Automated Data Reporting Saves Time and Money

With low oil prices, operations managers seek the most accurate data available to them. This information allows them to make efficient financial forecasts and make reconciliations. For small to mid-sized companies, the low profit margins do not allow for mistakes. Even a small margin of error could negate profits.

Doing this type of meticulous forecasting used to mean spending a lot of time in front of spreadsheets crunching numbers. Now, petroLook Reserves by Aclaro Softworks takes that burden away and offers a quick forecasting tool that handles all the data. The Reserves program provides an easy-to-use tool to understand a company’s current resource position from an internal corporate view. In addition, it adds an external Securities and Exchange Commission (SEC) or financial institution perspective.

petroLook’s Reserves module allows you to compile your reserves data from multiple data sources, enter data directly, roll-up and calculate company reserves, reconcile differences, book changes, and generate internal and external reports. As a component of petroLook, the Reserves module makes full use of the application’s underlying architecture. This includes web-based navigation, versioning, a full security model, and comprehensive reporting and charting. The biggest advantage to using this software is the time that is saved. Quarterly reconciliation time can decrease from weeks to hours. “petroLook Enterprise Reserves has proven that it can meet the Reserves management and reporting needs of our clients.  We are excited to now offer a pre-configured version that will allow any U.S. company to be up and running with petroLook Reserves inside of a month,” said Christoph Faig, CEO of Aclaro.

Faig further commented that “now all U.S. operators can benefit from the same Reserves management and reporting functionality developed with, and used by, prominent independents and global super-majors.”

Software benefits include:

  • Setup a reserve compliant system in 30 days
  • Easily manage complex unconventional assets
  • EIA-23 and SEC reporting out-of-the-box
  • Auditable, agile, accurate
  • Repeatable reserves management process
  • Automated reconciliation of resource changes
  • Single source of truth for reserves data

Aclaro softworks inc. is a software development company that creates enterprise business solutions for the oil and gas industry.

Aclaro is headquartered in Calgary with offices in Houston and Aberdeen, and has more than 50 oil and gas clients in the United States, Canada, Europe, and Africa, ranging in size from small independent to supermajor.

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Eric is the former editor-in-chief of Oil & Gas Engineering magazine and previous to that worked as an editor for Dubai-based The Oil & Gas Year Magazine.

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  1. […] The rest of the article can be found on the OILMAN Magazine website. […]

  2. […] of our new, pre-configured version of petroLook Reserves. Check out the full article entitled “Automated Data Reporting Saves Time and Money” on their […]

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