“How many acres do I own?” This question can no longer be answered with one number.
The only way to calculate truly accurate net acreage values is with a tract and formation-based lease management system.The development of multiple productive depths has lead to the necessity of tracking and evaluating all mineral ownership by geological formation as well as geographical location. Every lease, assignment, operating agreement etc. must be distinctly identified on a tract-by-tract and formation-by-formation basis.
Tracts, segregated by formation, are the lowest common denominator in the land business. A contract may have multiple tracts as well as multiple mineral owners within a lease agreement, all with different shares of ownership in each of the tracts. Systems that only account for acreage by contract cannot account for leased net acres in each of the tracts.