[ CASE STUDY · HUGOTON FIELD ]

$35.9M PV10 adjustment, identified in minutes.

A real 3,300-well Hugoton field asset. Three disparate data sources — Well List, LOS, and ARIES — reconciled into a single decision-ready view. Five categories of error surfaced. One auditable adjustment delivered. Analysis that typically takes weeks across engineering, accounting, and audit teams.

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[ THE OUTCOME ]

From $61M to $25M.

A 59% reduction in PV10 valuation. Not because the asset was worth less — but because the original valuation was working from data that hadn't been reconciled. Every adjustment traces back to a source record an auditor can sign off on.

59%

PV10 reduction

Hugoton field asset

$61M → $25M

Adjusted valuation

3,300

Wells reconciled

Well List · LOS · ARIES

weeks → minutes

Analysis time

[ THE SETUP ]

3,300 wells. Three systems. No single source of truth.

The asset spanned 3,300 wells across the Hugoton field. The operating data lived in three systems that almost — but not quite — agreed with each other:

WELL LIST The operator's record of each well, its status, and its operational metadata.
LOS The lease operating statement — revenue and expense by lease.
ARIES The reserve engineering database — decline curves, EUR estimates, the reserve report itself.

Each system was right on its own terms. The errors lived in the gaps between them — the kind of error that only surfaces when you reconcile across all three at once.

[ WHAT COGZIA FOUND ]

Five categories of error. Every one traceable to a source row.

Each category compounds the next. Together they explain a $35.9M valuation adjustment that the original analysis missed entirely.

Lease operating expense recorded against the wrong cost centers, AFEs, or working-interest groups. Misallocations skew unit economics and decline-curve fits at the field level — without affecting the consolidated total, they hide in plain sight unless every line item is reconciled to a well, lease, and ownership structure.
Net revenue interest values that don't reconcile across the title chain, the ownership schedule, and the reserve report — frequently caused by post-close ownership changes that never propagated downstream. Each inconsistency is a candidate for an actual cash leak or an audit finding.
Wells past their economic life with no plug-and-abandonment liability recorded. Often invisible until a regulator or an acquirer asks. Cogzia cross-references well status, production history, and existing liability schedules to flag the population that should be reserved against.
Wells marked as producing in the operating data, but with no recorded production in the previous reporting period. In aggregate, these inflate the reserve base and overstate near-term cash flow — and they only surface when production records, well status data, and reserve reports are reconciled against each other.
Wells with status flags out of sync across systems — active in the Well List but with no LOS revenue or operating expense for multiple periods. Auditors and reserve engineers usually catch these one at a time during diligence. Cogzia surfaces the entire population in a single reconciliation pass.

[ HOW COGZIA DID IT ]

Connect. Reconcile. Surface. Trace.

The same four-step pattern Cogzia runs against every reconciliation — applied here in a single working session.

/ 01
Connect
Well List, LOS, and ARIES connected via a private link into the operator's network. No public internet. No CSV emails. No preprocessing.
/ 02
Reconcile
Cogzia's agents matched wells across systems on identifiers, status, operator name, and lease — flagging mismatches by category.
/ 03
Surface
Five categories of finding, ranked by impact on PV10. Each one rendered as a list of specific wells and ownership records, not a probabilistic score.
/ 04
Trace
Every finding linked back to the exact rows in Well List, LOS, or ARIES that drove it. Auditor-ready before the engineer left the screen.

Every adjustment traceable to source. No probabilistic outputs. No black boxes.

[ YOUR PORTFOLIO ]

See what's hiding in your data.

If your reserves haven't been reconciled across Well List, LOS, and ARIES recently, there's almost certainly a finding in there. A 30-minute session is enough to see what we'd surface.

See what's hiding in your portfolio sales@cogzia.com