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