P2 Energy Solutions Announces the Launch of Lease Obligation Intelligence12/05/2018
DENVER, COLORADO – (December 5, 2018) – P2 Energy Solutions is pleased to announce the launch of P2 Lease Obligation Intelligence, powered by ThoughtTrace™, giving upstream professionals in corporate development, land, GIS and geoscience instant access to expanded lease attributes, obligations, provisions and clauses.
Starting today, upstream energy companies can take advantage of the new system’s artificial intelligence (AI)-enhanced capabilities to better manage the complexities and detailed obligations of oil and gas leases.
Founded in 1928 in San Antonio Texas, by Edgar G. Tobin, the company began capturing and interpreting aerial photography to create detailed maps for the burgeoning Texas oil industry. By 1930 the company had already mapped over 3,000 miles of pipelines and numerous fields including projects in Mexico and Venezuela.
This first release of P2 Lease Obligation Intelligence is focused on the Permian Basin, covering two New Mexico counties, 35 Texas counties and spanning over one million lease filings.
To access the additional data and lease documents via hyperlink, a new lease obligation query has been added to the Tobin Data Portal. This query includes the following obligation provisions:
- Surface Pugh Clauses
- Depth Pugh Clauses
- Notice Required Assignments
- Consent Required Assignments
- Offset Obligations
- Continuous Development
- Continuous Operations
Lease Obligation Intelligence is integrated with P2’s standard Fee Lease product in partnership with ThoughtTrace, a technology company using AI to review and validate critical information in contracts and legal documents. This integration strengthens the ability to manage potential risks and derive better business insights in the increasingly competitive upstream land environment.
ThoughtTrace CEO Nick Vandivere said, “We are very pleased to partner with P2 on this important evolution of P2 Tobin’s offering. By applying artificial intelligence capabilities to analysis of lease agreements, P2 customers will quickly gain a more accurate picture of the critical information they contain and improve access to important lease provisions for teams working across the business.”
Carl Garrison, vice president of P2 Tobin, said, “Since Tobin’s beginning, we have provided the oil and gas industry with innovative solutions to help our clients see the surface. With the addition of Lease Obligation Intelligence, P2 adds lease provisions, attributes and full lease document access previously not available with our standard Fee Lease offering. Future releases will expand coverage to every major basin.”
P2 Energy Solutions empowers the people who power the world. Upstream oil and gas professionals from more than 1,700 companies around the globe rely on P2’s oil and gas accounting, data, land, and production solutions to optimize their business processes and performance. Visit www.p2energysolutions.com to learn more.
Mark de Wolf