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 completions time and cost estimation, has been selected by Chevron Technology Ventures ("CTV") for its Catalyst Program™, an initiative aimed at accelerating technology innovation within the energy sector.
Sean Hervo, Co-Founder and CEO of PrePad, expressed his enthusiasm about the selection, saying, "We're deeply honoured to be chosen by Chevron Technology Ventures for its Catalyst Program. This opportunity is a significant milestone for PrePad, providing us with a framework to refine our technology further. Working with Chevron on potential use cases, and leveraging the program's model will allow us to fine-tune our go-to-market strategies as we continue to develop a product that delivers tangible value to industry operators."
Launched in 2017, CTV's Catalyst Program aims to accelerate the growth of early-stage companies working on technologies potentially beneficial to the energy sector. These innovations may be in operational enhancement, digitalization, and lower carbon - or a combination thereof. PrePad is focused on advancing the development of its proprietary technology designed to revolutionize the cost estimation lifecycle for drilling and completing oil and gas wells. The Company's software is designed to enhance capital efficiency, support adjacent workflows, and offer greater transparency and accuracy in drilling and completions decision-making processes.
PrePad's software represents a significant leap forward from traditional spreadsheet-based approaches, aiming to enable clients to optimize their drilling and completions strategies more effectively. In an era marked by dynamic changes in the energy landscape, fluctuating input costs, and volatile commodity prices, PrePad's platform is designed to offer a specialized solution 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, complete 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 replicate detailed plans quickly, significantly improving efficiency and maximizing profitability in oil and gas operations.
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Through its participation in the Catalyst Program, PrePad aims to further validate and commercialize its technology, and intends to complete trials with both 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 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 Sean Hervo and Brandon Eidson, both of whom previously held positions at Shell. PrePad has benefited from supportive partners since inception. 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 funds through strategic angel investors; employee contributions; a complementary partnership with Arcurve, a leading technology consultancy; and a strategic investment from Devon Energy, a large U.S. oil and gas producer.
About PrePad
PrePad is a cutting-edge software solution that revolutionizes cost and time estimation for oil and gas drilling and completions while 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
Formed 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 ever-cleaner energy. Visit www.chevron.com/technology/technology-ventures.
Contact
Sean Hervo
CEO, PrePad
info@prepad.io
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