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.
- Permian Basin: ~500,000 net acres
- Mid-continent: ~130,000 net acres
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Outdated Process Slows Down Growth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
The tracts solution 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.
- 640 acres reviewed in Oklahoma
- 184 instruments processed in Tracts
- 8 instruments processed per hour
- 80% faster running title
- 80% cost savings running title
- Standard ownership data entry
- Real-time chain of title flow chart
Online runsheet &ownership reports
Multi-user access and project tracking