – possibly built on a variety of different PaaS/SaaS offerings – and you want to add real-time communications you are faced with a challenge relating to user management, authentication, authorization, and validation. Service providers will want to use their existing identities, but these will have credentials already that are (hopefully) irreversibly encoded. In his session at Internet of @ThingsExpo, Peter Dunkley, Technical Director at Acision, will look at how this identity problem can be solved and discuss ways to use existing web identities for real-time communication.
Sep. 27, 2014 11:30 PM EDT Reads: 1,930
From telemedicine to smart cars, digital homes and industrial monitoring, the explosive growth of IoT has created exciting new business opportunities for real time calls and messaging. In his session at Internet of @ThingsExpo, Ivelin Ivanov, CEO and Co-Founder of Telestax, will share some of the new revenue sources that IoT created for Restcomm – the open source telephony platform from Telestax. Ivelin Ivanov is a technology entrepreneur who founded Mobicents, an Open Source VoIP Platform, to help create, deploy, and manage applications integrating voice, video and data. He is the co-founder of TeleStax, an Open Source Cloud Communications company that helps the shift from legacy IN/SS7 telco networks to IP-based cloud comms. An early investor in multiple start-ups, he still finds time to code for his companies and contribute to open source projects.
Sep. 27, 2014 10:30 PM EDT Reads: 2,307
Can call centers hang up the phones for good? Intuitive Solutions did. WebRTC enabled this contact center provider to eliminate antiquated telephony and desktop phone infrastructure with a pure web-based solution, allowing them to expand beyond brick-and-mortar confines to a home-based agent model. It also ensured scalability and better service for customers, including MUY! Companies, one of the country's largest franchise restaurant companies with 232 Pizza Hut locations. This is one example of WebRTC adoption today, but the potential is limitless when powered by IoT. Attendees will learn real-world benefits of WebRTC and explore future possibilities, as WebRTC and IoT intersect to improve customer service.
Sep. 27, 2014 10:30 PM EDT Reads: 1,843
The Internet of Things (IoT) promises to create new business models as significant as those that were inspired by the Internet and the smartphone 20 and 10 years ago. What business, social and practical implications will this phenomenon bring? That's the subject of "Monetizing the Internet of Things: Perspectives from the Front Lines," an e-book released today and available free of charge from Aria Systems, the leading innovator in recurring revenue management.
Sep. 27, 2014 09:45 PM EDT Reads: 2,526
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges.
Sep. 27, 2014 08:45 PM EDT Reads: 2,399
There’s Big Data, then there’s really Big Data from the Internet of Things. IoT is evolving to include many data possibilities like new types of event, log and network data. The volumes are enormous, generating tens of billions of logs per day, which raise data challenges. Early IoT deployments are relying heavily on both the cloud and managed service providers to navigate these challenges. In her session at 6th Big Data Expo®, Hannah Smalltree, Director at Treasure Data, to discuss how IoT, Big Data and deployments are processing massive data volumes from wearables, utilities and other machines.
Sep. 27, 2014 01:00 PM EDT Reads: 2,068
P2P RTC will impact the landscape of communications, shifting from traditional telephony style communications models to OTT (Over-The-Top) cloud assisted & PaaS (Platform as a Service) communication services. The P2P shift will impact many areas of our lives, from mobile communication, human interactive web services, RTC and telephony infrastructure, user federation, security and privacy implications, business costs, and scalability. In his session at Internet of @ThingsExpo, Erik Lagerway, Co-founder of Hookflash, will walk through the shifting landscape of traditional telephone and voice services to the modern P2P RTC era of OTT cloud assisted services.
Sep. 26, 2014 11:45 PM EDT Reads: 1,585
While great strides have been made relative to the video aspects of remote collaboration, audio technology has basically stagnated. Typically all audio is mixed to a single monaural stream and emanates from a single point, such as a speakerphone or a speaker associated with a video monitor. This leads to confusion and lack of understanding among participants especially regarding who is actually speaking. Spatial teleconferencing introduces the concept of acoustic spatial separation between conference participants in three dimensional space. This has been shown to significantly improve comprehension and conference efficiency.
Sep. 26, 2014 10:45 PM EDT Reads: 1,515
The Internet of Things is tied together with a thin strand that is known as time. Coincidentally, at the core of nearly all data analytics is a timestamp. When working with time series data there are a few core principles that everyone should consider, especially across datasets where time is the common boundary. In his session at Internet of @ThingsExpo, Jim Scott, Director of Enterprise Strategy & Architecture at MapR Technologies, will discuss single-value, geo-spatial, and log time series data. By focusing on enterprise applications and the data center, he will use OpenTSDB as an example to explain some of these concepts including when to use different storage models.
Sep. 26, 2014 07:45 PM EDT Reads: 2,330
SYS-CON Events announced today that Gridstore™, the leader in software-defined storage (SDS) purpose-built for Windows Servers and Hyper-V, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Gridstore™ is the leader in software-defined storage purpose built for virtualization that is designed to accelerate applications in virtualized environments. Using its patented Server-Side Virtual Controller™ Technology (SVCT) to eliminate the I/O blender effect and accelerate applications Gridstore delivers vmOptimized™ Storage that self-optimizes to each application or VM across both virtual and physical environments. Leveraging a grid architecture, Gridstore delivers the first end-to-end storage QoS to ensure the most important App or VM performance is never compromised. The storage grid, that uses Gridstore’s performance optimized nodes or capacity optimized nodes, starts with as few a...
Sep. 26, 2014 06:15 PM EDT Reads: 1,698
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace. These technological reforms have not only changed computers and smartphones, but are also changing the data processing model for all information devices. In particular, in the area known as M2M (Machine-To-Machine), there are great expectations that information with a new type of value can be produced using a variety of devices and sensors saving/sharing data via the network and through large-scale cloud-type data processing. This consortium believes that attaching a huge number of devic...
Sep. 26, 2014 06:00 PM EDT Reads: 1,622
Innodisk is a service-driven provider of industrial embedded flash and DRAM storage products and technologies, with a focus on the enterprise, industrial, aerospace, and defense industries. Innodisk is dedicated to serving their customers and business partners. Quality is vitally important when it comes to industrial embedded flash and DRAM storage products. That’s why Innodisk manufactures all of their products in their own purpose-built memory production facility. In fact, they designed and built their production center to maximize manufacturing efficiency and guarantee the highest quality of our products.
Sep. 26, 2014 05:00 PM EDT Reads: 1,618
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. Over the summer Gartner released its much anticipated annual Hype Cycle report and the big news is that Internet of Things has now replaced Big Data as the most hyped technology. Indeed, we're hearing more and more about this fascinating new technological paradigm. Every other IT news item seems to be about IoT and its implications on the future of digital business.
Sep. 26, 2014 10:00 AM EDT Reads: 2,105