DALLAS, October 25, 2016 – Archeio Technologies announces the availability of a new case study detailing the use of its intelligent well file solution at Arcadia Operating, which used the software to improve data management for an acquisition it recently participated in. Archeio’s software helped the Texas operator quickly evaluate the 67 wells and streamlined data onboarding for the newly acquired assets through its machine learning, document processing, and smart search technologies.
Efficient access to oil & gas property information is critical during an acquisition, yet all too often, property buyers receive poorly organized asset data from the seller, including physical documents and thousands of electronic records. Inefficient data access can delay the acquisition process and impact production and cash flow after a sale.
“Our well file management software is ideally suited for the tough data management challenges property buyers face during an acquisition,” said Rex Womble, Archeio’s CEO. “Leveraging high-speed image processing and text recognition techniques, Archeio intelligently stores well data, giving buyers and sellers centralized access to organized information on-demand from any device,” Womble said.
Archeio’s software was used to manage 20,000 documents related to the acquisition Arcadia participated in, reduced acquisition cycle time, and minimized well downtime.
“Archeio streamlines property acquisition because it enables easy access for the multiple parties involved in a purchase, giving us a common place to gather the data needed to evaluate an asset,” commented Rus Richards, president of Arcadia.