Evolution, Innovation, and Modernization in Land Management06/08/2020
Land departments everywhere struggle to comprehensively manage lease and contract obligations, divisions of interest, interest decks, and GIS mapping, which is why we continue to work on, iterate, and develop land databases. First and foremost, we strive to practice continuous innovation to provide solutions to today’s complex land issues and questions.
Landowners Demand More From Land Departments
When land modules were created many years ago, they were created by accounting programmers who had little regard for landmen and lease analysts. All they wanted to know was four answers to four simple questions like how much was being spent or paid and to whom. This all changed about 25 years ago when mineral owners signed oil company form leases and became better educated on the terms and conditions of the oil and gas lease they were expected to sign. No matter if it was a rogue landman, attorney friend or hire, or self-study, these newly educated landowners put more demands on land departments. Thus, the land management systems of yesteryear became increasingly obsolete, and we began our quest to create the best land system.
Give the Landmen What They Need!
A few years ago, a client approached us about a data conversion, which we do a lot of from every system you can name (Excel, plain ‘ol data entry, etc.). This gentleman heard we were good at giving clients a thorough look at their land position for a reasonable price in a format that was easy to use.
We spoke, and every time he’d say, “I only need one acreage number to give to management.” We struggled to give him that one number, and he didn’t understand why. Finally, after months of fighting with poorly extracted data, and realizing much of the vital information was missing, we had to manually review numerous lease files to extract what we needed. Only then did we have a depiction of his acreage position.
We handed him an aerial depiction of his acreage under lease, but soon discovered that what he really needed was the acreage broken down by formation so management could determine several things. We gave him that too. He was astonished. Not only did he see that the one number he requested was meaningless and could not answer his question, but now he could give management the numbers they needed for valuation as well as SEC reporting. A win-win in the end!
Business Intelligence: Additional Tools for Landmen
All leases no matter if they are standard templates or landowner generated have a variety of terms and conditions. These terms and conditions are the guiding force between keeping a lease and losing a lease (and no landman wants to be the one blamed for losing that all-important company lease).
Enter land-centric business intelligence, a custom-designed program that tells you, based on data inputs and terms and conditions, what obligations are necessary to maintain your lease depending on each condition and its criteria. With our advanced algorithms at P2 iLandMan, we can give users the answers to these complex questions in mere seconds while other programs can’t, or it takes weeks for analysts to crank it out of Excel.
By being able to answer when an obligation is due, whether monetary or actionable, a land department can instruct either accounting or engineering on the actions necessary to maintain today’s complex lease provisions. And while many can say we have a calendar or get a notification to tell us when something needs to be done, we’re suggesting a payment or action be scheduled singularly or in bulk and routed to accounting or other departments through an API.
Business Intelligence in Action
Giving a land department a better perspective on its position from both a surface view and a three-dimensional formation view is what we consider to be business intelligence in action. Further, through our API, we can integrate with just about anyone’s data:
- P2 Tobin
- Drillinginfo (Enverus)
- Court house data sources
- Production and engineering programs
- State conservation departments
These tools help you see what you have acquired, plus who is around you and when their leases expire, including which wells are being permitted or drilled. All information that is essential to your well-being as a land professional.
A Modern & Secure Approach to Land Management
P2 iLandMan is not only tract and formation based, but also cloud based. This gives land personnel the ability to access data from anywhere and on any device as long as there is an internet connection. Further, anyone who you give permissible access to can enter, approve, or upload data directly into your projects. This gives stakeholders better data for much better decision making.
P2 iLandMan is SOC certified and has firewalls in place that protect both you and your data. We also have redundancy meaning your data is likely more secure in our cloud environment than it is being housed in your data center.
P2 iLandMan is a land and lease management system with integrated, built-in features that gives users a competitive advantage in upstream oil and gas.