Oildex Expands Electronic Ticket Offerings

Denver, CO —March 2, 2017— Oildex, a service of Transzap, Inc. (“Oildex”) and the leading provider of cloud-based financial supply chain automation solutions connecting buyers with suppliers and operators with mineral rights owners, has announced the release of new capabilities that provide a single, secure oil and gas data ecosystem and enhanced functionality that is tailored to the needs of field operators and water haulers.

The North American oil and gas industry is awash in paper, distributing millions of documents each month between business partners as a record of their business transactions. As the largest and most widely used business network in the North American oil and gas industry, Oildex enables business partners to connect once and access all, significantly improving operational efficiencies by automating key business processes, eliminating the high costs and errors of paper, and providing access to key data to make more informed business decisions.

Many office environments have adopted business automation, but manual paper-based processing is still quite common in the field. Last year, Oildex introduced a field ticket solution that closes the inefficiency gap. With the latest release of OpenInvoice 17.0, electronic field tickets can now collect and deliver specific water hauling activity information—critical data that operators use for in-depth analysis. Water haulers, on the flip side, will see quicker approvals and payments. The introduction of reporting functionality provides both operators and water haulers with greater visibility, allowing them to manage tickets more efficiently.

Many oil and gas production accounting teams struggle to efficiently process run ticket and statement data. With Oildex’s Run Ticket and Run Statement (CODE) solutions, teams eliminate time-consuming manual processing, improve data accuracy, maintain better stakeholder visibility, and realize significant cost savings. Now offered on Oildex’s new platform technology, run ticket and statement data are now available in a centralized database for all oil and gas organizations, professionals, and partners.

“Oildex’s automation technology allows oil producers and purchasers to streamline how they send, receive, verify, cross-reference and upload production information,” says Oildex CTO, Michael Weiss. “Products like Oildex’s Field Ticket and Run Ticket give back time to perform high-value tasks while increasing savings.”

Watch for additional announcements about Oildex’s ticket offerings and business partnerships in the coming days.

About Oildex

Oildex transforms the way oil and gas companies manage their financial operations. As the market leader and innovator of cloud-based solutions for financial supply chain automation, Oildex provides functionality that is built for the industry, eliminates paper-based processes, and provides analytics for greater financial insight. The Oildex technology platform includes: digital and scanned invoice processing (OpenInvoiceTM), owner relations web portals (Owner Relations), royalty check stub detail and reporting (CDEX), joint interest bill processing (JIB), crude oil data exchange (CODE), gas plant document exchange (GPEX), production and sales volume reporting and much more. Oildex is a privately held company backed by Accel-KKR and is headquartered in Denver, Colorado with offices in Houston, TX, and Calgary, Canada.

Oildex Contact:

Courtney Cook, Marketing Manager