Acacia Exploration Partners
W Energy Software and EAG 1Source empower E&P startup with best-in-class SaaS ERP and fractionalized land management expertise, enabling the producer to contain costs while rapidly onboarding an acquisition that quadrupled its acreage.
Inspiration for Change
A HIGH ACHIEVING CULTURE
Acacia Exploration Partners, LLC (Acacia) is a private oil and gas operating company engaged in the acquisition, development and production of oil and natural gas. The company culture is based on the premise of striving for extreme efficiency, and a disciplined approach to growth with the ultimate vision of exploiting high-value investment opportunities and delivering an attractive return to their investors.
SPREADSHEETS ARE NOT THE ANSWER
While managing its land records within spreadsheets was adequate, management understood that this was not sustainable as the company had plans to grow. In order to stay profitable through the cyclical economic market of 2020, deliver on their promise to investors of taking on additional assets in a timely manner, Acacia’s nimble, high-performing team had to change the way they did business, fast.
SCALING TO MATCH GROWTH
In March of 2020, Acacia leadership announced plans for Acacia to take over full management of another portfolio company (“OldCo.”). By taking over management of OldCo., Acacia more than doubled (in some cases quadrupled) their well, production, agreement, and acreage counts under management, underscoring the need to efficiently onboard and integrate OldCo. assets.
PREPARING FOR A MAJOR CHANGE
Acacia’s primary operating platforms were spreadsheets, requiring manual updates with no integration, reporting, or automation. With a very short window to take over management of OldCo., the Acacia team rushed to sort through OldCo.’s assets and devise a plan of action – quickly realizing they may need more than just better technology and or systems, they needed manpower too.
The Power of Partnership
BEST-IN-CLASS TECHNOLOGY STACK
EAG 1Source came equipped with a best practice project plan, and state-of-the-art technology like the W Energy Software Platform, M-Files document management, and PowerBI reporting. In addition, Acacia’s innovative team was already leveraging ThoughtTrace, an AI-powered document contract analytics tool. The combination of this technology stack unlocked key data insights and provided a robust analytics toolset for Acacia driving even more value for the Land team.
READY, SET, TRANSFORM
In just 30 days, the EAG 1Source team not only ensured Acacia successfully onboarded their existing and OldCo.’s. assets, they completely transformed the way they conduct their Land Department now and in the future. EAG 1Source provides fractionalized resources to support Acacia’s on-going Land, Division Order, and Owner Relations Outsourcing requirements so that they only pay for what they need, when they need it.
DATA PRIMED FOR THE PICKING
With EAG 1Source’s deep technical expertise, combined with the reliable and scalable capabilities of W Energy Software, efficiencies of Thought Trace and M-Files, and the new levels of transparency the PowerBI reports provided to the entire Acacia team; the data issues and process gaps Acacia faced prior to partnering with 1Source became a permanent thing of the past. The Acacia team now gets key data insights (e.g., shut-in, obligation reports, etc.), to make timely informed decisions and the W Energy Software platform and PowerBI integration has taken Acacia to the next level.
READY FOR WHAT’S NEXT
Acacia looks forward to a bright future while leveraging the power of the W Energy Software land management platform, the automated processes and reporting of EAG 1Source (which are continuously refined) and continuing to be a partner of choice in the Energy industry.