For those that work with more than a handful of properties, how valuable are some of the online databases such as drillinginfo.com for doing research on properties?
I've never used drillinginfo.com so I can't say how valuable it might be. Personally I just use the various state websites. If it's an oil producing state (ND, MT, WY, or TX, etc...) their online sites are usually adequate for most of my needs.
I have used it to track multiple properties across multiple counties in Texas for the last 3 years. It has more than paid for itself in my case.
There is a nice feature that you can set up an area(county, survey, just a general block) and the website will email you any activity that occurs within a certain range around it. Good for searching for old production that you may not be paid on. Good to see if leasing is around your property. There is some delay in the leasing information. I think they check counties(not all counties are covered in Texas) once a month.
As it is a big database there is some degree of error. So I double check everything with RRC or the County Clerk if it seems to be pertinent to any of our properties.
Eastern MT. Almost all of our properties are in Oklahoma. While there is quite a bit of on the OCC web database, it is pretty difficult navigate.
Lance, Good info. I think it would help me a lot. I image the info in Texas is better than that from Oklahoma mainly because they are based out of Texas. Thanks
I used DrillingInfo four years ago and just signed up again yesterday. I can't help anyone yet or answer your question about its usefullness yet since I am just getting started. I plan to use it more this year than I did to set up areas of interest and see trends. I choose Drilling Info because I inherited dozens of properties and have hopes of understanding what I own and if there is any proactive work I can do. However since I did not know a thing about owning mineral rights and this is all new to me.
I will share more as I go, but would love to hear comments from you or anyone on how to proceed. There is a lot to learn and I enjoy that, but I hope to do more than sit around and wait for lease offers.
Does using applications/databases like DrillingInfo lead to incremental dollars? I'm sure its all about how you use the data and what data you use...... Right now I'm looking for water pressure data in plugged Oil wells where I have a significant royalty so a geophysicist friend can do some analysis.
Rick,
I am in a similar situation. I did a test drive with the database. While some of the data is available from other sources, Drillinginfo ties it together making it much easier to get to. In many cases data is there I could not get otherwise. If you have ever looked up anything on the Oklahoma OCC web, you would understand. Some of the areas of Oklahoma my family has properties in do not have complete data online. It costs me right at $100 in expenses to go to the court house plus my time. I think it will easily pay for itself. Enough so that I signed up for a subscription.
Rick,
In my case it did lead to incremental dollars. However the properties I am looking after in many cases were not managed for many years. So my experience may be atypical. The minerals I manage has 100's of properties with small ownership in the minerals.
Without DrillingInfo, to me it would be an impossible job to try to keep some track of these properties. Trying to go to the Texas RRC site every morning and figure out if anything had been permitted on all of these properties. I would never see the family again.
Some of the ways it paid off was that I did find about a well every 2 months that either funds were in suspense or they had not included us in the well. DrillingInfo for Texas has where you can see the Tax information from the County on wells.
Would it pay for itself if someone had 1 or 2 properties? I am guessing not.
But there are many features in DrillingInfo I do not use. So who knows?
Lance,
Thanks. I'm also now managing several small properties that have not been actively managed in the last 20 or more years. I appreciate your input. It makes me feel better about the purchase.
Rick
I had drillinginfo when it cost an arm and leg---they are supposedly reasonable now.
VERY GOOD CO. LOTS GOOD INFO.
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