Transzap, Oildex Appoint Richard Slack President and Chief Executive Officer

DENVER and HOUSTON, May 23, 2012 /PRNewswire/ -- Transzap, Inc., the parent company of Oildex™, the energy industry's leading provider of eRevenue, ePayables, eStatement, and eBudgeting Software-as-a-Service (SaaS) solutions, is pleased to announce the appointment of Mr. Richard Slack as President and Chief Executive Officer, responsible for the strategic direction, operations, and growth of the company. Mr. Slack's appointment is a corporate growth initiative executed by Transzap's board of directors and will complement Transzap's existing leadership team. Mr. Peter Flanagan, founding partner and previous President and CEO of Transzap, remains an active leader on Transzap's board.

Mr. Slack brings over 30 years of extensive oil and gas industry experience to Transzap, whose mission is to simplify financial and operation processes for energy companies through the use of digital data and collaborative workflow tools. Prior to his appointment with Transzap, Mr. Slack held a variety of senior level strategic operations roles at leading energy industry software technology companies, including; Halliburton / Landmark Graphics, Wellpoint Systems, GeoGraphix, Bolo Systems, and CogniSeis Development.

"The appointment of Richard Slack to CEO will enhance and expand Transzap's relationships and opportunities across our product suite," said Sean Ebert, Transzap Chairman and Altira Group Principal. "Richard's deep domain experience within oil and gas, software, and hydrocarbon accounting, combined with his operational and entrepreneurial background, provides Transzap with a platform for even greater success in the future."

"I am honored to join Transzap as President and CEO during this exciting time," Mr. Slack said. "Transzap has long been a leader and innovator in the energy industry. I am proud to help build on that tradition by leveraging our strong team of people who are dedicated to developing and delivering high quality services to an expanding customer base."

About Transzap, Inc.
Transzap™, the parent company of Oildex, provides eRevenue, ePayables, eStatement, and eBudgeting Software-as-a-Service (SaaS) solutions to over 6,000 companies and 170,000 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 www.transzap.com or www.oildex.com.

SOURCE Transzap, Inc.