Drillnomics is changing the way the oil and gas industry runs economic evaluations! Check out the Drillnomics Shale Plays Eagleford article published on Shale Plays Media about how Drillnomics is saving engineers, landmen, geologists and investors time and money.
New tool from Drillnomics allows oil and gas economic decision in minutes-not days
By Scott Wagendorf
Compared to the high tech tools found in other industries, software promising to quickly and easily help oil and gas professionals perform economic evaluations has lagged. For years, the industry lacked a modern and simple evaluation tool that was easy to use, affordable and powerful…until now.
Drillnomics introduces a broad spectrum of the industry—including mineral buyers, investors, engineers, geologists and landmen–to internet-based well-analysis software. This breakthrough analytics tool simplifies the economic evaluation process, allowing users to gauge producing (PDP) and non-producing (PUD) oil and gas interests more quickly and efficiently than other analysis products, at a fraction of the price.
“We knew from our own well-buying experience that the old way of making valuations of PDP and PUD fields was obsolete,” says Conrad Goeringer, Manager of Business Development. “We used all the programs out there and found them to be expensive and overly complicated. It would take half a day to do the same kind of analysis that takes Drillnomics minutes.”
Drillnomics replaces archaic economic software–Aries, Powertools and PHDWin come to mind–that require extensive training to learn fluently and use effectively. Even users with little knowledge of type-curve analysis can learn to use Drillnomics in minutes, according to Goeringer. “Because the software is web-based, users do not have to share network licensing and bitlocks. They can access the software anywhere and are no longer tied to their company computers or networks.”
Drillnomics software wasn’t built in computer-scientist isolation. Goeringer says the firm was founded by a team of oil and gas entrepreneurs with extensive experience in evaluating oil and gas properties. They hired a hands-on development team that worked directly with them to get the interface and output reports just right. “By harnessing top minds in both the oil and gas and software development fields, we came up with a tool that offers cutting edge analytics within the most intuitive interface possible.”
It’s not only ease-of-use that sets this internet-based software apart from its rivals. Occupying a sweet spot among analysis tools, Drillnomics is simple enough to be used by smaller oil and gas companies to screen deals, yet powerful enough to appraise single well economics or drilling development programs.
The Drillnomics Model
Here’s how Drillnomics works. Users simply upload data from surrounding wells in a similar formation to predict future production and cash flows. Users can import and manipulate data directly from IHS, DrillingInfo and/or Excel to:
- Run type curves for prospecting or drilling opportunities.
- Analyze the value of workovers or capital projects.
- Appraise royalty potential.
- Create custom drilling forecast models for multiple wells over a specific timeline.
- Plan budgets and review projects.
- Predict potential production, revenue, pricing and capital assumptions.
The company has won over dozens of users since its launch in April, and is experiencing 200% month over month growth according to Goeringer. “By matching data to surrounding wells, we’ve been able to achieve a high level of accuracy. And clients tell us they’re impressed with the easy-to-follow charts and flexibility of reporting that can be formatted for highly-polished presentations to stakeholders.”
With no end to oil and gas price volatility in sight, sound decision-making tools are becoming “must-haves” for savvy companies. Time is money, and Drillnomics saves both.
For a limited time, Drillnomics is offering a risk-free, 7-day free trial during its introduction. Our readers can access the offer and lock in a discounted annual subscription by registering before August 1, 2015 atwww.drillnomics.com. You can also check out a demo of the Drillnomics software below:
For more information, contact Conrad Goeringer at 605-933-0822 or you can email firstname.lastname@example.org. Be sure to check out the Drillnomics website for details and pricing information.