Pandell News - March 27, 2007
Pandell Acquires REAP Solutions Ltd., A Leading Provider of O&G Software
Calgary, AB, March 27, 2007 -- Pandell Technology Corporation, a leader and pioneer of Software-as-a-Service (SaaS) industry solutions, announced today that it has acquired REAP Solutions Ltd., a leading provider of economic analysis software for junior and intermediate oil and 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 backoffice 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 & 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."
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.
About Pandell Technology Corporation
Established in 1997, Pandell is a software company with three business divisions. The Solutions by Design Division builds and supports custom software applications for enterprise organizations. The Oil and Gas Services Division provides outsourced financial and production accounting services. The Products and Support Division sells and supports the NexusSuite™ of back-office software products for the oil and gas sector. With its industry expertise and unique Pandell Liquid Intelligence™ technology ("PLI"), the company delivers the most modern, affordable software solutions to its clients.
For more information:
Karen Beagle
Marketing Coordinator
Pandell Technology Corporation
(403) 685-6235
karenb@pandell.com
