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Oildex™ Processes $69 Billion in Transaction Detail in 2006
User Network Triples in Size to 30,000
Growth Milestones Signify Industry-wide Acceptance of e-Payables, Digital Data & Business Intelligence Tools
DENVER and HOUSTON − Jan 24, 2007 − Oildex™, the energy industry's leading provider of e-payable services and digital data, today announced record transaction levels for 2006. Oildex reports 12 month aggregate transaction values of $69 billion. Additionally, the Oildex client base grew to 30,000 registered users, representing an increase of nearly 200%.
Peter Flanagan, Oildex President, said, "A growing number of oil and gas companies rely upon Oildex services to cut costs, manage growth and track business performance. We believe the rapid growth we've experienced, confirms the value we provide to companies seeking an operational edge in this complex industry. Oildex delivers the most complete and widely used service of its type and we look forward to building on our momentum in 2006 with an even stronger 2007."
Oildex provides a complete service line for managing the electronic transmission and processing of invoices, revenue and production data. By shifting from paper to an electronic process, oil and gas companies of every size reduce their process costs by up to 75% while enhancing visibility, control and analysis capability. The award-winning Oildex e-payable system and its digital data hub are the products of seven years of extensive research and development and employ some of the most innovative SaaS-based (Software as a Service) technology in the industry.
About Oildex, a service of Transzap, Inc.
Oildex operates one of the energy industry's largest Internet-based data exchanges serving over 2200 companies and 30,000 registered users. The Oildex suite of SaaS services (Software as a service) streamlines operations, enabling companies to shift from paper-based processes to electronic and provides tools for companies to track and understand their transactions in near-real time. Currently available services include: digital and scanned invoice processing (Spendworks™), business intelligence (TrendX™), owner/producer relations data posting, check stub reporting (CDEX), joint interest billing (JIB Connect™) crude oil data exchange (CODE), production and sales volume reporting. Oildex has offices in Denver and Houston. This news release and additional information are available: http://www.oildex.com http://www.transzap.com
For additional information contact
Karey Goebel
Marketing Director
Office: 303-222-6116
kgoebel@oildex.com
