The Challenge

An independent operator in the Exploration & Production (E&P) space, backed by a large private equity firm, approached Opportune after acquiring assets in the Permian Basin through a Chapter 11 bankruptcy sale. With only its founders at the helm, the startup faced the daunting task of rapidly establishing its business to keep pace with the demands of its new acquisition. With 645 wells and significant production under their control, the client needed to optimize operations and scale quickly. They required a comprehensive suite of E&P business processes, including Financial Reporting, Revenue Processing & Distribution, Accounts Payable & Joint Interest Billing (JIB), Land & Division Orders, and an ERP implementation, all focusing on workflow optimization, automation, and efficiency.

The Solution

Opportune’s team swiftly onboarded the client, setting up a fully integrated accounting system to enhance workflow and automate processes. Central to this setup was Opportune’s expertise with BOLO, our preferred ERP for E&P clients. This ERP includes modules for land administration, JIB/AP, revenue processing, financial reporting, and regulatory reporting. The integrated nature of the ERP, combined with tailored business processes and controls, ensured improved management and operational performance. Their control environment, reinforced by the SOC 1 Type II report, provided the client with robust assurance and streamlined their audit process.

Business Impact

• Rapid Business Establishment: Enabled the client to secure a successful bid and quickly establish a robust business infrastructure, ensuring seamless operations from day one.
• Audit-Ready Compliance: The SOC 1 Type II report facilitated a Big 4 audit with no exceptions or deficiencies, validating the integrity of our systems and processes.
• Scalable Growth: Empowered the client to expand their operations to over 1,500 active oil & gas wells, with the flexibility to scale without concerns about employee relations or overhead.
• Ongoing Partnership: The successful collaboration has led the client to rely on Opportune for future growth, including several acquisitions and asset swaps.