Executive Summary
A small Texas independent oil and gas company, recently funded for $150 million in acquisition funding, successfully acquired 90 new properties through a large company divestiture. The company planned to use the funds for additional acquisitions and for exploiting additional PUD reserves tied to the acquisition.
The Challenges
In a short time, the company needed a way to integrate several sources of key operational data from the divesting company: SCADA readings for 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 for future data capture across all of those categories, plus visibility on the acquired properties so they could maintain and improve production. The company did not have a sophisticated IT staff.
The Solution
Total Asset Manager was chosen to help absorb all of the information sent from the divesting company, with Total Stream Systems providing the IT support and hosted servers to meet the requirements. Within a month of receiving the information, Total Stream Systems had imported all historical data to the platform and set up ongoing methods for the company to collect any workover and production information going forward. That got the company fully operational on new drilling and ongoing production fast, including allocations and state reporting.
The integration to financials and forecasting kept the company's information base fully auditable and accurate, while keeping the operational information available across the company.
Results
Within a month of the acquisition, the client was fully operational on new drilling activity and ongoing production, with allocations and state reporting running on Total Asset Manager and a hosted, auditable data set in place for financials and forecasting.
