Newfield Exploration Adopts Transzap ePayable Service

Spendworks ePayables platform helps crude oil and natural gas company transition to paper-free digital invoice management

DENVER and HOUSTON - July 31, 2009: Transzap, Inc., provider of Oildex™, the energy industry's leading provider of SaaS-based ePayables, digital data, and spend analysis solutions, today announced that Newfield Exploration Company has implemented its Spendworks™ system to streamline the company's invoice workflow and approval processes. Newfield Exploration, an independent crude oil and natural gas exploration and production company, is using the Oildex Spendworks ePayables platform to transition their invoice processes from paper-based to digital.

Repeatedly recognized as one of the energy industry's best data management solutions* Oildex's Spendworks helps energy companies like Newfield Exploration reduce paper work, verify billing accuracy, and analyze spending. These process improvements have helped Spendworks customers reduce document handling times and associated costs by up to 75%.

"With the help of Spendworks, businesses like Newfield Exploration are able to process data more quickly and more accurately than ever before," explained Oildex CEO, Peter Flanagan. "We are confident, that like our thousands of satisfied customers in the energy industry, Newfield Exploration will experience significant time and cost savings."

About Transzap, Inc.
Transzap™ is the parent company of Oildex, which operates one of the energy industry's largest SaaS-based (Software as a Service) data exchanges, serving over 6,800 companies and 69,000 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™), 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), production, and sales volume reporting. Oildex has offices in Denver and Houston.

For additional information contact:
Karey Goebel
Vice President of Marketing
Transzap, Inc.
Office: 303-222-6116
Email: kgoebel@transzap.com | kgoebel@oildex.com

*World Oil, Best Data Management Solution, 2005. World Oil Finalist, Best Data Management Solution, 2007