Austin, Texas (May 27, 2020) – Enverus, the leading oil & gas SaaS and data analytics company, has released its highly-anticipated Oklahoma Source Spacing/Units solution. This product improves legal and regulatory compliance by documenting the full history of Oklahoma Corporation Commission (OCC) spacing and provides geological due diligence by easily tracing where existing formations trend and other subsurface features exist, as well as identifying acreage quantity required for a given development—all critical information for both mineral owners and working interest owners.
Enverus’ Oklahoma Source Spacing/Units solution tabulates all histories into a single, fully-interpreted data layer upon which all other Enverus data and analytics can be added. Best of all, Enverus is providing the new dataset and system software free of charge to all Enverus+ subscribers currently receiving access to its Oklahoma datasets.
“Navigating OCC spacing/units is a complicated and time-consuming endeavor. Whether it’s an $11 million horizontal or a $200,000 shallow well, it must live in a unit or box,” says Brad McPherson, director of Oklahoma operations at Enverus. “Doing it correctly takes a lot of time, especially when you hit a section with conflicting OCC orders. In today’s downturn, operators cannot afford to waste time or cut corners when the stakes are this high. We’re now doing it for them in seconds, with the thoroughness previously reserved only for making a new application for spacing.”
“This is a proud day for us,” added Allen Gilmer, one of the founders of Enverus. “After 14 years of dedicated focus on Oklahoma’s reserves, we’re delivering on what we’ve always set out to do—allow users to visualize the pooled units in 3D and identify potential gaps in those units by formation to simplify and unlock the powerful potential within the state’s rich oil & gas rock. Our new Oklahoma Source Spacing/Units software solution embodies everything that is great about Enverus, focusing on what we do best—working collaboratively to create something new of value that helps others lower their overhead and save them time and money every day in their workflows,” said Gilmer.
The foundation of creating the Oklahoma Source Spacing/Units solution began in 2006 when Enverus, then known as Drillinginfo, began a formal data share collaboration with Oil-Law Records (OLR), which it later acquired in 2017. Founded in 1955, OLR is known for housing the most intricate and detailed set of Oklahoma oil & gas well spacing records in existence. After years of intense integration, testing, and development, the two teams have now connected the visualization power of Enverus and the historical spacing data excellence of OLR.
Today’s announcement marks the second recent solution aimed at helping the oil & gas industry navigate today’s challenging market environment. On May 12, Enverus released OpenInsights, a software analytics solution that allows energy supply chain teams to gain detailed understanding of their spend data—a common black hole for many companies looking for innovative ways to unlock meaningful savings as an alternative to the pain of layoffs.
Enverus encourages existing customers interested in either the new Oklahoma Source Spacing/Units or OpenInsights to contact their account manager. New customers should contact a sales representative via www.enverus.com.
Visit enverus.com/managing-the-energy-market to stay informed of the latest market conditions.
Enverus is the leading data, software, and insights company focused on the energy industry. Through its SaaS platform, Enverus provides innovative technologies and predictive/prescriptive analytics, empowering customers to navigate the future. Enverus’ solutions deliver value across upstream, midstream and downstream sectors, enabling the industry to be more collaborative, efficient and competitive. With more than 1,300 employees across the globe, the Company’s solutions are sold to more than 6,000 customers across 50 countries. Enverus is a portfolio company of Genstar Capital and brings together the technology of Drillinginfo, RS Energy Group, PLS, 1Derrick, MineralSoft, Midland Map Co., MarketView, DataGenic Group, Oil-Law Records, PRT, Oildex, Cortex, Red Dog Systems, and RigData as one company. Creating the future of energy together. Learn more at www.enverus.com.