University Lands Partners with PDS Energy to Simplify Reporting for Lessees
PDS Energy's Well Data Exchange selected to expedite sharing of information between oil & gas operators and Texas agency charged with managing mineral revenue for state education and health institutions.
AUSTIN, Texas, April 20, 2021 /PRNewswire-PRWeb/ -- PDS Energy Information (PDS Energy), the leading provider of secure data transfer exchange services for oil & gas drilling, completion, and production data, announces that its Well Data Exchange has been selected by University Lands, the Texas agency responsible for managing mineral revenue on behalf of multiple state institutions. Sharing of well information with University Lands has historically been a complex, often frustrating process for operators. University Lands and their lessees will leverage proprietary applications developed by PDS Energy that sit on top of all of the major production and well database platforms and facilitate the precise sharing of data between operators and interest owners, the benefits of which are steadily gaining the attention of the industry.
"Our clients place a high value on optimizing their operations with analytics, yet achieving their goals using public datasets reported to the state - which are limited in scope and as much as 4 months out of date - pales in comparison to the near real time data PDS Energy provides from two or three times the number of wells," said Barry Barksdale, president of PDS Energy. "We see the relationship with University Lands as an opportunity to showcase our unique ability to allow them to move way beyond an obligatory reporting burden to their lessees, to the point of actually providing value back to their lessees through analytics and the efficiencies that can be achieved by seamlessly aggregating large datasets, all while maintaining the complete privacy and respect for the proprietary nature of the individual operators and their data," he commented.
University Lands manages over 2.1 million acres in Texas on behalf of the Permanent University Fund, which benefits health institutions and more than 20 educational institutions, including The University of Texas and Texas A&M University systems. At the urging of leading producers in the Permian Basin, where a majority of University Lands leases operate, University Lands began discussions with PDS in 2019 to explore the possibility of leveraging the PDS Energy Well Data Exchange to streamline and enhance the collection of drilling, completion, and production data from lessees. By selecting PDS Energy's Well Data Exchange to expedite the sharing of lessee data, University Lands taps into a network of operators who already utilize PDS Energy to satisfy reporting obligations to their other interest owners and regulatory agencies. In addition, the PDS data sharing network enables University Lands to rapidly onboard well information as new lessees are added.
"Combined with our ability to aggregate and normalize data for delivery in the formats they needed, when University Lands learned about the large number of their lessees that are already participating in our well Data Exchange, they took the logical next step," Barksdale said. He concluded, "through its stewardship of the Permanent University Fund, University Lands is charged with optimizing the mineral lands it oversees as well as optimizing PUF mineral assets, and by enabling the seamless and rapid exchange of well data among all lessees PDS Energy improves outcomes for all parties involved."
Oil & Gas operators rely on PDS Energy's Well Data Exchange to gather and securely distribute production volumes in accordance with strict guidelines set forth by the owners of the data for over half the wells in the United States. To view a list of Well Data Exchange participating companies, please visit https://pdsenergy.com/wdx-and-production-exchange-participating-companies/.
About PDS Energy
PDS Energy is a leading provider of data exchange solutions for the upstream and midstream segments of the petroleum industry. For nearly 30 years, the Austin-based data management company has provided oil & gas companies, joint venture partners, and service companies with cost effective methods to efficiently access, transform and distribute their data leveraging the latest technologies, including web, cloud, mobile, and blockchain. The company's data collection and distribution networks include Well Data Exchange, Production Data Exchange, Partner Data Exchange, E-Ticket Exchange, Crude Oil Data Exchange, and Frac Interference Exchange. PDS Energy's customers include over 95% of Fortune 500 energy companies, including BP, Chesapeake Energy, Cimarex, Continental Resources, Devon Energy, Marathon Oil, Occidental Petroleum, Pioneer Natural Resources, and XTO Energy. For more information, please visit http://www.PDSEnergy.com.
Media Contact
Ben Parker, PDS Energy, 281 636-9055, [email protected]
SOURCE PDS Energy
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