Saving money in these tough times is more important than ever, especially if you can do so on the oil and gas data you need to manage your minerals and royalties while still maintaining the features you need. This is where WellDatabase comes in, and if cost is an issue, how does FREE sound?! That’s right, I said FREE!
WellDatabase is disrupting the oil and gas data and analytics space by offering public well data for free for the first time ever. They also provide the option for you to pay as you go and only upgrade to the paid plan as you need it and then drop back down to the free plan when you don’t which is a game changer in the industry.
Justin and I speak with the co-founder and CEO of the company, John Ferrell, about WellDatabase and how it got started. We also dive into a novel use of WellDatabase in the minerals and royalties space that apply to both individual mineral owners with an interest in just a few wells to larger mineral buyers or investors with interests in thousands of wells. Specifically, we talk about how you can forecast production on wells that you have an interest in on your own without having to hire a consultant like myself to do it for you.
This can be a handy way to help you audit your royalty checks each year to make sure you are getting paid what you expect. Again, this can be an alternative than having to pay a consultant 600 to 800 to do it for you. And you only have to sign up for one month of WellDatabase’s Essential plan to enable the decline curve analysis features that allow you to do this.
If you do decide to sign up, just put in “Mineral Rights Podcast” in the “Where did you hear about WellDatabase” section. For full transparency, I do receive a small referral commission at no additional cost to you if you decide to say that you heard it here, so if you decide to try it out whether for free or for the lite or other plans, then thank you very much, I appreciate you. This helps me continue delivering valuable free content like this.
Using the embedded player above, you can download the episode to your computer or listen to it here! Be sure to also subscribe on iTunes!
About Our Guest
John Ferrell is the co-founder and CEO of WellDatabase, an oil & gas software as a service startup aiming to alleviate the headache of public data. The mission of WellDatabase is to provide their customers with simple access to better data at a better price so they can spend less time digging for data, and more time getting things done. This includes their new free plan which allows users who just need to view well level data.
John has spent nearly 20 years in the software industry, primarily working in the oil & gas industry. Throughout his career, he has pushed innovation and adoption of new technologies. His career has involved nearly every facet of information technology, including front end development, back end development, systems architecture, data science, data center build-out, and IT security. His primary passion in business has always been entrepreneurship and the excitement of building new technologies.
In his spare time, John is a proud husband and father of 5 kids….that takes up just about all of that spare time.
Topics We Discuss
We speak with John about WellDatabase and how it got started and some novel applications in the minerals and royalties space that apply to both individual mineral owners with an interest in just a few wells to larger mineral buyers or investors with interests in thousands of wells.
- Tell us a little about yourself and your background and how you landed in oil and gas?
- What exactly is WellDatabase?
- How did WellDatabase get started and how has it evolved over time?
- I know that many of our listeners that work in the oil and gas industry are familiar with the major players in the well data space. Given the large market share that they already have, how have you been able to differentiate yourselves and stake a claim in this crowded market?
- What are some of the most popular features of WellDatabase?
- I know having used WellDatabase for almost 3 years that getting data out to be able to analyze in other applications is important. What data formats are available for exporting well and production data?
- What is the breakdown of the type of clients that you work with (E&P companies, service companies, mineral buyers, mineral owners, etc.)?
- What problems are you seeing WellDatabase solve for these different types of users?
- What are the different subscription levels and what are the major differences between say the free plan vs. the essential plan. What is your most popular plan?
- People listening may think that in order to deliver well and production data at such a great value that there must be a big difference in the features or data that is available. How does WellDatabase compare with some of the other data subscription services that are out there in terms of available data and tools?
- At what point do the different plans make sense small vs. large mineral owners, vs. others in the minerals and royalties space?
- What type of savings are you seeing your clients achieve by using WellDatabase vs. your biggest competitors?
- What is your favorite success story from a client of WellDatabase?
- What is next for WellDatabase? What is your ultimate vision for the company?
Resources Mentioned in this Episode
How to Contact John:
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