Data is valuable. It can mean the difference between getting the lease or losing it to the competition. Companies that have data have a crystal ball into the future and companies that don't can seem like they are throwing darts while wearing a blindfold. It doesn't matter if you are part of a large company or a small company, a mineral buyer, running full title, doing supplemental or just a lease check, below are key metrics that as a land manager, you NEED to know.
1. Document Translation Cost
Pop Quiz: What does a document cost to appear in your division order title opinion after it has been pulled from the dusty courthouse by your landman and reviewed in your attorney's office? Hint: The answer is not the $2.00 you pay to the electronic courthouse.
2. Documents Processed
3. Project Projections
It is simple math. If you know how long it takes to get a document and how much it cost you to understand that document, then you can calculate more accurately your project cost & time projections. You can take the guesswork out of budgets and plan your attack on the courthouse with razor precision. Knowing who to allocate money and time to can be the difference between drilling your next gusher or watching your competition celebrate it.