We recently had the pleasure of working with a client to write a case study article for E&P Magazine’s digital oilfield edition. More than anything, this is a mutual success story that describes the pervasive well and land file management challenge and how Archeio collaborated with Parsley Energy to co-won the solution.

Our very own Chief Technology Officer, Chetan Chouhan, teamed up with Parsley Energy’s Director of Information Technology to write this great article.

Read E&P Magazine Article

 

 


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.


Gartner predicts that data volume will grow 800% over the next 5 years and 80% of it will be unstructured data, like e-mail, PDFs, spreadsheets, and other documents.  Gartner also reports the growing unstructured data problem is not a matter of storage, but intelligence.  And nowhere is the data dilemma more apparent than the petroleum industry where wells produce vast amounts of unstructured data and documents.

Over time there have been many solutions for managing large volumes of unstructured well information, such as storing well files on network file folders or using specialized software that requires an army of consultants to implement before the value can be measured.  And the fact is, most energy companies still have storerooms full of physical well files.

Well information is valuable to oil & gas companies in two ways.  First, the measurement or collection of well data carries a high cost.  Electronic well log data, which provides detailed information about the rock formation surrounding a wellbore, is one example.  A company might spend several million dollars to acquire well logs and other geological data sets, but in many cases, this data is poorly organized and spread out across network drives and departmental systems, making the data hard to find when it is needed the most.

Secondly, well information is vital to every day decisions across the petroleum industry.  Decisions that determine the expenditure of millions of dollars depend on having access to accurate data at the right time.  For example, completing a well often depends on approvals from third party investors.  Delays in this decision-making process can cost thousands of dollars each day as staff search for information to provide to partners, all while expensive drilling and completion rigs sit idle.

All too often, valuable information is poorly managed, leaving documents stranded on network drives, isolated in data silos, or even locked in physical filing cabinets.

The petroleum industry has struggled for decades to manage this flood of data but lacked a truly modern, secure and intelligent way to solve the problem.  It’s even more crucial because operators are looking to optimize spending and business processes more than ever before, which is why Archeio Technologies was launched, to improve the way operators access relevant well data.

And what is the value of Archeio to the petroleum industry?  Our intelligent well file solution provides measurable results, drives operational efficiency, ensures asset compliance, and optimizes data consumption.  Learn how Parsley Energy (NYSE: PE) saves 60% of employee time hunting for well documents or how Arcadia Operating saves 75% of the time it used to take to prepare joint interest billings.

Parsley and Archeio Case Study | Arcadia Operating Case Study

 

 


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


On Exhibit: Archeio’s new generation of well file software
Where: San Antonio, Texas
When: October 10 to 12, 2016
Register Now

Our Intelligent Well File Software

Stop by our booth to see our new generation of well file software. Archeio’s cloud-based oil & gas software product, offers operators a modern solution to well information management.  Archeio uses agile, metadata driven technology to link scattered sources of unstructured data and documents together, avoiding the cost and time of large-scale document management projects and consulting initiatives.  Plus, Archeio’s intelligent well file software delivers powerful search, mapping, and analytic capabilities that drive productivity while reducing IT costs.

About P2 Ascend

Now more than ever, upstream oil and gas companies must uncover ways to work more efficiently and rein in costs. P2 Energy Solution’s ASCEND 2016 is the conference to attend if you’re looking to sharpen your skills and help your organization excel during these challenging times.


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-as-a-service (SaaS) offering applies intelligent algorithms 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


As commodity prices continue to stabilize, oil & gas property deals are on the rise. Approximately 2,000 energy assets are on the market according to an Ernst and Young estimate with property acquisitions expected to increase sharply in Q4 2016.

The increase in oil & gas property deals intersects with another trend in the oilfield. The industry has seen an explosion of well data, most of which is unstructured data and documents. Asset data is vital to the acquisition and divestiture (A&D) process, yet the large volume of well information poses a challenge. Coupled with an increasingly active A&D market, a perfect storm is on the horizon that threatens to delay acquisitions, impact production, and disrupt cash flow.

Efficient access to asset information is key during and after an acquisition. Buyers looking to acquire an asset must carefully evaluate a property or well’s potential in order to make an informed buying decision, yet all too often this data is poorly organized and difficult for buyers to access. As a result, decisions can be delayed or based on incomplete data.

Effective data management is also vital after a sale is made to ensure a smooth transfer of assets and well information from one company to another. In many cases, transferring ownership entails transferring data and historical information on producing wells. Accurate and up-to-date well data is crucial during the transition to avoid the financial impact of well downtime and lost production.

All too often, buyers are burdened with understanding the large volume of unstructured data and documents they receive from a seller. Well information can arrive in multiple forms, boxes of physical files, and disk drives with thousands of poorly organized electronic documents. Engineers, geologists, land and regulatory professionals spend hours trying to find reliable data in order to clearly understand historical asset performance, processes, and strategies used by the previous operator. This manual and inefficient process restricts the amount of time that staff can spend monitoring and optimizing well performance. As a result, production may be lost from newly acquired wells, impacting cash flow and the bottom line.

Archeio streamlines the data onboarding process for operators when an acquisition takes place. The company’s cloud-based well file software and document classification technology intelligently stores well data, giving buyers and sellers centralized access to organized information on-demand from any device.

Archeio’s intelligent well file software eliminates the need to market properties using costly data room services, maintains well data in a common and persistent form, reduces acquisition cycle time, and minimizes well downtime. And because Archeio provides a common environment to store and share data during an acquisition, well information is instantly available to the buyer after a property sale.