Acquiring oil & gas assets? Your team needs to rapidly make sense of thousands of land records and well files so you can assess a deal’s potential and move fast to acquire acreage. Even after a deal closes, you’ll need to onboard boxes and boxes of physical records that contain the critical lease and other asset data your land and operations team need today.
Trying to use your oil & gas lease management software to process the flood of land records is like trying to fit a square peg into a round hole, creating massive delays, and inefficiencies that put deals and assets at risk. You need the right tool for the job.
Acquisition Paper Problem, Too Big for Oil & Gas Lease Management Software
As part of your acquisition due diligence, your team must rapidly understand asset value as well as risks. All too often, this daunting task begins with physical records. It can take weeks to even assemble the right data for analysis, delaying the A&D process, in which time economics can shift or the competition can move in.
Consider an acquisition involving 2,100 leases. That could translate to half a million lease pages – title opinions, memorandums, assignments, pooling clauses, and a host of other provision data elements, shipped to you in hundreds of boxes. But getting all that data into your oil & gas lease management software or production accounting system is like drinking from a fire hose.
Whether pre-acquisition or post-acquisition, your team needs to extract dozens of valuable elements per lease in order to leverage lease data in daily workflows. Click on the brochure below for a sample of land data elements that E&Ps are integrating using Grooper.
So, what does the solution to the acquisition paper problem look like?
Bulk Document Processing
If you’ve just received hundreds of boxes containing thousands of leases and half a million pages, your office document scanner and oil & gas lease management software aren’t going to be up to the job of processing such a vast volume of information. That’s where a third-party document scanning service can take the load, quite literally off your hands. A big advantage to such services is the ability to transform even a truckload of physical data into digital assets within days, leveraging high speed digitization and economy of scale.
Enhanced Extraction Accuracy
Most scanning and digitization services use legacy optical character recognition (OCR) techniques that have existed for decades, resulting in error rates of 50% or more and requiring human quality control and cost. Next generation OCR coupled with machine learning can boost accuracy to 99%.
Smart Content Classification
Oil & gas lease management software is great at keeping your vital land records organized for reporting and analysis, but fail - especially when it comes to data extraction, leaving your team to hand key hundreds of data elements from thousands of pages. The solution should deploy technology that can recognize the myriad lease data elements, extract, and load them into your systems of record.
Accelerating Oil & Gas Acquisition Data Onboarding
What if you could take a truckload of unstructured acquisition data and documents and transform it into structured data ready for analysis in just a few days? That’s what Grooper does. Grooper is a turnkey document digitization and data extraction solution that combines services – like pickup and bulk scanning of documents – with the category leading smart data extraction product that is capable of recognizing an API number, Mother Hubbard clause, and royalty rate.
If you are frustrated with the limitations of your oil & gas lease management software, Grooper is the most efficient method for importing physical data so your land and legal staff can get to work with the data they need faster than ever. Grooper automates the acquisition data onboarding process using natural language processing and a deep understanding of oil & gas content.
As a service, our team of enterprise content managers will bulk process and backfill acquisition data into your oil & gas lease management software, general ledger, or other systems for reporting and analysis. As a product, Grooper becomes a part of your lease analysts' workflow, empowering them with tools for scanning and rapidly extracting lease information on an ongoing basis.
For more information about the oil & gas land and lease data elements that Grooper can intelligently recognize and extract, download our list of data elements.