Break Through The Title Process

“At every E&P company I had worked at the title was always a mess, there was no easy way to access the title work that had been done. Title has been treated as something in the past as something that is done at the very beginning…it’s never been kept alive through the lifecycle of the company.

Tracts is fundamental to our business, I’d say it’s probably the foundation and then everything is built up from there. I don’t think title is more of an asset to any type company in the oil and gas industry like it is to a mineral company. It’s what everything boils down to. It’s where we generate leads from, it’s how we validate that we are acquiring an asset that we will have legal title to, if you don’t have a good title team and an organized process of running title and maintaining title you’re going to be at a major disadvantage…We are one of those companies that prefer to run blanket title, we don’t want to spend the time doing cowboy title or cursory title, we’d rather just do it right the first time…We get a way higher ROI if we get ahead of it and we run the title of where we’re interested in, instead of trying to backtrack. We’re constantly just churning out title.

What’s great about Tracts…every little bit of work we’re doing is creating value, whether it’s through the DD process or through the blanket title process.

Another fantastic thing about Tracts being a living title management system is you can always go back and change things…it makes reconciliation of discrepancies 1000x easier. If you’re using an excel spreadsheet it’s gonna take so many man hours to figure out.

It’s pretty incredible. We’re training up people to become completely self-sufficient on the title side in two months or so and these are people who had no previous experience in oil and gas. Didn’t even know what the words chaining title meant.”

“[Tracts] reduces all duplicate entries and makes the calculations just mindless…being able to enter what the intent of this document is and then the system just spit out the answer is just a huge step in automating that piece of it.

It really comes down to the way people have looked at title in the past and their ability to use what is available in the courthouse, which is little to nothing…Fast forward to today and we have online records, we have the ability to connect anywhere and a platform that will pull it all together for you and change the way you think about title and the way you run title…[Tracts is] bringing the efficiencies forward that have been lacking for so many years.
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I was able to draw a very hard line between what we were doing before and what we were doing [with Tracts]. There was very little to no overlap of work. Within the first six months we were already seeing a 25%-35% increase in cost and time efficiency. Which was huge. For us to make that big of a jump in such a small amount of time really spoke volumes about what we were doing and how we were doing it.
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Someone from the division order side stepped forward and said, ‘without Tracts this would’ve taken me an hour or so before someone from the land team responded,’ but they had it in minutes.
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Whenever we were reviewing the product I figured if we were trying to invest in using this, I have to try to break it. That’s what I did, I tried to break it. I couldn’t break the math. All the math was solid”

“Tracts is upping my title game. It is easy to search for individual owners and, in the event of a change of ownership, I can update an instrument and it will instantly do the math for me!”

“As a mineral acquisition company, we need to do three things right: 1) buy the right rock, 2) invest at the right price, and 3) know who to buy from. Tracts enables us to get number 3 right and do it in 50% less time than traditional land workflows. Because of Tracts, our money goes into minerals instead of into day rates.”

“Tracts has completely evolved the way I approach the process. The system has been instrumental in managing crews in the field and the overall project.”