Dallas software startup sees growing demand for its intelligent well file product.

DALLAS, March 7, 2017 – Archeio Technologies announces that Dallas-based oil & gas producers Eland Energy Inc. and Sundown Energy, LP, have selected its intelligent well file software to improve operational efficiency and decision-making. Archeio’s solution combines machine learning and smart search technologies to give Eland Energy and Sundown Energy better access to the critical well information and documents that the producers rely on across their geographically diverse operations.

The oil & gas business is increasingly data-centric, requiring operators to collect and manage large volumes of unstructured data and documents related to wells, facilities, and the subsurface. This information is vital to well performance, safe operations, and regulatory compliance, but is all too often poorly organized in personal or shared network file folders. SkyWell™, Archeio’s cloud-based well file management software-as-a-service (SaaS) product, solves the problem by centrally organizing well metadata, applying an oil & gas specific document taxonomy, and allowing users to easily find well data using search tools on their PC, phone, or tablet.

“Like many producers, Eland Energy and Sundown Energy face a mounting document management challenge across corporate and field offices,” stated Rex Womble, Archeio’s CEO. “We’re extremely proud to have the chance to work with Eland Energy and Sundown Energy and know that SkyWell will help staff spend less time hunting for well files and more time on higher value work,’ he said.

Eland Energy and Sundown Energy operate more than 600 wells in the Permian Basin and Oklahoma. The companies have accumulated hundreds of thousands of documents and datasets related to their operations managed in different locations across headquarters in Dallas and offices in Wicket, Texas, and Oklahoma City. Archeio’s high-speed document processing technology will be deployed to index and accurately classify this large volume of well information. Corporate and field staff at Eland Energy and Sundown Energy will then be able to access well files in the cloud using web-enabled devices.

“We are extremely excited about getting Archeio on board and utilizing their sophisticated well file software in our day to day operations,” said Danny Neal, Vice president of Operations at Eland Energy. “With Archeio being very user friendly and providing instant access to critical information we see an immediate value add in efficiency gains to our operations,” he said.

Eland Energy and Sundown Energy join a rapidly growing list of oil & gas companies adopting Archeio’s new generation of well file software, including Parsley Energy (NYSE: PE), Arcadia Operating, and Primexx Energy Partners.

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.

Read the Arcadia Operating case study

DALLAS, September 27, 2016 – Today, Archeio Technologies unveils oil & gas software innovation after a year of product development, in which time the Dallas-based startup raised approximately $1 million of funding and inked contracts with leading energy companies.  Using next-generation technologies like machine learning and cloud computing, Archeio has developed a new way for oil & gas operators to intelligently search, manage, and analyze vast amounts of oilfield data.  The company’s software is already being used to manage data for thousands of wells across North America for private and publically held operating companies, including Parsley Energy (NYSE: PE).

Much like searching with Google, Archeio’s smart search technology enables energy professionals to easily find relevant oilfield information using any device, such as tablets and smart phones.  Energy companies often amass large unstructured data sets and hundreds of thousands of documents related to oil & gas wells, also known as well files.

Archeio’s new well file software is a software-as-a-service (SaaS) offering which applies intelligent algorithms in order to classify and structure this data. Additionally, the solution features map visualization and data analytics to display data in a variety of ways.  The cloud-based software not only improves well information management and lowers information technology costs it also serves as a centralized hub for energy companies to securely share well information with partners, investors, and contractors.  The software has already been used to expedite oil & gas property acquisitions and divestitures.  With A&D activity on the rise Archeio is proving to be well positioned to help the industry streamline the data transition process when assets are bought and sold.

Archeio was founded in 2015 by Rex Womble and Chetan Chouhan, who recognized the critical need for a new generation of well file software in the petroleum industry.  Womble, who serves as CEO, is a Dallas native with a track record of success working at software companies like Telligent (acquired by Verint).  As CTO, Chouhan brings more than 20 years of technology experience to Archeio, which includes numerous product development successes for Fortune 500 companies.

“Everyday energy companies make exploration and production decisions with millions at stake, decisions that rely on having access to the right information at the right time,” said Womble.  “There’s an overwhelming amount of unstructured well data to navigate and the right information is often out of reach when it is needed the most,” he said.  Womble concluded, “the industry has struggled for decades to solve the problem but lacked a truly modern, secure and intelligent way to manage well information, which is why we launched Archeio, to improve the way energy companies access relevant data and documents.”

The company raised approximately $1 million of startup capital through seed funding and venture backing.  Archeio employs seven full time staff and continues to expand its product development, sales, and support teams as its customer base grows.

An early adopter, Parsley Energy uses Archeio’s new generation of well file software to manage its growing asset information challenge.  As fast as the company is growing, Parsley Energy needs a well information management solution that can keep pace with rapid change, make it easier to find well data, and empower the company’s staff with the knowledge they need to make timely and confident decisions.

“Archeio’s innovative solution allows us to accurately classify well information so data is literally at our fingertips and actionable across the company,” commented Matt Gallagher, COO of Parsley Energy.  “Because of this, we now have a competitive advantage on speed of accessing and analyzing our well information,” he said.  Gallagher concluded, “Archeio’s technology helps support Parsley Energy’s tremendous growth profile.”

Read the Parsley Energy case study