“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.”