The Vertex integrated production suite includes field data capture, daily allocations, monthly production accounting, and field gathering and processing contract management, and has the endorsement of commercial sustainability at a major producer and a major mid-stream operator.
"The addition of Vertex’s software suite into our ProStream initiative is a transformational event, elevating our capability to being able to manage production data from the well head to the financial statement," said Alykhan Mamdani, President and CEO of CriticalControl. "The combination of CriticalControl’s client base and depth of data combined with Vertex’s capability of capturing field data uniquely positions CriticalControl to immediately address business process optimization opportunities."
"Vertex products are well suited for all producers, including large integrated producers where the benefits of configuration flexibility and business process integration are of significant benefit," said Bob Cheadle, President of Vertex. "Combining forces with CriticalControl provides our customer bases with an unique integrated product and service and ensures the creation of a long term sustainable solution."
Vertex employees will join CriticalControl’s team based in Calgary, Alberta. Integration of the Vertex production suite with CriticalControl proprietary products is expected to offer significant benefits in terms of operations, management and reduced costs.
The Vertex software is currently a niche offering to a select client base. The benefit to CriticalControl of the Vertex software is expected to be derived from the application to CriticalControl’s broad client base. The purchase price consists of $250,000 cash paid on closing, 1,000,000 shares of CriticalControl priced at the average trading price in the 15 days prior to closing and an incremental performance payment on the achievement of specified revenue growth targets. [November 24, 2011]
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