SOURCE: Universal Media Corporation

October 23, 2012 11:20 ET

UMED Holdings, Inc. and Rig Support Services, Inc. Partner to Deploy Proprietary Software in Order to Commercialize an Undeveloped Market in Oil and Gas Industry

FORT WORTH, TX--(Marketwire - Oct 23, 2012) -  UMED Holdings, Inc. (PINKSHEETS: UMED), a Texas Corporation, and Rig Support Services, Inc. (RSSI), reported today that the companies are partnering to deploy innovative software to commercialize an undeveloped market within the oil and gas industry.

Currently, the oil and gas industry has exceptional technology for real time, down-hole operations and analysis. However, RSSI has identified industry shortcomings in maintaining the drilling rigs and the capturing/reporting of daily operations. Parts and services are still ordered manually, and current reporting practices are severely lacking. When service and new parts are needed, the resulting down-time creates losses measured in the tens of thousands of dollars per day or more in some cases. RSSI's proprietary software fills this technology gap with online infrastructure and support to bring independent drilling companies essential data leading to savings through shortening the down-time and saving cost on the replacement parts. Presently, we know of no similar solution that is available to independent oil and gas operators. 

"RSSI's easy to use online portal provides instant insight into parts order status and review, rig performance, production comparisons between rigs, spending analysis, employee productivity, and much, much more," said Ryan Wester, President of RSSI "Current users of our system report they are drilling faster and saving money which tells us our product works."

"Oil and gas operators estimate between $50,000 and $80,000 per day is spent on services and parts per onshore rig. With over 1,800 rigs in operation in the US, 1,200 in Texas, Oklahoma, and Louisiana alone, RSSI has identified a critical segment of the operations and provided a solution that has an immediate, positive impact on the bottom line for these operators," said Kevin Bentley, CEO of UMED "With the majority of these operators being located in our backyard, we believe RSSI will grow rapidly now that word has spread about the effectiveness of our proprietary software solution."

About UMED Holdings, Inc.
UMED Holdings, Inc. (UMED), located in Fort Worth, Texas, is a holding company, with interests in energy, agricultural operations, precious metals exploration, software, and aircraft maintenance. Visit http://umedholdings.com/ to learn more.

About Rig Support Services, Inc.
Rig Support Services, Inc. (RSSI) is a fully integrated software and support provider to oil and gas industry operators. Visit http://www.rigsupport.com/ to learn more.

Forward Looking Statements

This document contains forward-looking statements and information as that term is defined in the Private Securities Litigation Reform Act of 1995, and, therefore, is subject to certain risks and uncertainties. There can be no assurance that the actual results, business conditions, business developments, losses and contingencies and local and foreign factors will not differ materially from those suggested in the forward looking statements as a result of various factors, including market conditions, competition, advances in technology and other factors.

Contact Information

  • CONTACT:
    UMED Holdings, Inc.
    Investor Relations
    817-346-6902

    Investor Relations Contact:
    Equiti-trend Advisors, LLC
    (800) 953-3350