In oil and gas land administration, missing a lease expiration can lead to expensive delays and a potential loss of production rights. As modern-day operators compile complex portfolios with hundreds of assets, relying on manually tracked spreadsheets is simply not a viable option anymore.
These days, there’s a better choice available.Modern land management software can help operators automate alerts and track renewals, clearing up confusion and maintaining continuity within oil and gas operations. Don’t let lease expirations catch you off guard — turn to reliable land management software solutions to help you stay ahead of the curve.
Leases are the foundation of field operations in oil and gas land management, as they permit companies to drill and produce the mineral rights. However, these rights are time-sensitive and vary based on the details of the leasing agreement. Often, the leasing terms give operators a time period to commence operations.
It can be difficult to manually track hundreds or even thousands of leases with varying terms and lengths. And, if operators don’t renew, extend, or commence operations in a timely manner, they can terminate, and those operators can lose the right to drill and pump on the land. Today’s operators need reliable land management software solutions to track lease lifecycles.
Manual lease tracking involves excessive risk, as the process is prone to human error and missed deadlines. For operators overseeing thousands of assets, the margins for error are essentially nonexistent. Leases are also impacted when a well is no longer producing and are at a higher risk of termination when the down well process is manually tracked. The best land system incorporates the right information, allowing a land team to manage their lease assets quickly and efficiently, in an automated manner.
With modern land management system software, operators can integrate automated alerts directly into their workflows. The software automatically tracks important dates throughout the lease lifecycle, including expirations and renewals, issuing alerts in advance of any important decision-making deadlines.
By providing proactive alerts, land management solutions provide a comprehensive, real-time overview of an operator’s lease portfolio, helping prevent surprises and streamline extension and renewal decisions.
Staying on top of expiring leases starts at their acquisition. When operators leverage lease acquisition software, these solutions automatically capture and record accurate lease terms and obligations. This approach helps eliminate the potential for data entry mistakes that can cause major headaches down the road.
When oil and gas land administration teams use a convenient, integrated platform to oversee both acquisitions and ongoing lease management, it helps maintain a clear view of each lease’s lifecycle.
PakEnergy’s land management solutions include lease acquisition software, providing operators with a convenient dashboard displaying each asset’s lessor, landman, agreement type, expiration date, acreage, and more. Plus, Pak Land has plenty of automated features that make life easier for your staff and decrease the risk of human error.
With the right land management software, operators can easily manage lease expirations. Additionally, the combination of automation and alerts makes it easier to maintain compliance. Schedule a demo with a member of our team today and learn more about how PakEnery Land can turn lease management from a stressful headache into an automated, efficient process.
Check out this complimentary guide to help you better further manage your federal leases »