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Acacia Exploration Partners Sets the New Standard in Project Efficiency & Document Management

CHALLENGE:

Oil and Gas companies are charged to operate within cash flow in an environment with high operating costs, shrinking profit margins and capital constraints. Progressive and resourceful Acacia Exploration Partners asked its leaders to find cost-effective, advanced solutions to help the company “do more with less” on data-intensive projects and other daily tasks.

Brooke Clifton, an experienced and tech-forward Land Manager at Acacia, knew that efficiently tapping into the information buried within their agreements could help the company operate in the most cost-effective manner. To do so, Brooke’s small-but-mighty team needed a better way to manage, analyze, and get insights from these agreements. There was a problem –  traditional outsourcing and services were very expensive and outputs weren’t generated quickly enough.

Brooke had heard of AI that “reads documents,” but was skeptical to say the least. She knew that finding a better way to operate would require a solution built specifically for her industry. Brooke says,

“My team was forced to pivot, slice, and dice data and answer questions for scenarios involving due diligence, shut-in campaigns, continuous ops and savings clause. Resources were scarce, and I was tasked with ‘doing more with less’ across a very complex asset.”

After exploring other options, Acacia found a solution that sat at the intersection of three critical change agents – document management, contract analytics, and no code/low code integration. While each powerful in their own right, ThoughtTrace brings them together to form a complete Document Understanding solution.

After just five minutes in the application, Brooke knew she found a game-changing solution. Brooke continued,

“I had complex and challenging questions to ask of my documents and agreements, and ThoughtTrace made that possible – actually they made it easy.”

SOLUTION:

Brooke led the efforts for Acacia to adopt the ThoughtTrace platform, where they received near-immediate and highly impactful results. They were able to improve efficiencies, assess risk, and reduce cost with an unparalleled time to value. Since implementing ThoughtTrace, the Acacia Land team has been able to preserve assets, seamlessly onboard an acquired company, and build a state-of-the-art digital ecosystem – outperforming the competition & exceeding internal and external expectations. Brooke emphasized,

“I don’t know how land groups are surviving in this ‘lean and mean’ phase without using technology like ThoughtTrace. To win this race, you can’t get behind. We can now tackle month long projects in hours and are more confident in our findings. Instead of being behind the ball, we find ourselves proactively managing assets and being more strategic with our decisions.”

Brooke knew the technology offered exponential value potential but needed to verify it would actually work for her business. She engaged with ThoughtTrace in a ‘proof-of-concept,’ to see how the platform would perform with HER documents. She was very pleased with the results, saying,

“What would easily take 20-25 days and cost $25,000-$30,000 a month, my team can now knock out in just a few days. The ThoughtTrace professional development experience was incredible as well.”

Today, Acacia utilizes the ThoughtTrace platform to facilitate operations across the organization from large projects to day-to-day decision making.

“What would easily take 20-25 days and cost $25,000-$30,000 a month, my team can now knock out in just a few days. The ThoughtTrace professional development experience was incredible as well.” Brooke Clifton Land Manager

SUCCESS:

Increase Productivity while Reducing Cost

Near immediate ROI

The ThoughtTrace Difference

Project efficiency improved from months to days.

Lasts Indefinitely

Acacia now requires land service groups and consultants to be ThoughtTrace certified.

RESULTS:

Transaction & Asset Management: 

    • Uploaded and processed thousands of OGLs, material contracts and well files from the Triumph Oklahoma asset into ThoughtTrace in less than one day
    • Accelerated the consolidation and incorporated the asset in two short weeks
    • Integrated the entire asset without adding any headcount
  • Post-Production Cost Allocation Review:
    • Captured all base leases and amendments to uncover the provisions impacting deducts
    • Completed the assessment in less than 3 days across thousands of OGLs saving the team substantial expenditures and avoiding any potential litigation for misrepresentation.
  • Shut-In Review:
    • Completed a shut-in review across an entire Oklahoma asset in less than 2 hours.
  • Digital Ecosystem:

“With less than 50 employees, we have a next-generation document management system. My team is not lost in folders with limited search functionality. We are now able to ask questions across our documents, and surface very specific answers.”

Brooke Clifton

Land Manager

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