Part 2 – Ensuring Land Data Integrity
We recently started our “5 Ways to Unleash Land Productivity” blog series about the top risks of legacy land management software, the challenges that land professionals encounter every day, and the advantages of W Energy Software land management. Our first blog delved into the land reporting dilemma, so be sure to read it here if you missed this informative article. Other topics in our series will cover chain of title, automating land workflows, and integrating land and division order.
Today we’re examining a truly pervasive problem in the land department – data integrity – and why despite being surrounded by technology, land professionals still resort to manual workflows to keep land records linked and in sync.
Synchronizing Well and Lease Status
The monthly revenue disbursement process relies on having up-to-date lease records to ensure timely and accurate payment to interest owners. The last thing you want is to inject uncertainty and delays, which is exactly what happens if you rely on legacy land management software. Such systems (from the “usual suspects”) may have been up to the task of managing your lease records thirty years ago when they were coded, but these days legacy ERP and land software create major data integrity issues by compartmentalizing the status of producing assets and the leases that govern disbursement.
Do your lease records accurately reflect when a well is spud, held by production, or shut in for a workover? All too often the status of a well and its associated leases are out of sync, requiring land admins to manually update records in an attempt to keep everything current. Not only is this task daunting but it poses a business risk with out of sync payment obligations.
Because W Energy Software’s land, accounting, and production solutions are fully integrated on a common database, users can simply set lease and/or tract statuses to automatically update when cross referenced well statuses change. With a modern ERP solution built on the cloud, it’s that easy. Well and land data are automatically synced, completely eliminating manual workarounds.
Cross Referencing Land Records
The fragmented nature of legacy land management systems forces land professionals to manage leases and other land related documents in separate locations with little thought to linking related information together. As a result, users fall back on manual processes and reporting to view relationships between leases and wells, joint operating agreements, AFEs, acquisition documents, DOIs and more. It’s a true headache and still leaves users searching for critical lease details using multiple screens and sessions.
W Energy Software’s advanced cross referencing logically links all lease records together according to agreements, tracts, and depth specific sub-tracts and associates them with JOAs, AFEs, wells, and divisions of interest. Offering granular security control, cross references can also be added in bulk across agreements, tracts, and sub-tracts.
By automatically synchronizing and cross-referencing land records, W Energy Software ensures your land data integrity, eliminates manual data shuffling and guess work, and drives productivity in the land department to new levels.
Read Part III in this series by clicking here.
|Kelsi Flores spent over 11 years in Land Administration with XTO Energy, a subsidiary of EXXON Mobil before she joined W Energy Software. She is a Certified Division Order Analyst and past president of her local chapter. Over the last year and a half, she has worked tirelessly with land departments at E&P companies to create a best-in-class land solution for the industry. In her spare time, she enjoys cooking, reading, and spending time with her husband and 2 daughters, ages 2 and 6.|