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Transzap’s Oildex™ System Named as Finalist for the 2005 World Oil Awards
Spendworks™ e-Payables System to be Recognized at International Energy Event
DENVER and HOUSTON - September 16, 2005 - Transzap, Inc, home of Oildex™, the energy industry's leading provider of digital data and electronic payable solutions, today announced that World Oil has selected the Oildex Spendworks™ electronic payables system as a finalist for the 2005 World Oil Best Data Management award. The award recognizes innovative technology that improves business processes.
The Spendworks e-payables system simplifies the tasks of purchasing and paying for goods and services for companies in the oil industry. The paper-free system reduces process costs and boosts productivity, while providing in-depth information to analyze costs and identify areas for strategic improvement and growth.
"The benefits of a ‘best-of-breed’ electronic payable system are being realized by more and more companies that seek out innovative ways to cut costs, manage growth and track business performance. Transzap is honored that the Spendworks system has been recognized for its technical leadership and the tangible benefits it provides the industry," said Peter Flanagan, Transzap President and CEO.
"The World Oil Awards annually recognize top innovations and advancements in the global oil and gas industry," said Alexandra Pruner, Senior Vice President of Gulf Publishing Company. "We are delighted to announce that Transzap’s Spendworks System has been named a Finalist in the Best Data Management category for the 2005 World Oil Awards."
The World Oil Awards theme, "New Frontiers," reflects the new generation of thinking that is seen throughout the exploration, production and development segments of the petroleum industry. Finalists and winners will be honored at the black-tie gala dinner on October 20, 2005. More on the 2005 World Oil Awards is available online at http://www.awards.worldoil.com/awards/index.html.
About Oildex™ a Transzap, Inc. service
Through its suite of web-based software services Oildex™ simplifies financial and operational processes for energy companies by replacing paper-based tasks and information with digital data and collaboration tools. Oildex services deliver essential business information. Serving over 1000 companies and 10,000 users, Oildex provides one of the industry's largest Internet-based data exchanges. Currently available commercial services include: digital and scanned invoice processing and analysis tools (Spendworks™), owner/producer relations web publishing, check stub reporting (CDEX), crude oil data exchange (CODE), gas data exchange (GRADE), production and sales volume reporting and joint interest billing (JIB Connect™). Transzap has offices in Denver and Houston. This news release and additional information are available: http://www.oildex.com and http://www.transzap.com
For additional information contact:
Karey Goebel
Marketing Director
Office: 303-222-6116
kgoebel@oildex.com
