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Energy Domain, the pioneering tech-enabled online marketplace based in Fort Worth has acquired Energent from U.K.-based Westwood Global Energy Group.
Energent is a market intelligence product that uses an artificial intelligence model to interpret satellite imagery, tracking rig locations, identifying frac crews, and providing valuable completion activity data.
Energy Domain announced the transaction on Thursday through a press release.
“The delta between seller and buyer expectations is almost always development timing,” Energy Domain CEO Ben Heinzelmann said in a statement. “In our experience, that’s where deals fall apart, especially when you’re dealing with mineral, royalty, and nonoperated 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 was founded by Ryan Vinson and the 5Ms Technologies team that created MineralWare and Energy Freelance. According to the company, Energy Domain has enjoyed two years of triple-digit growth, integrating data, analytics, and alerts to improve the way oil and gas properties are bought, sold, and leased.
The company has facilitated more than 150 transactions since 2021.The company also said that oil and gas industry veteran Hollis Sullivan, founder and co-CEO Veritas Energy, will be joining the company as an investor.
“The synergies here are unmistakable,” said Energy Domain COO Malcolm Smith. “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."
Said Westwood Global Energy CFO David Clark: “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.”