Defense-Sector Technology Uses Text Mining Algorithms to Find Title Information for Drillers and Petroleum Companies
May 7, 2014
(Fairfax, Virginia) An advanced text mining software suite used primarily in defense and business intelligence has been successfully applied to the title search market for mineral assets. This new process dramatically reduces the time, labor, and cost required to locate data from land deeds and county records.
Following years of R&D with the US defense market, TextOre, Inc. developed this application to locate critical data from within large amounts of unstructured text in any language. The software suite, put simply, can find a needle in a digital haystack.
"This is a game-changer for oil scouts and landmen," said Eric Yerkovich an independent landman and geologist based in Texas. "This next-generation title search technology will allow oil drillers to get to mineral assets and oil reserves more quickly and cheaply, beating rival companies to the assets in a fraction of the time – and at a fraction of the cost."
Robert Stewart, CEO of TextOre, Inc. said that applying his company’s advanced text mining algorithms to the oil sector was a natural fit. "We’ve been searching and mining detailed information from English and foreign language-based social media and have found relationships among people and events from millions of documents in Chinese, Arabic, or Russian, so why not mine title data on mineral assets from county courthouses?" According to Stewart, "The tests we performed on title data in Texas worked beautifully."
TextOre’s technology ingests thousands to millions of scanned documents or text files in multiple formats and then uses proprietary algorithms to identify and unlock relationships (patterns) within those documents to locate descendancy of mineral titles. "This is an evolving arena within Big Data," said Stewart. "The possibilities are endless. Imagine the potential for this type of technology in mining medical records or insurance documents, for example."
TextOre’s patent-pending process is now being tested and applied to records obtained from West Texas courthouses. TextOre is looking for new partners and clients to prototype the application in several Texas counties before launching a fully commercial product later this year.
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