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Quorum Announces New Release of Reserves and Economics Software to Support Government of Canada Income Tax Update

MOSAIC™ by Quorum Software leads the oil and gas industry in
petroleum economics with functionality to support the Accelerated
Investment Incentive proposed in the 2018 Fall Economic Statement.

CALGARY, Alberta–(BUSINESS WIRE)–lt;a href="https://twitter.com/hashtag/ModernEnergyWorkplace?src=hash" target="_blank"gt;#ModernEnergyWorkplacelt;/agt;–Quorum
Software
, the leader in digital transformation for the oil and gas
industry, announced new functionality for its MOSAIC™ reserves and
economics software to support proposed changes in the Government
of Canada 2018 Fall Economic Statement
. The Fall Economic Statement
introduces the Accelerated Investment Incentive to encourage investment
by businesses of all sizes and across all sectors of the economy.
Updates to MOSAIC enable oil and gas companies to understand the
implications of enacting the Incentive by running full-cycle economics
on reserves and budgets.

The Incentive provides increased first-year capital cost allowance (CCA)
deductions. Proposed changes will impact eligible property acquired
after November 20, 2018, until the end of 2023, with a suspended
half-year rule and a 1.5 multiplier of the first-year annual
depreciation decline rate. Additionally, eligible property acquired
between January 1, 2024, and the end of 2027, will continue to have the
half-year rule suspended, but without the 1.5 multiplier of the
first-year annual depreciation decline rate.

“We are committed to providing the fastest turnaround time on regulatory
updates that impact our customers,” said John Pollock, MOSAIC Product
Director at Quorum Software. “MOSAIC is first-to-market in delivering
functionality to support the Incentive, which means our customers can
work quickly to understand the impact of regulatory and compliance
changes on their business, with minimal disruption.”

MOSAIC delivers insight with all-in-one reserves management, petroleum
economics, budgeting, capital planning, and decline analysis. More than
100 upstream companies rely on MOSAIC, the only integrated reserves and
economics software proven to outperform legacy systems in operational
efficiency, risk reduction and time to value. The latest release of
MOSAIC is available now. For more information on MOSAIC, visit quorumsoftware.com/products/reserves-and-economics.

About Quorum Software
Quorum offers an industry-leading
portfolio of finance, operations and accounting software that empowers
energy companies of all sizes to conquer their most complex business
challenges. From the field to the back office, defying complexity is
coded in our DNA and our software. This unmatched experience is why
Quorum is the choice of eight of the largest public energy companies
worldwide, 75 percent of LNG exporters throughout North America and 80
percent of all natural gas processed in the United States. Designed for
digital transformation, the myQuorum software platform delivers open
standards, mobile-first design and cloud technologies to empower
innovation at the speed of thought. At Quorum, we’re helping visionary
leaders transform their business, and the energy industry, for a digital
world. For more information, visit www.quorumsoftware.ca

Contacts

Lauren Kaufman
[email protected]