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.
Governor Greg Abbott directed Texas natural gas providers not to ship outside the state until Feb. 21 and asked the state energy regulator to enforce his export ban.
Concern about how U.S. President Joe Biden’s administration will handle the Dakota Access Pipeline (DAPL), which can transport more than 550,000 bbl/d out of the Bakken, is boosting prices.
The deal, which will generate cash flow from previously stranded gas wells, is yet another example of how Edge LNG is delivering value to operators by monetizing wells that would otherwise remain dormant, CEO Mark Casaday says.