The data clean-up project allowed Great Western to understand and organize their data and leases with unprecedented clarity. They are now able to quickly and confidently complete due diligence projects. Prior to purchasing ThoughtTrace, Great Western used a combination of internal and external resources for a period of two months to perform a post-production review. They are now able to easily handle the same type of project with ThoughtTrace in just days. The time saved is not just on due diligence, but on the ability to add information to their documents, record their previous work, and build upon their knowledge base, essentially eliminating the need to do data clean up before every project.
One example of Great Western’s efficiency improvements came on the morning of the ThoughtTrace Denver User Group Meeting. Mike and Charles received a request to review the post-production language in leases within a particular spacing unit in response to an inquiry. They knew there would be some instances where they could deduct and others where they couldn’t. Because of their data clean-up effort and comfort with ThoughtTrace, they casually took care of the request in a single morning. They simply uploaded the leases, ran the queries they needed, and submitted the report to management. They then joined ThoughtTrace later that morning at the user conference! With a traditional review method, it would have taken at least a week with “brain draining” manual review and significant anxiety about the results they were able to return. Instead, they easily completed a critical analysis and are fully confident in the data integrity of the results.
The Land Administration Team is now sharing the ThoughtTrace efficiencies across the organization by adding a Landman user with the ability to review leases. Today, he returns detailed lease data – acreage limitations, force majeure, and more. ThoughtTrace was immediately intuitive to him and a huge time saver.
- Great Western saw near immediate benefit and realized significant savings leveraging the ThoughtTrace platform
- A team of just two land administration professionals now review all lease data at lightning speed
- Anxiety over previous “fire drill” projects is a thing of the past
- Great Western confirmed that ThoughtTrace is returning all of the lease data they need, and they now have confidence in the data integrity of their project results