Recently, XI Technologies celebrated its 30th anniversary. Going through old pictures and material, we reflected on our roots as Touch Tone Data, progressing through fax machines, DVD data sets, and current web-based platforms. The use of technology continues to streamline the effective use of data in oil and gas operations and A&D.
Who remembers data binders? Back in the day, you signed a CA, couriered or faxed it in, and patiently waited for your data set to be delivered. The and, accounting, and reserves report would be printed out and indexed into multiple binders, depending on the size of the potential deal. Advisors had small staff armies creating and collating these binders. Once the deal closed, they recalled said binders to destroy the data.
Using the printout and, later, the PDF, the reserves report would be used to painstakingly create your evaluation database so you could do your analysis, update production and land information, and vet the operating costs from lease operating statements to run price deck sensitivities. Te.Di.Ous.
Fast-forward to today, data rooms are online and effectively disseminate immense amounts of data to prospective buyers quickly, transparently, and verifiably. Among that data is a copy of the seller’s reserves database, likely in multiple formats or one that is easily input and converted between evaluation programs. It is the expected standard, allowing prospective buyers more time to focus on effectively assessing the value of an offering rather than recreating the evaluation.
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