When Is It Time To Call In A Lease Analyst?

Lease records are arguably one of the most important departments in the oil and gas industry, but they are often overlooked and fall to the wayside. Without staff reviewing and maintaining lease terms, you would not be able to begin the process of drilling and maintaining wells, preparing a renewable project, building decks, paying out revenue, or reaping all the benefits of a successful drilling or solar program - and nobody wants that.  

So, when is it time to call in the professionals? Keep reading to find out.  

‍

The Challenge

Many companies in this ever-evolving industry face challenges when it comes to assignments, farm-outs, bankruptcies, and potential sales, including issues with data accuracy, compliance, integration with various land systems and time constraints.  One wrong lease record can cause internal chaos - missed obligations, costly delays and unnecessary curative, which all take more time and money.   

As not just an outsourcing department but also an extension of your staff, our lease record department ensures every record is accurate and accessible so you can focus on operations, not the tedious paperwork.

The high-end goal of PetroLedger’s lease record department is to streamline the data, delivery accuracy and efficiency while achieving a database that is lined as the backbone for successful land operations.

PetroLedger’s Dedicated Team

Our staff has years of experience with operators and brokers, and prior handling of operated properties, non-operated properties, and mineral acreage.  We work hand-in-hand with you to come up with a precise plan on how to best tackle the project and ensure that any internal procedures you have will be adjusted to your preferences. With knowledge in many land systems, we can assist in converting your data into the database of your choice, work remotely within your current system, or simply work through your spreadsheets to help achieve the success you envision.   

At times, the database is only as good as your data, and we pride ourselves on producing consistent data sets, digitizing images, and providing customizable reports that help you paint a clearer picture to prepare for a new drilling/solar program, an upper management presentation, or even an audit.

How We Can Help

Our Lease Analysts can help with the whole gamut of lease records and their data. Here is the full list of ways they can help you!  

Lease Data Management:

• Review, set up, and maintain accurate leases, contracts, and agreements

• Acreage verification by lease

• Cross-reference all applicable agreements to wells, owners, and more

• Leases, JOA, NDA, PSA, Surface Use & Right-of-Way, Assignments - we’ve got you covered!

Provision Review:

• Review each lease and contract for a set of preferred provisions

• Shut-in review and calculations, determine specific payees by lease agreement

• Royalty and deduction review

• Renewable tracking of various date terms, wattage, warehouse and facility tracking

Obligation & Payment Tracking:

• Set up obligation calendars with monthly/annual payments, CPI adjustment and escalating terms

• Minimum Royalty review and calculation, determine specific payees by lease agreement

• Expiration reports, renewal schedules and extension payments

Title Opinion Review:

• Verify title opinion interests and obtain curative requirements

• Purchase documents available through online accessors

File Digitization:

• Prepare and maintain your digital lease, contract, and well files

• Box file inventory review, scan and renaming of your files

Ownership Updates:

• Record and update assignments, title changes and obligation payee updates

System Conversions:

• Want to bring your lease records data into a new system? We know conversions are data-driven, but having a data migration mindset with a land background sets us apart in land specific conversions.

Reporting & Analytics:

• Customizable reports to your liking

‍

Ready To Get Started?

It’s easy to overlook the small details, but one missed lease payment, one incorrect legal description, or any untracked obligations can result in time, money, and the worst case, a loss of an asset. With decades of combined experience, allow PetroLedger’s lease record staff to navigate your record-keeping portfolio as we bring both technical expertise and industry insight from data entry, data clean-up, or ongoing maintenance.   

Maybe you’re currently using PetroLedger as your accounting and division order specialties or just scouring the market to find your next business partner. We are here and open to hopping on a call and discussing how we can help you, some industry insights, and other ways we can help support your growing and evolving business!  

‍