TextOres New Software Slashes Mineral Assets Search Time
Securing rights and approvals represents a common challenge throughout any operation. Searching for title information has long been one of the more significant causes of operational headaches. New technology, however, is set to provide some much needed relief for such headaches. What’s especially interesting about this new software is that the software itself isn’t actually new, just its specific application to the minerals industry. The mineral asset and mining industry has been making great strides with an advanced text and data mining software suite used mainly in defense and business intelligence. This precious resource was developed by TextOre, Inc.
The new application of this text mining software suite has been quite successful specifically as it relates to the title search market for mineral assets. Among the chief benefits that this software successfully delivers is the reduction in time required to locate land deeds and county records. This approach has proven to especially helpful with larger projects, those with a large number of plots and subsequent land leases, move forward at a significantly faster pace.
Applying this software also helps to significantly reduce the labor and costs associated with the location of data from land deeds and county records. “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.”
“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?” says Robert Stewart, CEO of TextOre, Inc. “The tests we performed on title data in Texas worked beautifully. The possibilities are endless. Imagine the potential for this type of technology in mining medical records or insurance documents, for example.”