W Energy Software, the new leader in upstream and midstream oil & gas SaaS ERP solutions, announces that Riverbend Energy Group (Riverbend Energy Group | An Energy Investment Firm) has signed software licenses for its upstream accounting solution. With significant growth over the past decade since its formation in 2003, Riverbend Energy Group had outgrown its legacy oil & gas accounting system and set out to find a modern SaaS solution capable of managing the scale and complexity of its rapidly growing portfolio. Top reasons for selecting W Energy Software include fast and reliable settlement processes, its reputation for partnering with clients to ensure business results, and a true SaaS experience that provides Riverbend Energy Group with best-in-class technology and continuous upgrades.
“W Energy Software won hands down in our analysis because it has a much more modern architecture and fits in well with Riverbend’s data-driven culture,” said Matthew Cochrane, Vice President and Chief Compliance Officer at Riverbend Energy Group.
“The biggest value we see in W Energy Software is a commitment to innovation that continually adds new capabilities to its core ERP, an easier and more intuitive user interface, and the confidence that we are always improving and running our operations on the latest technology that can scale as we grow.”
-Matthew Cochrane, VP & CCO, Riverbend Energy Group
Headquartered in Houston, Riverbend Energy Group is a proven leader in acquiring, developing, and monetizing energy assets, including operated assets, non-operated working interests, and minerals and royalties. Since 2003, it has successfully managed more than $3 billion of total enterprise value across nine asset portfolios. It currently manages four portfolios spanning the Williston, Permian, Eagle Ford, Delaware, Fayetteville, and Haynesville basins.
As Riverbend Energy Group continues to experience accelerated growth, limitations of its on-premise, legacy accounting solution led to an ERP selection process to identify a modern solution that complemented Riverbend’s values. Focused on modernizing business processes with cutting edge technology and operating with a lean, high-performing team, Riverbend Energy Group wanted to enhance accounting workflows with a new generation of cloud-based software.
Reasons for selecting W Energy Software over the competition include:
- Flexibility to consolidate multiple companies in a single view and match operational complexity at any scale, setting Riverbend Energy Group up to achieve its growth objectives.
- Customizable SaaS ERP that shares a common and consistent user experience spanning accounting workflows, including Financials, Accounts Receivable, Accounts Payable, Revenue Accounting, and Joint Interest Billing.
- Advanced capabilities to setup monthly disbursement and transition more owners to digital payments, plus next-generation Division Order management enables owner relations to rapidly visualize ownership splits over time and easily manage changes.
- W Energy Software’s superior customer service, customer references, and reputation for partnering with clients to ensure success made it the clear choice over legacy software providers.
- Best-in-class technology with modern applications fully optimized for the cloud enabling Riverbend to scale most effectively.
“A big thank you to the Riverbend team for entrusting W Energy’s Software and our best-in-class upstream accounting solution with the management of their rapidly growing investment portfolio,” said Pete Waldroop, CEO of W Energy Software. Waldroop commented, “We have become the go-to ERP for digital innovators who seek the benefits of our cloud-based solutions to increase business agility and manage assets at any scale with a lean team.”
“W Energy Software’s SaaS ERP is steadily drawing the attention of more energy companies as the industry increasingly breaks free from older, legacy software and seeks modern technology, faster processing, reliability, and a consistent user experience across upstream workflows.”
– Pete Waldroop, CEO, W Energy Software
About W Energy Software
Headquartered in Tulsa, Oklahoma, W Energy Software offers the oil & gas industry’s only unified ERP solution built for the cloud that is relied on by more than 130 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. For more information, please visit: www.wenergysoftware.com
Founded in 2003 by Randy Newcomer, Jr. as “Riverbend Oil & Gas,” Riverbend Energy Group has successfully acquired, developed, and managed nine (9) asset portfolios representing over $3 billion of total enterprise value. Riverbend has successfully monetized five (5) portfolios generating significant returns for our investors across multiple investment strategies and through many price cycles. Riverbend Energy Group portfolios have included, and continue to include, operated, non-operated, and mineral and royalty assets in oil and gas, as well as investments in the energy transition sector as a result of the ongoing transition to a lower-carbon energy system. As an experienced player in the energy industry, Riverbend Energy Group combines unwavering principles, winning strategies, and a talented team to deliver successful outcomes. For more information on Riverbend Energy Group, please visit Riverbend Energy Group | An Energy Investment Firm.