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 oil and gas companies.
The acquisition includes an existing customer base of 30 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 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 oil and gas companies across Western Canada.
Pandell is an industry leader in delivering Software-as-a-Service (SaaS) solutions to 500+ energy companies in Canada, the USA, and abroad. Our customers range from startups to major enterprises across the energy sector including upstream oil & gas, midstream facilities, oilfield services, land brokers, pipelines, utilities, mining, and renewable energy. Our cloud-hosted product suite helps finance, land, and operations teams run their business more effectively; while our enterprise division builds and manages large-scale web portal applications that facilitate work across organizations. Combining the strength of our industry experience, Lithium™ technology, and practical software subscription model, we are Crafting the Future of Energy Software.