5 Queries That Every Oil and Gas Land Professional Should Be Using07/10/2017
Queries give teams options and help them get the most out of their assets
Confession … I own a minivan.
And you know what convinced me to sell my sweet, 300-horsepower, all-wheel-drive Acura to buy one? Data. I looked at a side-by-side comparison of all my options and decided it best met my family’s needs.
So what does buying a minivan have to do with reporting? Options.
Just like I want all my car options in one place, I want to be able to view all my oil and gas assets in one location to decide the best drill site tract, the optimal formation to produce from, or the most effective order to develop my leasehold to keep the most acres.
Reporting shouldn’t be difficult; make your system work for you. Here are five queries that will give you options to help you do the most with your assets…
Query #1: Field Operations Status
See in real time the status of your leasing efforts by prospect, buy area, and tract. At a high level you can view the acres you have accumulated by prospect, see how much you have spent, and your project’s status by percent complete. This is great for weekly status meetings and will save time that you would’ve spent on the phone or email with your brokers.
Group your tracts by the leasing status to compare your net mineral interest leased with pending leases or third-party ownership; see where you have the most ownership to plan your next well.
Query #2: Expiration Schedule
See all your leases coming up before expiration. Add in provisions to see which agreements have an option to extend. Even better, add in the payment information to see if the payment has been set up, and only bring back non-producing leases whose extensions have not already been paid. Also, be sure to add the prospect if you want to evaluate importance by area. This will give you a good picture of which leases to develop first.
Query #3: Expirations Continued
Are those leases in an area that you’ve decided to move on from? The payment amount and date are also useful to see how much you will have to pay each month the asset doesn’t sell. View the results in your map on top of the leasing activity in that area to find who might interested. Low on cash? See if any of those companies are offering acreage in the areas you’ve turned your focus to and work out a trade.
Query #4: Exhibit “A”
Standard exhibit “A’s” lock you in to one format and often aren’t the best looking. And depending on the format, they might not be as easy to drag into Microsoft Word when you’re preparing your sale document. Saving this as a query instead of using the standard report enables you to easily filter, group, and export your data in a format you can drag straight into your PSA, farmout, or other agreement needing an exhibit “A.”
Query #5: Minerals Available To Lease
What tracts should you be marketing? Show all unleased and partially leased minerals by county and view the results on your map. Analyze your oil and gas data to see leasing and well activity and you now have a good idea of which minerals you should be marketing. Using your application’s Lease layer, quickly identify who you might want to call to get your minerals leased.
Bonus Query: Legal Description
Bonus round! OK, this query doesn’t have to do with options, but I use it all the time and it's a great one to have saved. Whether it’s a call from an unknown owner who wants to know where their money is or a cessation notice that only has the API number and legal, this search will steer you straight to the agreements in question. I like to see the agreement number, tract name, and lessor name. I also like to bring back the well name, API number, and any cross references to see if the lease might be held by production elsewhere.
So unlike the college textbooks sitting under my computer monitor, I hope these five queries get referenced, help you save time in your daily work, and empower you to evaluate your options.
About The Author
Aaron Farris is a Solution Consultant at P2, specializing in Land and Reporting. Prior to coming on board at P2, Aaron worked in field operations, in-house exploration, and company-owned minerals. When he’s not providing land software solutions for P2, you’ll likely find Aaron wrestling with his two kids or riding his bike. Aaron is a certified lease and title analyst and graduated in 2010 with a bachelor’s degree in Energy Commerce from Texas Tech.