Using Well Data as Key Indicator of Lease Position10/06/2020
Land departments from coast to coast need to understand their lease position using current well data from both operated and non-operated wells. This can be a differentiator and competitive advantage in land management. Comprehensive and timely well data – whether your own or that of other wells in the area – offers insight that allows you to:
- Obtain intel on competitors that enables quick decision making
- Identify open acreage previously held by production
- Gather information on other operators for potential partnership opportunities
- Ensure lease maintenance best practices are followed
Obtaining Well Data
Oil and gas well data comes in many shapes and forms, and there are a variety of ways to obtain it. You can go online to any state’s department of conservation or geological survey and look up an oil or gas well by its API number or name and get the statistical data elements of the well, its status, and even its production numbers on a monthly or annual basis. While this is essential for most landmen, when you are maintaining hundreds or thousands of leases, having to research one well at a time doesn’t work. Even as land brokers run title and determine ownership, perform due diligence or check lease maintenance records, this becomes an arduous task that begs for automation.
Many companies have well data that is available through subscription methods, but the wells are exported to a static shape file with attributes or a list and a map that need to be analyzed and reported on. Many times, that subjected answer needs to then be applied to lease obligations so payments can be made or actions performed to keep the company in compliance with landowners and regulatory agencies.
Well Data Notifications On Demand
Through its API and well subscription services, P2 iLandMan developed the ability to query current well data and display the results on a lease map as well as populate a well database with essential information. In each scenario, P2 iLandMan can deliver important notifications so you’re kept abreast when new wells come online or when changes are made to existing leases.
- Quickly identify when there is a new well being permitted in your area of interest so you can review your area and see if you need to make any adjustments or notify management of this new occurrence
- Understand if a non-operated well that is unitized with your leases has been shut in, thus invoking your lease shut-in payment clause
- The shut-in well data is automatically added to your dataset
- Your dashboard is updated, and you know when and how much your suggested shut-in payment will be to maintain your all-important lease
- Manage your lease terms and conditions in a timely manner and greatly reduce the risk of losing valuable mineral acreage
- Visually analyze all of the wells in your area of interest on the map, including those of your competitors, by status, formations, operators, and more
Contact P2 iLandMan to see how you can transform your well data into actionable insights, or click the banner below to get started.