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Oil & Gas Journal Exchange appoints Les Finalle as director of Internet operations for its Madison Energy Advisors

HOUSTON, Texas, March 7, 2001 (BUSINESS WIRE)— Oil & Gas Journal Exchange (www.ogjexchange.com), the leading Web-based independent trading exchange for the oil and gas industry, today announced the promotion of Les Finalle, Jr. to Director of Internet Operations of its Madison Energy Advisors.

Finalle will be responsible for all of the Internet operations associated with Madison’s A&D advisory services, such as: implementing Internet-related strategic alliances, pursuing new technologies to drive efficiency into the A&D business process and for the web-enabling of Madison’s negotiated sale business.

Finalle has more than 24 years of experience within the upstream oil industry. He joined pennNET, the former parent company of the Oil & Gas Journal Exchange, in early 2000, where he managed special projects, including the design, development and implementation of first-generation Internet auctions and Virtual Data Room™ technology. Prior to his relationship with pennNET and PennEnergy, Finalle was with Pennzoil Company, where he managed technical teams and operations that spanned a broad spectrum of U.S. onshore and offshore operations. He has extensive experience with portfolio management, strategic planning, and economics and has been directly involved with acquisition and divestiture projects and programs totaling more than $1.5 billion.

“The existence of a dynamic Internet presence is essential for the e-marketplaces of Oil & Gas Journal Exchange,” said Geoff Roberts, president and COO of its Oil & Gas Journal Property Exchange. “The addition of Les and his wide range of technical knowledge and oil industry experience helps assure our position at the forefront of the rapidly developing B2B exchanges in the energy industry.”

Graduating from Pennsylvania State University with a B.S. degree in Petroleum and Natural Gas Engineering, Finalle has maintained a high level of technical knowledge in engineering, economics, risk analysis and project management from his many years of oil industry experience. He is also a member of the Society of Petroleum Engineers and is a member of the SPE Gulf Coast section’s e-Business steering committee.

Madison Energy Advisors, acquired by Oil & Gas Journal Exchange in October of 2000, is the energy industry’s fastest growing upstream transaction advisory firm with a compounded annual growth rate of more than 40% since its inception. At the time of its acquisition, the company had advised on over $3.6 billion in transactions.

About Oil & Gas Journal Exchange

PennEnergy’s Oil & Gas Journal Exchange (www.ogjexchange.com) is the e-commerce and e-media portal for the global oil and gas market. The site is the leading centralized e-marketplace for industry professionals to conduct the online purchase and sale of oil and gas producing properties, exploration prospects as well as used and surplus petroleum equipment. The comprehensive suite of e-commerce and auction related products and services offered by Oil & Gas Journal Exchange will improve, expedite, and bring greater efficiencies to the transaction process for the petroleum industry.

Based in Houston, Texas, PennEnergy is comprised of Oil & Gas Journal Property Exchange, Oil & Gas Journal Equipment Exchange, PennPoint, and the e-media site Oil & Gas Journal Online. The Oil & Gas Journal Property Exchange is recognized as the most comprehensive online service for the upstream petroleum industry. It includes the full complement of advisory services from Madison Energy Advisors, and offers its customers the greatest breadth and depth of acquisition and divestiture services in the market. Oil & Gas Journal Equipment Exchange links buyers and sellers of surplus and used oil and gas industry and power generation industry equipment on a global scale. Oil & Gas Journal Exchange also includes Oil & Gas Journal Online (www.ogjonline.com), the preeminent online daily news and technology service for the oil industry since 1996.

About PennEnergy, Inc.

PennEnergy, Inc. (www.pennenergy.com) is the leading global, business-to-business Internet marketplace for energy, the world’s most critical and strategically important industry. This rapidly growing Internet company has capitalized on the use of electronic commerce, media and interactivity to build the most vibrant, neutral, and respected online communities for business and engineering professionals in oil and gas, electric power, and related energy markets.

PennEnergy has developed state-of-the-art technology for its e-commerce and content communities including Ariba for its exchanges and Vignette for its content management needs. Its 100+ domestic employees work in Houston, Texas; Tulsa, Oklahoma; Forth Worth, Texas, and Denver, Colorado. PennEnergy has strategic international offices with employees located in London, England; Calgary, Canada; Internet City, Dubai; Buenos Aires, Argentina; Caracas, Venezuela and Singapore. Now a stand-alone affiliate of PennWell and PennNET, PennEnergy has its headquarters in Houston, Texas, the center of the energy industry.