Press Release
Pandell Acquires In House Software, A Market Leader of Oil & Gas Software
Calgary, AB, June 8, 2006 -- Pandell Technology Corporation, a leading provider of industry software solutions, announced today that it acquired In House Software Limited, a private Calgary based company. Specific terms of the deal were not disclosed but the purchase was described primarily as a cash transaction.
The acquisition brings with it In House Software’s existing customer base of over 200 junior oil and gas clients using its back-office suite of products: JVNexus (joint venture accounting) and GeoNexus (land management). David Maryka, in his new position as Vice-President of the Oil & Gas Solutions group for Pandell, says “our subscription based offering provides excellent value at a low cost of entry”. “By combining our strengths and complimentary resources with Pandell, we will be able to provide even greater value to our clients”.
Going forward, Pandell will launch several exciting new products into the Nexus back-office suite. AFENexus is the first of these and is available now. AFENexus helps manage the entire AFE process, from creation through to final reporting. More product announcements are expected later this year.
“We are pleased to welcome In House Software’s experienced team into Pandell. Our goal is to continue the tradition they have established of providing easy-to-use tools with great support for junior oil and gas companies”, says Greg Chudiak, President & CEO of Pandell. “The acquisition gives us a significant market presence in the oil & gas industry but also deepens our solutions capabilities across all our industry sectors”.
For more information, visit our web site: http://www.pandell.com or contact us directly.
About In House Software
Founded in 1992, In House Software provides joint venture accounting and land management software through a subscription service to over 200 small and mid-size 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:
| Greg Chudiak, P.Eng President and CEO Pandell Technology Corporation (403) 240-7540 gregc@pandell.com |
David Maryka Vice President, Oil & Gas Solutions In House Software Limited (403) 266-3434 dave@inhouse-software.com |
