MidCon Operator Accelerates Acreage Acquisition

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May 05, 2018

MidCon Operator Accelerates Acreage Acquisition

About the Client

This is a publically traded E&P with premiere acreage in Texas, Oklahoma, and New Mexico. The company has an aggressive growth profile and has recently invested $1B to acquire leases and develop unconventional plays.

Acreage Positions

  •  Permian Basin: ~500,000 net acres
  •  Mid-continent: ~130,000 net acres

Business Challenge

The public E&P needed to reduce the time and cost needed to perform due diligence and run title in the areas it is aggressively expanding acreage and drilling operations.

Inspiration for Change

Outdated Process Slows Down Growth

The E&P company maintains a multi-year drilling inventory and actively acquires leases in areas of interest that are highly competitive.

With its aggressive growth profile, the company needed to accelerate the process of running title to acquire the leases it needs to expand drilling operations. However, processes used by brokers, landmen and title attorneys were manual and slow.

Risk to Leasehold and Capital

As with many E&Ps, the publically traded operating company often balanced time and accuracy in order to secure acreage positions. The company wanted to reduce title errors, which often place leases and capital investments at risk.

Important Business Results

Massive Time and Cost Savings

Tracts Title Management Software was used by the E&P to review 640 acres in the Woodford Shale. 184 title instruments were keyed into Tracts’ cloud-based title software, requiring only 26 hours of billable time vs. the 120 hours in a comparable area using traditional methods. As a result, the E&P realized significant costs saving in title preparation fees.

Standardized Title Process

Several features of the Tracts title management solution improved data accuracy, including a standardized digital note card used by field landmen to record ownership information. The secure cloud-based solution also automated most of the manual processes of running title, eliminating error-prone manual steps and reducing the risk of title errors.

Tracts Solution

Measuring Success

  • 640 acres reviewed in Oklahoma
  • 184 instruments processed in Tracts
  • 8 instruments processed per hour
  • 80% faster running title
  • 80% cost savings running title

Key Benefits

  • Standard ownership data entry
  • Real-time chain of title flow chart
    Online runsheet &ownership reports
    Multi-user access and project tracking

 

Schedule A Meeting

 

To learn more about the problems with current title tools and how title management software can benefit anyone running title read the Tracts Overview.

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