COMPANY: Callon Petroleum is an
INDUSTRY: Oil and Gas
CHALLENGE: Callon Petroleum saw
SOLUTION: Callon Petroleum chose ThoughtTrace's AI software platform to assist their staff with quickly and accurately performing in-depth analysis on their leasehold. This included existing leases,
Callon Petroleum saw the need to fundamentally change the way their Land and Land Administration departments had been handling Acquisitions, Due Diligence, and Research Projects. With a recent acquisition and a time-sensitive due diligence period to adequately and confidently review the acquired assets, they knew they had a big job ahead of them.
Callon Petroleum first needed early-stage research to know if a Spudder Rig could hold acreage in a given set of leases. Prior to using ThoughtTrace, that meant manually searching hundreds of leases for one piece of information. Traditionally, this would have led to inefficient and repetitive research for other provisions and poison pills in their leasehold.
Callon Petroleum utilized ThoughtTrace’s cloud-based platform to read through thousands of leases to provide valuable insight to their Land professionals. The combination of the ThoughtTrace technology and Callon’s knowledgeable and progressive Land Administration staff proved invaluable to the efficiency and accuracy surrounding special projects, due diligence, and acquisition activity.
Before ThoughtTrace, Callon would have proceeded with traditional methods of hiring additional parttime staff with varying levels of competency to contribute to the research that historically was incomplete or inaccurate. This process would have taken days or weeks, but with ThoughtTrace, the research was completed in hours, with outstanding accuracy.