WellBid provides Internet-based applications and software infrastructure to streamline workflow in the specification and purchase of well-related services and equipment in the upstream oil and gas industry. Using WellBid, a producer saves time and money specifying the detailed engineering, geographical and scheduling requirements to drill, complete and operate a well. These requirements are sent through WellBid as requests for proposals to the producer's selected vendors. The two parties collaborate online to refine and negotiate the producer's requirements until a transaction is closed through WellBid's service. WellBid has consciously avoided creating an online application that promotes the buying and selling of services based on price alone, helping both operators and service companies achieve cost-effective business solutions through e-commerce. Together, the entire WellBid team represents more than 800 years of combined oil and gas, finance and technology experience.