Archeio to Manage Acquisition Data for Top Oklahoma Oil Producer
February 13, 2018 --
DALLAS (PRWEB) February 13, 2018
Archeio Technologies (Archeio) announces that Camino Natural Resources, LLC (Camino), one of the largest privately held energy producers in Oklahoma, has selected its cloud-based oil & gas document management software. The private equity backed oil & gas startup rapidly established an extensive acreage position and production portfolio through multiple acquisitions, creating an opportunity to optimize data management. Archeio's SkyWell® software was selected to organize the large volume of land data and documents which Camino received from the asset sellers. Archeio's land and well file management solution is helping the operator quickly find critical land and business data through the use of machine learning, smart search, and GIS technologies.
Camino was founded by Ward Polzin, a veteran energy executive and founding CEO of Centennial Resource Development. Backed by private equity firm NGP Energy Capital Management (NGP), the oil & gas startup acquired four major assets and other properties in the South Central Oklahoma Oil Province (SCOOP) and Sooner Trend Anadarko Canadian Kingfisher (STACK) of Oklahoma, which rapidly transformed the company into one of the largest private oil & gas producers in the region. Headquartered in Denver, Camino now holds a 100,000 net acre position in the SCOOP/STACK, operates approximately 250 wells, and owns additional interests in approximately 700 wells.
As a result of its recent acquisitions, Camino received approximately 1,000 boxes of documents along with hundreds of thousands of digital records that varied widely from each asset seller, including disk drives, documents received by FTP, and database files. The company faced an enormous undertaking in organizing the asset data it had received. Importantly, Camino needed to access vital land and lease data quickly in support of its daily operations. The company turned to Archeio who is assisting the operator by rapidly converting land and well files into a standard digital format. Using machine learning, Archeio rapidly organizes exploration & production data into their cloud platform which enables users to have smart search capabilities across their assets.
“Archeio was able to import 30,000 lease documents, reconcile them against a schedule, and provide us a section by section review of what document images we were missing, all in the first week," Said Don Schroeder, Vice President of Land at Camino.
Archeio's oil & gas information management solution also includes a GIS map-based interface for viewing asset data, such as leases, wells and facilities, providing a visual method for searching that complements SkyWell's keyword search feature. Given the expansion of its SCOOP/STACK operations, Camino plans to use SkyWell's mapping features to quickly navigate to land and well files in context with operational data.
“In the current A&D environment, being able to quickly onboard and make sense of asset data is crucial to profitability, safety, and sound decisions," said Chetan Chouhan, CTO of Archeio. “We are honored to have been selected by Camino to assist with its unstructured data management challenge and I am confident that SkyWell will provide immediate value by enabling easy access to land data from its acquisitions as well as long-term value by managing information across the well lifecycle," Chouhan said.
About Archeio Technologies
Archeio Technologies is a provider of intelligent software and services to the upstream oil and gas industry. The company helps organizations manage the large volume of information generated throughout the well lifecycle, including engineering, geology, land, regulatory, and production data. Archeio's unique approach uses innovative cloud computing, machine learning, and intelligent search technology to give energy professionals access to reliable land & well information on their desktop or mobile device. Companies benefit from improved operational efficiency and reduced IT overhead. The Dallas-based startup has already attracted a portfolio of clients, from large, publically traded companies to independent operators, and currently manages information for thousands of wells across North America.
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