Cindy Kelemen
Marketing Director
DO2 Technologies
ckelemen@do2.com
DO2 Technologies Inc., a software solutions company that optimizes financial and operational processes between energy companies and their suppliers, today announced that Denbury Resources Inc. has selected DO2's OpenInvoice™, OpenInvoice Image™ and OpenContract PriceBook™ solutions to automate and streamline their invoicing processes and has signed a multi-year license agreement.
Denbury, a growing independent oil and gas exploration and production company, selected DO2 Technologies for electronic invoicing after thorough investigation and evaluation of functional and technical criteria. Denbury will begin implementation to its Louisiana, Mississippi, Alabama and Texas operations areas by January 2007.
OpenInvoice allows suppliers and operating companies to collaboratively create and process invoices and field tickets, eliminating up to 80% of invoice processing costs. In addition, OpenInvoice also provides for spend capture and analysis, allowing operating companies to work with their strategic suppliers to improve operations and drive down direct spend.
In addition, OpenInvoice Image, an add-on module, enables the operating company to use the OpenInvoice workflow engine, even for those invoices that are still submitted on paper. By converting the paper invoice to a digital image through the OpenInvoice Image module, the same processing, routing and approval workflows that OpenInvoice users enjoy for processing electronic invoices, are now available for paper invoices as well. OpenContract PriceBook is fully integrated with OpenInvoice and reconciles each invoice against contracted rates for every line item.
DO2 Technologies delivers Internet-based solutions that improve oil and gas company operations by optimizing core business processes. We provide technology that integrates financial and operational processes and simplifies complex workflows, within and across departments, between field and office. More than 15,000 users and 5000 operating companies and supplier companies use our systems. We provide software specifically designed to meet the needs of companies involved in the oil and gas business, including solutions for electronic invoicing, contract management, spend analysis, well lifecycle management, business process management and rig scheduling. For more information, please visit our website at www.do2.com.
Denbury Resources Inc. (DNR) is a growing independent oil and gas company. The Company is the largest oil and natural gas operator in Mississippi, owns the largest reserves of CO2 used for tertiary oil recovery east of the Mississippi River, and holds key operating acreage in South Louisiana, Alabama, and Texas Barnett Shale. The Company increases the value of acquired properties in its core areas through a combination of exploitation drilling and proven engineering extraction practices.
Cindy Kelemen
Marketing Director
DO2 Technologies Inc.
(713) 260-9693
ckelemen@do2.com
http://www.do2.com