It literally felt like a window was open. For so long, we had spent so much time and energy managing our own data sets that when Seven Lakes displayed just a fraction of our own LOS data, we were blown away.

There is a definite trend downward of about 5 – 10% in cost codes and at least a part of that is due to the tracking ability of the analytics solutions.

I’m sure that all of you are aware of the power that DART brings to Prospectus, but I want to encourage you to utilize the tool to its fullest extent. Not only does the tool expedite the route reviews, it also brings full disclosure to production tracking vs. target, production methods, well status, downtime (controllable and uncontrollable), expenses, net operating margin, WBS reporting, plus a number of other things that are too numerous to mention. Please make it a point to include DART in your daily analysis process. During my 35 years in the Oil and Gas Industry, I have yet to see a tool that provides the dynamics that DART brings to our field employees with the ease and accessibility that it provides on a daily basis! As I’ve already mentioned, I encourage each of you to make DART a part of your daily business decisions, while you review and analyze your wells each day

The younger guys are going to be much better managers growing up with these tools, so I feel the best is yet to come.

The best illustration of the ease-of-use of the dashboards came from our summer interns. While Prospectus was still implementing the dashboards, they gave the summer interns full access. With virtually zero training, the interns were developing reports and preparing insights that were blowing away the executives.

It is easy to keep your eye on things when there are just 500 wells. When that number gets up into the thousands and tens of thousands, it becomes a different job.

I feel like we are at the beginning of the transformation of Prospectus into the datafueled era.

Production only used to care about hydrocarbons but now water disposal is one of the highest spends for our LOE and that is what we have absolutely got to cut in the current environment. We can’t control what the price is, but we have to control our production costs. If you can put a dent in the highest cost, just by having information, then that is a pretty good deal!