CALGARY, ALBERTA--(Marketwire - Oct. 31, 2008) - Zedi Inc. (the "Company" or "Zedi") (TSX VENTURE:ZED) today announces that its wholly owned subsidiary, Zedi Canada Inc., has completed the acquisition of all issued and outstanding shares of OAS Oilfield Accounting Service Ltd. (OAS) for a cash payment of $6,235,000. OAS is a Calgary-based private corporation providing chart reading and integration services to the oil and gas industry.
Matthew Heffernan, President and CEO of Zedi, states, "The union of the two companies further strengthens Zedi's ability to positively impact the operations of our customers as we strongly believe in the value of data and how it can help customers make better business decisions, regardless of the well characteristics or their operating philosophy."
OAS has developed unique, high quality image analysis technology that, when combined with Zedi's current technology will ultimately deliver consolidated field-wide information throughout a producer via one web-based data repository. The combination of the two organizations will consolidate the gas measurement market and contribute approximately $5.4 million annually to Zedi's recurring revenue base.
This acquisition reinforces Zedi's intent to establish itself as a leader in production operations management. By adding approximately 25,000 wells measured with charts to the approximately 11,000 wells that are currently monitored electronically, Zedi's total well surveillance and measurement count is now over 36,000 wells. Given the gas industry's current installation base of orifice meters with chart recorders, chart processing is a natural extension to the existing Surveillance and Optimization suite of products and services currently offered by Zedi.
Zedi Inc. (TSX VENTURE:ZED) specializes in production operations management, delivering systems and services that help oil and gas producers to efficiently manage people, assets and information. We enable our customers to increase earnings from production, decrease operating costs, effectively utilize human, physical and fiscal assets and mitigate compliance risk.
Established in 1987, Zedi has enhanced the operational performance of more than 200 upstream, midstream and oilfield service customers. Please visit www.zedi.ca, for more information.
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