HOUSTON, April 23, 2019 /PRNewswire/ -- OAG Analytics ("OAG"), experts in artificial intelligence (AI) for oil and gas, closed its second round of strategic funding in the past nine months from Rice Investment Group ("RIG"). The transaction represents an important milestone in OAG's financing strategy, and will be used to accelerate customer success and complete several major enhancements to their upstream AI platform.
"Our industry is entering the next phase of the shale revolution by moving to full-field development. As such, we need the next generation of analytical capabilities to maximize capital efficiency," said Derek Rice, Partner at Rice Investment Group and Director at OAG. "Large-scale development optimization requires an in-depth understanding of hundreds of uncorrelated data points, which OAG provides through data management and advanced analytics to support profitable decision making. We are thrilled to partner with OAG's team, and believe our insights and experience as an operator will continue to add value to the platform," Rice said.
Subsurface engineers and scientists use OAG's AI platform to organize data and run billions of simulations, all before deploying capital in the field. The cloud-centric AI platform also provides interactive visualizations, resulting in less guesswork, fewer errors, reduced costs and increased production when it comes to discovery and extraction. The technology is being successfully applied to more than three million acres throughout major shale basins, including the Permian, Eagle Ford, Bakken, Anadarko and Haynesville. U.S. operators have optimized more than $10 billion in capital expenditures using OAG's technology.
"RIG's trust in the OAG team and AI platform is a huge vote of confidence," said Luther Birdzell, OAG Founder and CEO. "As a leadership team that already built and sold a highly data-driven, technology-centric oil and gas company, RIG's market insights and capital are important to our business. We look forward to continued collaboration as we accelerate our growth."
About OAG Analytics Headquartered in Houston, TX, OAG works with oil and gas companies to identify new opportunities to reduce costs and increase production in complex oil and gas field development. The company's self-service, proprietary software enables subsurface engineers and scientists to rapidly add AI to their workflows, automating time consuming tasks as well as identifying new complex correlations that lead to cost savings and production uplift. OAG Analytics data management, advanced analytics, AI simulations and visualizations are purpose built to integrate with current upstream workflows and enhance well life-cycle decisions. For more information, visit www.OAGanalytics.com.
About Rice Investment Group Rice Investment Group, headquartered in Carnegie, PA, is a $200-million, multi-strategy fund that invests between $1 million-$40 million across the oil and gas industry, with a focus on upstream, midstream and oilfield services, as well as technology. Led by the former Rice Energy management team, RIG can invest passively alongside an existing sponsor-management team or actively as lead financial sponsor. For more information, please visit www.riceinvestmentgroup.com.