(Energy Domain, 4.Jan.2024) — Energy Domain, the tech-enabled online marketplace based in Fort Worth, Texas, has successfully acquired market intelligence technology product Energent from U.K.-based Westwood Global Energy Group.
Founded by Ryan Vinson and the 5Ms Technologies team that created MineralWare and Energy Freelance, Energy Domain has parlayed dedication to technology, speed, and efficiency into two solid years of triple-digit growth, integrating data, analytics, and alerts to improve the way oil and gas properties are bought, sold, and leased since 2021.
With Energent, Energy Domain has acquired a market intelligence product that uses an artificial intelligence (AI) model to interpret satellite imagery, tracking rig locations, identifying frac crews, and providing valuable completion activity data.
Energy Domain CEO Ben Heinzelmann noted the immediate benefits the technology and data offer Energy Domain clients, “The delta between seller and buyer expectations is almost always development timing. In our experience, that’s where deals fall apart, especially when you’re dealing with mineral, royalty, and non-operated working interest transactions. Operators are also in need of reliable data on their competitors and general market trends. With Energent, we’re providing all parties with accurate intelligence to bridge those gaps, helping clients make informed decisions to successfully complete acquisitions on Energy Domain and elsewhere.”
Energy Domain COO Malcolm Smith agreed, explaining, “The synergies here are unmistakable. Having advanced knowledge about the location and timing of upstream capital allocation is important to both sides of the equation. Incorporating Energent’s location intelligence technology into the Energy Domain platform allows our clients to make better, data-driven decisions.”
Westwood Global Energy CFO David Clark explained “Through our discussions with Energy Domain it was clear that they valued the innovation and potential of the Energent solutions. We recognized that this young and hungry team would provide the capability to accelerate its development and ensure it is exposed to the entire industry. With Energent, Westwood Global Energy created vital and evolving tools to analyze the unconventional markets and we are excited to see Energy Domain spearhead this next stage of expansion.”
“At Energy Domain, we’ve been strategic about data aggregation from the beginning,” Heinzelmann agreed. “With the Energent purchase, we’ve acquired a data gathering tool we can continue to improve on into the future, thanks to its AI functionality — and we have big plans for that future. We’re on the cusp of a new era, and we hope you’ll stay tuned as we get ready to unveil the next generation at Energy Domain.”
Energy Domain leadership shared that – as a testament to the optimism surrounding the Energent purchase and plans for the future at Energy Domain – oil and gas industry veteran Hollis Sullivan, founder, and Co-Chief Executive Officer of Veritas Energy LLC, will be joining the company as an investor.
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