Novi Labs, Inc. and Paramount Resources LTD form partnership focused on increasing net asset values by enabling Paramount’s engineering teams to rapidly analyze all possible development scenarios to produce the most capitally efficient drilling plan.
Today Novi Labs, Inc. (“Novi”) announced the formation of a long-term partnership with Paramount Resources LTD (“Paramount”) focused on increasing net asset values by enabling Paramount’s engineering teams to rapidly analyze all possible development scenarios to produce the most capitally efficient drilling plan. Novi’s Well Planning Suite will be deployed throughout Paramount’s business in the coming months.
“After a 6-month evaluation period, we selected Novi as our partner,” said Garth Stotts, VP of Development and Reserves. “Novi’s platform and methods allow us to continually integrate all public and proprietary data to understand variable importance and impact on performance. These methods, applied practically within our workflows, allow us to quantify and predict changes to development scenarios harnessing the large volume of available data and internal technical characterization. End result is improved capital allocation supported more by data driven analyses and increased technical leverage.”
“We are proud to partner with Paramount, a company that has developed a reputation for technical excellence in well planning workflows”, said Jon Ludwig, Novi’s President. “We look forward to integrating Novi’s software into Paramount’s well planning workflows and making a difference in their economic results as they execute their development plan in 2020 and beyond.”
Novi’s well planning technology leverages highly scalable machine learning algorithms, and a wide variety of economic inputs to automate predictions for planned or producing wells. This gives well planning and engineering teams unprecedented capabilities to model capital allocation and select the ideal parameters that produce optimal production and cost performance including spacing, target formations, fluids, proppant, etc. Novi enables engineering and finance teams to tailor individual well design, optimizing material usage and economic returns for every well drilled.
About Novi Labs
Novi Labs, Inc. (“Novi”) is the leading developer of artificial intelligence driven business applications that help the oil & gas industry optimize the economic value of drilling programs. Leveraging cutting-edge data science, Novi delivers intuitive analytics that simplify complex decisions with actionable data and insights needed optimize capital allocation. Novi was founded in 2014 and is headquartered in Austin, TX.
Paramount is an independent, publicly traded, liquids-focused Canadian energy company that explores for and develops both conventional and unconventional petroleum and natural gas resources. The Company also pursues long-term strategic exploration and pre-development plays and holds a portfolio of investments in other entities. The Company’s principal properties are located in Alberta and British Columbia. Paramount’s Class A common shares are listed on the Toronto Stock Exchange under the symbol “POU”.