W Energy Software, the emerging leader in upstream and midstream oil & gas ERP solutions, announces that Vernon E. Faulconer, Inc. (“Faulconer”) has signed software licenses for its upstream accounting and land management software. The announcement follows a head-to-head evaluation of multiple oil & gas software vendors to replace a legacy ERP system used by Faulconer for three decades. Factors that influenced Faulconer’s decision to select W Energy Software included a unified and cost-effective ERP software platform purpose-built for the cloud, ability to automate accounting and land workflows, and W Energy Software’s reputation for partnering with customers to ensure business results.
“Given the number of wells we operate, increasing acquisition activity, and a significant number of partnerships, our accounting needs have grown increasingly complex over the years. We felt that our legacy systems didn’t offer the reporting capabilities and scalability that Faulconer will require to thrive in the future,” commented Geoff Doke, Faulconer’s Chief Financial Officer. “In our desire to become a best-in-class operating company, we expect W Energy Software to be an integral part of Faulconer’s strategy to propel the company into the future and empower our talented workforce with the modern technology needed to unleash their full potential,” he said.
Headquartered in Tyler, Texas, Vernon E. Faulconer, Inc. is a private acquisition and production company that specializes in enhancing production from marginal wells. The producer operates more than 460 wells and holds interests in nearly 1,000 wells primarily in South and East Texas, Louisiana, and Oklahoma. The company had relied on its legacy systems to manage core business functions, including lease management, division order, accounting, and revenue disbursement. These systems lacked the reporting capabilities and functionality Faulconer management will require to provide timely information to make business decisions impacting the company’s future.
Seeking to modernize its accounting and land management workflows with best-in-class technology, Faulconer evaluated three widely used oil & gas ERP solution providers. Faulconer selected W Energy Software’s Upstream ERP software, which will provide it with a unified suite of business applications built on the cloud and includes modules for Revenue Accounting, Accounts Receivable, Accounts Payable, Joint Interest Billing, Fixed Assets, Purchasing, Contract Management, Production Accounting, and Financial Accounting. The W Energy Software solution also provides the producer with modern Land and Division Order management tools as well as a State Tax module to streamline regulatory reporting.
Reasons for selecting W Energy Software over the competition include:
- Best-in-class technology and customer service are a strategic part of Faulconer’s growth strategy.
- Capabilities to automate and accelerate accounting and land management processes, collaborate around a common dataset, and drive productivity with automated workflows.
- Self-service reporting and ease of access to critical business data.
- Superior functionality and user experience across a unified database and integrated software suite.
- Modern ERP technology built on the cloud enables teams to easily collaborate and reduces IT total cost of ownership.
“W Energy Software will give us the ability to automate manual processes, which will enable us to analyze lease and contract details more efficiently. It will also provide us with more visibility at the owner and well level, fostering how we interact with Faulconer’s interest owners and internal departments,” said Alyssa Kerr, Vice President of Land at Vernon E. Faulconer, Inc. “Finding someone we could partner with was very important to our team and W Energy Software is not only the clear upstream ERP software choice for us, they also have the commitment to customer service we were looking for that puts our interests and success first.”
Faulconer also reports that W Energy Software’s land management solution will streamline the acquisition of new properties and enable the producer to rapidly onboard assets.
“We are honored to have been selected by Vernon E. Faulconer, Inc. as the ERP solution that will empower their entire business with modern accounting and land management technology,” said Pete Waldroop, CEO of W Energy Software. He said, “we understand that a lot of trust has been placed in W Energy Software, who stands ready to meet oil & gas business challenges head on and drive business performance at Faulconer with the strength of our high performance cloud software and commitment to customer success.”
Headquartered in Tulsa, Oklahoma, W Energy Software (formerly Waterfield Energy) offers the oil & gas industry’s only unified ERP solution built for the cloud that is relied on by more than 100 upstream and midstream companies to accelerate business performance, improve operational efficiency, and drive costs down. W Energy Software combines precision-built software in one extendable cloud-based workspace with an intimate understanding of the oil & gas business to deliver solutions that offer flexibility, affordability, and continuous upgrades. Unlike other ERP software that loosely ties together a mix of legacy solutions and fragmented technologies, W Energy Software designed a unified upstream and midstream ERP platform to seamlessly track oil, gas, and NGL from the wellhead through transportation and marketing, eliminating data silos as well as the burden and costs of maintaining multiple systems. With W Energy Software, oil & gas companies stay lean and agile with the tools they need to adapt to market changes and meet evolving customer needs head on, all while gaining the confidence that their business is running on the latest technology.