Gastar Exploration Deploys Oildex’s Spendworks ePayables Platform

Oildex’s cloud-based financial data platform will help Houston-based exploration and production company streamline its payables process.

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Gastar Exploration will use Oildex’s Spendworks to improve financial and operational processes. By integrating the Spendworks workflow into Gastar’s P2 BOLO accounting structure, we expect to dramatically improve efficiencies within the organization...

Denver, CO / Houston, TX (PRWEB) March 26, 2013

Transzap, Inc., the parent company of Oildex, the pioneer developer of cloud-based smart information management solutions for the energy industry, announced today that Gastar Exploration has deployed its flagship ePayables solution, Spendworks, to help manage and optimize its invoice workflow for enhanced productivity and cost saving efficiencies.

Oildex’s Spendworks allows oil and gas companies across North America to streamline their invoice handling processes from receipt to approval so they can easily process and track the status of their payables. Because Spendworks enables businesses to process their invoices more efficiently, companies can take advantage of valuable early payment discounts and recognize other cost savings.

“Gastar Exploration will use Oildex’s Spendworks to improve financial and operational processes,” explains Gastar CFO, Michael Gerlich. “By integrating the Spendworks workflow into Gastar’s P2 BOLO accounting structure, we expect to dramatically improve efficiencies within the organization and lower our G&A costs.”

"We are happy to welcome Gastar to our growing Spendworks community,” said Oildex President and CEO, Richard Slack. "Spendworks allows companies such as Gastar to efficiently and securely process their critical business information, and it provides them the opportunity to realize significant savings in operational costs every year."

About Transzap, Inc.
Transzap™, the parent company of Oildex, provides smart information management and business process automation Software-as-a-Service (SaaS) solutions to over 7,900 companies and 130,000 registered users in the oil and natural gas industry. The Oildex suite of services 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 (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™), budget creation and approval (AFEworks™), crude oil data exchange (Run Ticket Connect™ - CODE), and production and sales volume reporting. Transzap has offices in Denver and Houston. For more information, please visit http://www.transzap.com or http://www.oildex.com.

About Gastar Exploration
Gastar Exploration Ltd. is an independent company engaged in the exploration, development and production of natural gas and oil in the United States. Gastar's principal business activities include the identification, acquisition, and subsequent exploration and development of natural gas and oil properties with an emphasis on unconventional reserves, such as shale resource plays. Gastar is currently pursuing the development of liquids-rich natural gas in the Marcellus Shale in the Appalachia area of West Virginia and, to a lesser extent, central and southwestern Pennsylvania. Gastar also holds prospective acreage in the deep Bossier play in the Hilltop area of East Texas and in the Mid-Continent area of the United States. For more information, visit Gastar's website at http://www.gastar.com.

Transzap & Oildex Contact:

Courtney Brewer, Marketing Specialist


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