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Transzap Announces New President/CEO

Denver— May 24, 2012—SaaS-based finance and operations solutions provider Transzap Inc. (parent company of Oildex) appointed Richard Slack as President and Chief Executive Officer.

Slack will be responsible for the strategic direction, operations and growth of the company. His appointment is a corporate growth initiative executed by Transzap’s board of directors and will complement Transzap’s existing leadership team. Peter Flanagan, Founding Partner and previous President and CEO of Transzap, remains an active leader on Transzap’s board.

“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.”

Slack brings over 30 years of extensive oil and gas industry experience to Transzap. Prior to his appointment with Transzap, he 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.

“I am honored to join Transzap as President and CEO during this exciting time,” said Slack. “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.”