Launch of Lease Obligation Intelligence Provides Unprecedented Capabilities for Analyzing Specific Provisions in Publicly Filed Oil and Gas Records
ThoughtTrace, Inc., a leader in human-assisted artificial intelligence (AI) for contract analysis, announced a partnership with P2 Energy Solutions and the release of Lease Obligation Intelligence. This new offering from P2 leverages their extensive collection of publicly filed records and is powered by ThoughtTrace’s proprietary artificial intelligence capabilities. The partnership brings together a leading-edge artificial intelligence solution with an industry-standard mapping and data platform for the energy industry.
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Lease Obligation Intelligence gives upstream professionals unprecedented capabilities in analyzing and understanding specific provisions in publicly filed oil and gas records. In contrast to the sentence and “thought level” analysis provided by ThoughtTrace’s ALI™ platform, Lease Obligation Intelligence provides rapid identification at the provision level for a variety of clauses, including:
- Surface Pugh Clauses
- Depth Pugh Clauses
- Notice Required Assignments
- Consent Required Assignments
- Offset Obligations
- Continuous Operations
- Shut-Ins
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“This is an exciting development for the entire oil and gas community,” said Nick Vandivere, ThoughtTrace CEO. “While our customers have enjoyed tremendous success using ALI to manage lease compliance, contract analysis, and A&D for their in-house and acquired agreements, there has been a very real unmet need in being able to perform a rapid, high-level analysis across very large public data sets, such as those provided by P2 Tobin. This new offering fills that need – the impact in competitive leasing scenarios alone gives early adopters a huge advantage.”
P2 Tobin’s vice president Carl Garrison said, “We are very pleased to partner with ThoughtTrace to bring this new and innovative solution to the oil and gas industry. Lease Obligation Intelligence provides a new level of insight to our customers in a competitive marketplace. We look forward to rapidly expanding coverage and building the largest source of lease documents processed with ThoughtTrace technology.”
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