Oildex Business and Financial Update for Third-Quarter 2014

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Oildex cloud strength, organizational alignment and software progress drives third-quarter revenue.

It pays well to be connected.
www.oildex.com

It pays well to be connected. www.oildex.com

Oildex, a service of Transzap, Inc., today issued an update on business and financial progress for the quarter ended September 30, 2014 in order to highlight positive growth and continued strength of market adoption.

Business highlights

Intel Platform migration

  • Oildex performed a major system upgrade to the Intel platform designed to improve processing time, system scalability, and general response times for Oildex customers.

Expanded leadership team

  • Dave Donaldson joined Oildex as the VP of Operations. His focus is on improving customer response time, streamlining efficiencies, and delivering excellent customer service. Oildex also brought Jennifer Beaupre onboard as VP of Marketing. Her expertise in global marketing and demand generation will provide direction for company revenue growth and increased market share.

2014 User conference

  • The Oildex Community Conference, an annual user event that attracted attendees from over 40 oil and gas companies, banks, trusts and service companies was held in Beaver Creek, Colorado in early September. During the conference, the company discussed oil and gas technology trends as well as reviewed key development plans for all of Oildex’s products. The three-day thought leadership conference brought together the Oildex community of owners, operators, suppliers, banks & trusts, ERP providers, industry associations and experts.

Refreshed brand identity and website

  • The refreshed brand and new website reflect Oildex’s ongoing commitment to innovation, community, and building the largest information exchange in the oil and gas industry.

Continued growth and market expansion

  • Oildex added over 60 new customers across their product lines, as well as 614 new suppliers and 1,265 new vendors. Oildex’s system tracked that 45,392 royalty owners logged in to look at their revenue data in the first nine months of 2014.

“Oildex is investing significant resources toward building the industry’s largest and most connected oil and gas information exchange. Over the past 12 months, we’ve seen continued improvement across all areas of our company: we are innovating faster, engaging the full spectrum of constituents in the oil and gas industry more effectively, and maintaining exceptionally high standards for customer service – all of which positions Oildex for future growth,” said Richard D. Slack, chief executive officer of Oildex. “Our team is focused on delivering a data exchange for the industry that empowers every individual and organization to do business, better.”
“We delivered a strong start to the year, with continued progress across our product lines,” said Mike Weiss, vice president of software development for Oildex. “We will continue to invest in innovative solutions which will deliver truly differentiated value to the marketplace.”

About Oildex
Oildex, a service of Transzap, Inc., provides electronic document exchange and workflow software to over 7,900 companies and 130,000 registered users in the oil and gas industry. Oildex’s extensive community of oil and gas suppliers, owners and operators, easily adopted technology and unsurpassed industry expertise and service quality, enables customers to improve operational efficiency, have better visibility into cash management and create more profitable business relationships. Oildex’s Accounts Payable, Revenue and Owner Relations solutions include: digital and scanned invoice processing (Spendworks™ and Spendworks Complete™), owner/producer relations data posting (Owner Relations Connect™), check stub reporting (Checkstub Connect™ – CDEX), scanned check stub reporting (CDEX Complete™), joint interest bill processing (JIB Connect™), scanned JIB processing (JIB Complete™), crude oil data exchange (Run Ticket Connect™ – CODE), gas plant statement reporting (Gas Plant Exchange™ – GPEX) and production and sales volume reporting. Oildex has offices in Denver and Houston. For more information on Oildex and its solutions, please visit http://www.oildex.com.

Oildex Contact:
Courtney Cook, Marketing Coordinator
Phone: 303-222-6139
Email: ccook(at)oildex(dot)com

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Evan Paul, Marketing Manager
Oildex Contact:
+1 (303) 222-6176
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