Oildex Processes Record 58 Million Transactions, Grows User Base to 200,000, and Expands Supplier Network by More than 70% in 2009

Record growth illustrates energy industry's growing reliance on smart transaction technology to help control costs, increase productivity, protect data, and identify opportunities

Jan 07, 2010, 16:33 ET from Oildex, a service of Transzap, Inc.

DENVER and HOUSTON, Jan. 7 /PRNewswire/ -- Oildex(TM), the energy industry's leading provider of ePayables services and business efficiency tools, today announced record transaction levels for 2009. During 2009, Oildex processed an unprecedented 58 million transactions for clients. The company also experienced record growth, increasing its customer user-base by 35 percent and the number of suppliers in its network by more than 70 percent, nearly double the previous year's numbers.

"Oildex is committed to providing energy companies with the industry-specific services and tools they need to streamline and simplify their business processes," said Oildex President Peter Flanagan. "We believe the significant growth Oildex experienced in 2009 is a direct result of energy companies seeking out technologies that address their unique needs, help them to better manage and control their costs, allow them to gain better visibility into their revenue streams, and ultimately make better decisions. The Oildex suite of services was created to help oil and gas companies respond faster to changing business conditions, which is critical in these uncertain times. We are gratified that hundreds of thousands of people in the global energy industry rely upon Oildex."

Oildex's industry leading suite of SaaS (Software as a Service) tools have helped energy companies reduce their transaction processing costs by up to 75 percent and significantly improved their productivity by streamlining critical invoice, back office workflow, and accounting processes. Oildex tools and services include ePayables and spend analysis, revenue processing, and owner relations support and communication.

About Oildex, a service of Transzap, Inc.

Oildex operates one of the energy industry's largest SaaS-based (Software as a Service) data exchanges, serving over 8,400 industry companies, globally, and 200,000 registered users. 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(TM)), business intelligence (TrendX(TM)), owner/producer relations data posting (Owner Relations Connect(TM)), check stub reporting (Checkstub Connect(TM) - CDEX), scanned check stub reporting (CDEX Complete(TM)), joint interest bill processing (JIB Connect(TM)), scanned JIB processing (JIB Complete(TM)), budget creation and approval (AFEworks(TM)), crude oil data exchange (Run Ticket Connect(TM) - CODE), and production and sales volume reporting. Oildex services are SAS 70 Type II audited & certified. Oildex has offices in Denver and Houston.

SOURCE Oildex, a service of Transzap, Inc.