Out of control spreadsheets and lost data can create risk. Sound familiar?
THE CLIENT
Our client is one of the leading producers in the Eagle Ford shale in South Texas. They produce 28,000 barrels of oil a day and operate on thousands of leases. They focus on high-return low-risk unconventional drilling opportunities, and brought us in to help push them from risk to return, despite the ever-increasing complexity of land contract clauses.
THE PROBLEM
The client tracked well leases via one employee who managed a single, large spreadsheet. Recent high turnover and complicated lease provisions raised concerns within the company that a missed detail or the loss of this one employee would leave them open to risk.
In addition, information for maintaining regulatory compliance was spread over many areas of the company, making records difficult to find. They needed a modern, integrated approach to understanding well status across departments to answer increasingly pressing regulatory questions. Proactive warnings were also needed to raise an alert when provisions were in jeopardy and required action.
THE SOLUTION
Entrance created a custom application that pulls relevant information from three seperate systems into a central database that surfaces through Sharepoint. Users enter SPUD, Total Depth, Rig Release and Completion Dates, and any other important data points for existing wells. Before barrel of oil or royalty production targets are reached, employees will be preemptively notified so they can take action.
In addition, if lease holders want to see that provisions are being followed or regulatory issues arise, the central database allows records to be pulled on demand. All of this results in less lost paperwork and better risk mitigation, which is a win for everybody.
Read our white paper to find out more.