Ursa Operating Company Achieves

Major Efficiency Gainslogo

Moving From Months to Minutes with ThoughtTrace

 

  Ursa black

 

COMPANY:

Ursa Operating Company is an exploration and production company focused on the acquisition and development of conventional and unconventional oil and gas plays throughout the United States. Ursa is actively leasing in several prospective hydrocarbon provinces.

 

INDUSTRY:

Oil and Gas

 

CHALLENGE:

In an enterprise clean-up effort, Ursa knew they needed a better way to locate business critical information in their documents efficiently.

 

SOLUTION:

Ursa chose ThoughtTrace’s artificial intelligence software application to classify documents and find relevant provisions in a fraction of the time and resources it would have taken with a traditional approach.


 

The Challenge

Ursa Operating Company’s VP of Land and Business Development, Kelly Muldoon J.D., CPL, spent many years with a super major where high tech solutions are abundant, but the efficiency to implement these tools could be challenging. When Kelly started with Ursa he wanted to operate with the sophisticated tools of a large organization and the efficiency and agility of a small company. With this end in mind, he helped to champion technology that did just that.

Ursa identified the need to create a “Post-Acquisition Plus Strategy” for their land documents and Kelly was instrumental in finding ThoughtTrace to help meet this goal. The search that ended with ThoughtTrace arose from two areas of concern:

Ursa gained all of their properties through acquisition and they needed to know as much detail as possible about what they owned – and what they didn’t own!

Ursa had also recently moved offices, and document organization was challenging with a mix of documents on servers and in physical file cabinets. They needed to establish a system of files and documents to allow for easy management, categorization, and simple searching.

The savings come in costs not incurred and mistakes not made.

Kelly Muldoon J.D., CPL, VP of Land and Business Development

 

Solution

Ursa now uses the ThoughtTrace artificial intelligence (AI) software application to automatically separate, classify, review, and store thousands of oil and gas leases and related documents. The ThoughtTrace AI quickly and easily identifies hundreds of provisions and gives users instant access to that information. The progressive and forward-thinking Land Administration staff at Ursa then uses that information to make informed decisions around acquisitions and day-to-day operations. They also have confidence knowing they are prepared for any potential A&D activity.

In one case, it took over a month for previous employees to find a 'consent to assign' - physically looking through every single document. ThoughtTrace took 2 minutes!

Taye Van Merlin,  Land Administration Advisor

 

Results

  • Ursa now uses ThoughtTrace for both day-to-day and post-acquisition activities to locate leases and related documents in just minutes, not weeks or months.
  • The ThoughtTrace search functionality quickly provides a clear picture of new acquisitions – insights that allow for fast and accurate decision making.
  • Training time for Ursa Lease Analysts is considerably faster with the ability to review numerous leases in one location and receive instant feedback to test and learn.
  • ThoughtTrace’s Document Insights became Ursa’s redundant safety factor for document retention, storage, and searching.
  • Due Diligence time has decreased significantly and thousands of manhours have been saved. 

We uploaded one of the worst documents ever and it was like a miracle happened.

Taye Van Merlin, Land Administration Advisor

Webinar Recording: Leveraging Document Insights to...
Webinar Recording: Diving into Provisions - Using ...

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