September 23, 2024 11:00 AM EDT |Source: Pripad
Calgary, Alberta and Houston, Texas–(Newsfile Corp. – September 23, 2024) – PrePad (“PrePad” or the “Company”), a leading cloud-based SaaS startup specializing in optimizing drilling and completion time and cost estimates, has been selected for Chevron Technology Ventures’ (“CTV”) Catalyst Program™, an initiative aimed at accelerating technological innovation in the energy sector.
Sean Hervo, co-founder and CEO of PrePad, expressed his enthusiasm about the selection: “We are honored to have been selected for Chevron Technology Ventures’ Catalyst program. This opportunity marks an important milestone for PrePad and provides us with a framework to further refine our technology. Collaborating with Chevron on potential use cases and leveraging the program’s model will allow us to fine-tune our go-to-market strategy while continuing to develop a product that provides tangible value to industry operators.”
Launched in 2017, CTV’s Catalyst program aims to accelerate the growth of early-stage companies working on technologies that are potentially beneficial to the energy sector. These innovations could be operational enhancements, digitalization, low carbonization, or a combination thereof. PrePad is focused on driving the development of proprietary technologies designed to revolutionize the cost estimation lifecycle of drilling and completing oil and gas wells. The company’s software is designed to increase capital efficiency, support adjacent workflows, and increase transparency and accuracy in the drilling and completion decision-making process.
PrePad’s software is a major step forward from traditional spreadsheet-based approaches and is intended to enable clients to more effectively optimize their drilling and completion strategies. In an era characterized by a dynamic changing energy environment, fluctuating input costs and volatile commodity prices, PrePad’s platform is designed to provide specialized solutions to streamline processes and improve accuracy for its clients. PrePad believes its software is well positioned to become the industry standard for comprehensive cost and time analysis with integrated economic considerations.
PrePad reduces well pad planning from months to minutes. Instead of relying on complex in-house solutions like spreadsheets and custom models, operators can use PrePad’s software to quickly replicate detailed plans, dramatically improving the efficiency of their oil and gas operations and maximizing profitability.
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Through its participation in the Catalyst program, PrePad aims to further validate and commercialize its technology and will complete trials with existing and new clients in the energy sector. PrePad’s software is currently used by a number of leading companies, including Devon Energy and Coterra Energy.
Earlier this year, PrePad was recognized as a disruptive digital innovator at the 2024 Global Energy Show Canada and as a top innovator in completions by Darcy Partners, a provider of technology-focused market intelligence to the energy sector.
The company was founded in 2021 by Shawn Harbo and Brandon Eidson, both of whom held positions at Shell. Since its inception, PrePad has benefited from supportive partners. The company has received non-dilutive funding from Alberta Innovates, the National Research Council of Canada’s Industrial Research Assistance Program (NRC IRAP), and the Alberta Export Expansion Program. PrePad has also raised funding through strategic angel investors, employee contributions, a complementary partnership with Arcurve, a leading technology consultancy, and a strategic investment from Devon Energy, a leading U.S. oil and gas producer.
About PrePad
PrePad is a leading software solution that revolutionizes oil and gas drilling and completion cost and time estimation, providing advanced scenario modeling for development operations. The platform enables operators to optimize the balance between production, cost, cycle time, emissions and risk. For more information, visit www.prepad.io.
About Chevron Technology Ventures
Founded in 1999, Chevron Technology Ventures identifies, supports and invests in breakthrough technologies that have the potential to enhance how Chevron produces and delivers affordable, reliable and cleaner energy. Visit www.chevron.com/technology/technology-ventures .
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Source: PrePad
