RunTitle, an oil and gas data startup, closed $8 million in Series A financing led by Founders Fund, the company said Oct. 2. Joining in the fundraiser were Aubrey McClendon's Deep Fork Capital, existing investor Austin Ventures and several individuals.
"Oil and gas companies are seeking out ways to maximize efficiency now more than ever. By making land information easily accessible, RunTitle has the potential to eliminate billions of dollars of unnecessary spend," said Geoff Lewis, partner at Founders Fund.
Mineral title data -- the record of who owns the mineral/drilling rights beneath the earth -- is required each time an oil and gas company wants to drill a well or make an acquisition. Before RunTitle was formed, an oil and gas professional had to conduct up to months of research via paper documents and books in county courthouses to determine who owns the mineral rights to any parcel of land. RunTitle's proprietary database of title data enables oil and gas companies to make faster, more precise acquisition and divestiture decisions.
RunTitle will use the proceeds to accelerate hiring on its engineering, sales, and marketing teams and to continue growing its proprietary dataset of mineral title information.
RunTitle is based in Austin, Texas.
Reduced risk of well-to-well interference, optimized rock stimulation and maximized efficiency and utilization of surface equipment and crews were cited as benefits.
Extended field trials at the Eagle Ford Shale in South Texas demonstrate the effectiveness of a new alternative to triazine for H2S scavenging in direct injection and contact tower applications.
Per stage pricing in the Eagle Ford Shale dropped to $69,000 during the first quarter of 2015, but may be stabilizing. Operators are postponing completions while well stimulation equipment continues to stack out with estimated utilization in the play at a little more than 50% of the regional fleet.