CALGARY, ALBERTA--(Marketwired - Apr 10, 2013) - Calgary oil and gas technology firm XI Technologies Inc. announced today it has reached the critical milestone of 100,000 wells in TourXchange (pronounced "tower exchange"), the drilling information database it began building in 2007. The first initiative of its kind in the oil and gas industry, TourXchange is a collaborative effort involving 80 oil and gas exploration companies operating across all four provinces within the Western Canadian Sedimentary Basin (WCSB).
"This milestone means we now have the digital drilling data for about half of all the wells drilled in the WCSB since 2004," said XI Technologies' VP of Drilling Services, Andy Newsome. "This information is critical to well planning, performance benchmarking and analysis of wells drilled. While it's all publicly available information, without TourXchange that data can only be accessed in hard copy. It requires a lot of effort to find, and even more effort to analyse. There are countless ways to massage the raw data, making it quick and easy to analyse and manipulate. This helps drilling engineers make better, more efficient drilling decisions."
Newsome also reported that current TourXchange members include 15 of Western Canada's top 20 largest operators based on BOE production, and that the XI team is continually adding more members and wells. "While membership in TourXchange would be an obvious asset to smaller operators who may not have a large dataset of their own wells to analyse," Newsome explained, "It also presents tremendous value for larger operators. Every operator can improve their efficiency. Access to this amount of data can present opportunities that result in millions of dollars of cost savings. In exploratory areas where experience is limited, access to historical data is crucial to drilling research."
When researching drilling projects, companies traditionally need to: 1) decide which wells to research; 2) request tour reports (in PDF format) from the ERCB; 3) wait for the reports to arrive; 4) re-enter the data into an analyzable format. TourXchange members can often skip steps 2 through 4, condensing what used to be a weeklong task into a single day.
This 100,000 well milestone represents the critical mass necessary for XI to build a suite of reporting and analysis tools that leverage the TourXchange. A new Drill Problems Report was launched in March, and the Offset Analyst tool is getting ready for its debut later this month. XI Technologies is appreciative of all the operators who have signed on as members. A 100,000-well celebration event for TourXchange members is being planned for April 24, 2013, in Calgary. For complete information on TourXchange, visit http://xitechnologies.com/tourxchange.
About XI Technologies
XI Technologies Inc. (XI) is a privately-owned company based in Calgary, Alberta, Canada. Formed in 2004 with the merger of Touch Tone Data Inc. and Westcan Petroleum Assets Ltd., XI creates essential research tools for the Western Canadian energy industry. XI software helps companies interpret data to make better decisions. Primarily focused on A&D research and drilling and completion programs, we are committed to building exceptional, long-standing relationships with every engagement. Our software tools are industry-standard, driven by the needs of our clients.