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.
Brahman Resource Partners retained EnergyNet for the sale of a Woodford Shale package in West Texas through a sealed-bid offering closing Oct. 7.
Ridge Runner Resources Operating retained EnergyNet for the sale of a Wolfcamp Shale opportunity in the Permian Basin through a sealed-bid offering comprised of properties located in New Mexico’s Lea County.
Parsley Energy retained EnergyNet Indigo for the sale of its Big Tex asset located within the Permian Basin in Pecos County, Texas, through a sealed-bid offering closing Oct. 15.