A small Texas independent oil & gas company, recently funded for $150 million in acquisition funding, successfully acquired 90 new properties through a large company divestiture. The company will utilize funds for additional acquisitions, and for the exploitation of additional PUD reserves associated with the acquisition.
In a relatively short time period, the company needed a method to integrate several sources of key operational data received from the divesting company. Information included SCADA data readings for both tank inventories and gas sales meters, historical daily and monthly production values, equipment inventories, state reporting requirements, and drilling and wellwork histories. For ongoing operations, they needed an affordable platform to accommodate future data capture requirements in all of the above categories. They also needed visibility on the acquired properties that would allow them to maintain and improve production. The company did not have a sophisticated IT staff.
The Total Asset Manager™ 6.2 platform was chosen to help absorb all information being sent from the divesting company, and the Total Stream Systems staff provide the IT support and hosted servers to accommodate the requirements. Within a month of receiving the information, Total Stream Systems had imported all historical data to the platform, and established ongoing methodologies for the company to collect any workover and production information going forward. Our expertise, combined with the robust Total Asset Manager™ 6.2 platform, allowed the company to be entirely operational on new drilling activity and ongoing production activity within a very short time period. This included allocations and state reporting requirements.
The expertise in integrating to financials and forecasting ensured that the company would keep a fully audit-able and accurate information base, while keeping necessary operational information available across the company.