By continuing and building upon REAP's easy-to-use toolset and great customer support, we're looking forward to further enhancing Pandell's position as the leading solutions provider for the oil and gas industry.
Calgary, AB (PRWEB) March 27, 2007
Calgary based Pandell Technology Corporation, announced today that it has acquired REAP Solutions Ltd. and its leading economic analysis software for junior and intermediate oil & gas companies.
The acquisition includes an existing customer base of 30 junior oil and gas clients who readily use the Resource Economic Analysis Program (REAP) to create detailed economic and production forecasts for their corporate resources. Specific terms of the deal were not disclosed.
"Our subscription based software has already demonstrated itself to provide excellent value at a low cost of entry," says Ed Poth, former President of REAP Solutions and new Senior Product Manager for Pandell. "Pandell's industry experience and expert product developers will provide a tremendous opportunity for the product to advance through improved product features and enhanced services for our clients."
Showing steady growth and a current client base of over 300 installations, Pandell offers a complete back-office solution for junior and intermediate E&P companies. The REAP software will be rebranded as EANexus for economic analysis, making it the fourth in the series of Pandell's existing solutions. Other Nexus products include: JVNexus for financial management, GeoNexus for land management, and AFENexus for AFE tracking.
"We are excited to welcome the experience and leadership that REAP Solutions brings to our business," says Greg Chudiak, president and CEO of Pandell. "By continuing and building upon REAP's easy-to-use toolset and great customer support, we're looking forward to further enhancing Pandell's position as the leading solutions provider for the oil and gas industry."
For more information, visit our web site: http://www.pandell.com or contact us directly.
About REAP Software
Founded in 1992, REAP Solutions is a private Calgary based company, providing an end-to-end solution for running oil and gas economics, production forecasting, reserves management and budgeting. The software is provided through a subscription license to junior and intermediate oil and gas companies across Western Canada.
Pandell is a leader and pioneer of Software-as-a-Service (SaaS) industry solutions for the oil and gas, government, and engineering sectors. The SaaS model is rapidly gaining momentum with customers through reduced capital expenditures, faster startup time, and lower operating costs. Named one of Canada's top 300 technology companies, Pandell has been delivering quality software and services to clients across North America since 1997.