Patent ID: 7849012

Claim:
A method for exchanging information within a partnership using a web-based system including a server coupled to a centralized database of business data relating to the partnership and at least one client system, the partnership having an ownership interest in an energy producing asset including at least one of an oil producing asset and a natural gas producing asset, the server including a plurality of analytical tools, said method comprising: providing forms stored within the server as web pages for the insertion of updated partnership business data and causing the forms to be displayed on a client system; uploading forms that include updated partnership business data intended for use by other authorized users to the server, wherein the updated partnership business data is stored within the database, the partnership business data including information describing the energy producing asset; formatting the partnership business data uploaded using web pages stored within the server; downloading the web pages to authorized users requesting the updated partnership business data; accessing the plurality of analytical tools including an authorization for expenditure tool and a glance hedge partnership tool, wherein the authorization for expenditure tool processes a request from an authorized user for a proposed expenditure within the partnership and stores within the database, for a capital expenditure, data describing an increase in forecasted output of the energy producing asset resulting from the capital expenditure, and wherein the glance hedge partnership tool determines a hedge position for the partnership with respect to the energy producing asset based on the data stored within the database, wherein the hedge position is based on an annualized forecasted output of the energy producing asset which includes the increase in forecasted output resulting from the capital expenditure; and tracking the proposed expenditure request using the authorization for expenditure tool through an approval process within the partnership.