Leading Oil & Gas Data Exchange Provider Partners with Best-in-Class Software Platform to Improve Management of Non-Operated Oil & Gas Assets
Oildex, a leader in financial automation solutions for the oil and gas industry, and MineralSoft, Inc. (“MineralSoft”), a leading developer of software solutions for managing minerals, royalties, and non-operated oil & gas assets, today announced a strategic alliance to create the industry’s first end-to-end digital platform for mineral, royalty and non-operating interest owners to receive, track and analyze oil & gas revenue data. Combined with the mapping, land and document management capabilities of MineralSoft’s cloud-based platform, investors now have a complete, data-driven solution for managing oil & gas asset portfolios through seamless integration with Oildex, the industry’s most comprehensive check stub data exchange.
“Today’s announcement with industry leader MineralSoft is another important step in our pursuit to transform the way the oil & gas industry connects, automates, and collaborates,” said Craig Charlton, CEO of Oildex. “Focusing our energies to efficiently and securely deliver, manage and report financial data through a single network supports our shared goal to help owners and partners protect and improve their portfolios. The significant time savings achieved through the use of our combined digital systems over the time required to conduct these tasks manually will improve operational efficiency and initiate smarter business decisions.”
With more than 10 million royalty and interest owners in the United States, according to the National Association of Royalty Owners, oil & gas operators face a massive challenge to ensure accurate and timely payments each month. Through its Revenue Detail technology platform and its focus on converting paper check stubs to both standard and customized digital formats, Oildex simplifies and accelerates the delivery of revenue data to interest owners. For managers and owners of large oil & gas portfolios who must analyze and act on large volumes of data, automated solutions and purpose-built portfolio management tools are essential.
Oil & gas portfolio managers, including private equity firms, investment funds, banks, family offices, government institutions, and individuals, can now leverage the best-in-class solutions offered by Oildex and MineralSoft in one combined offering. The partnership provides mineral, royalty, and non-op portfolio managers a unified solution for accessing real-time revenue data as well as the tools to effectively analyze, audit and verify their income.
In addition to importing traditional CDEX data files, MineralSoft has created a real-time data pipe which, coupled with its portfolio management tools, provides unprecedented access to check stub detail and enables investors to work with this critical data in powerful new ways.
“Our strategic partnership with Oildex equips investors with technology that is light years ahead of other tools in the market,” said Gabe Wilcox, CEO of MineralSoft. “In the past, importing revenue data into the general ledger or working in accounting packages poorly suited for the job were the only options non-ops had for analyzing their data. But by integrating Oildex’s leading data exchange directly with tools designed from the ground up for managing non-operated assets, users gain instant access to payment information for their oil & gas interests, including income and production, in context with their workflow.”
MineralSoft users can work with Oildex data in a variety of ways, including comparing revenue to expenses for ROI analysis and comparing check stub production data to public data to verify income and capture missing revenue. In addition to streamlining the delivery and consumption of check stub data for oil & gas investors, MineralSoft will also provide its users with joint interest billings (JIBs) through its online platform, further enhancing productivity.
Oildex is transforming the way the oil and gas industry connects, collaborates and automates. More than 250 operators, 67,000 service providers, dozens of financial institutions and millions of mineral rights owners in North America use the Oildex Network to seamlessly and securely collaborate with their business partners, automate critical business processes, eliminate the high cost and errors associated with the handling of paper, and obtain access to key data to make more informed business decisions. Oildex is headquartered in Denver and has offices in Houston; Calgary; Austin; Fayetteville, Arkansas, and Tennessee. Learn more about Oildex at https://www.oildex.com.
MineralSoft is an Austin-based software company focused on developing solutions to manage oil & gas investments. Launched in 2015, the company has seen rapid adoption of its cloud-based software by organizations who own minerals, royalties, and non-operated working interests in oil & gas assets. MineralSoft’s technology and service offerings address the growing need for investors to manage large portfolios, track revenue, verify income, and identify new investment opportunities. Customers include financial institutions, private equity firms, family offices, funds, and oil & gas operators with non-op portfolios. Backed by leading digital oilfield venture capital firms, MineralSoft has also formed strategic partnerships with leading oil & gas data providers Drillinginfo and Oildex. Learn more about MineralSoft at https://mineralsoft.com.