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API Conveys API PIDX Trademarks and Publications to PIDX International

HOUSTON, TX -- (Marketwired) -- 04/29/14 -- Petroleum Industry Data Exchange, Inc. (PIDX International) has closed on its acquisition of the PIDX trademarks and standards publications from the American Petroleum Institute (API). This gives PIDX International the ability to leverage industry efforts to develop worldwide standards for the global oil and gas business.

Mr. Fadi Kanafani, President and CEO of PIDX International, said, "This transfer of Intellectual Property is a key milestone in our mission to provide for effective electronic collaboration between the Oil Companies and their Suppliers by which the stakeholders in the industry can build and adopt standards for electronic business in Oil and Gas."

"In the past few months, API management and the PIDX International executives worked diligently to bring a close to this PIDX transition," said David Miller, API's standards director. "PIDX standards are now the sole responsibility of PIDX International, an organization that has proven capable of serving the eBusiness standards' needs of our industry."

PIDX International had previously received an exclusive license from API in 2011. As a prerequisite to closing the final conveyance from API to PIDX International, PIDX International was required to complete a periodic maintenance cycle with respect to all PIDX standards and publish its determination for public review in 2013. API has reviewed that maintenance cycle and determined that PIDX International is now eligible to become the sole owner of the PIDX name and standards publications. PIDX International now has a clear path forward to the governance and ownership of PIDX standards publications.

About API

API is a national trade association that represents all segments of America's technology-driven oil and natural gas industry. Its more than 600 members -- including large integrated companies, exploration and production, refining, marketing, pipeline, and marine businesses, and service and supply firms -- provide most of the nation's energy and are backed by a growing grassroots movement of more than 20 million Americans. The industry also supports 9.8 million U.S. jobs and 8 percent of the U.S. economy, delivers $85 million a day in revenue to our government, and, since 2000, has invested over $2 trillion in U.S. capital projects to advance all forms of energy, including alternatives.

About Petroleum Industry Data Exchange, Inc.

Petroleum Industry Data Exchange, Inc. (PIDX International) is the oil and gas industry managed non-profit standards body for eBusiness in the global oil and gas industry. PIDX International has a mission to provide a global forum for delivering and maintaining the process, information and technology standards that facilitate seamless, efficient electronic business within the oil and natural gas industry and its eBusiness community.

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