Novi Labs, an Austin-based energy analytics firm, has announced its acquisition of Calgary's Turing Analytics, the creator of the EVA platform. This strategic merger aims to create the first unified analytical environment for evaluating upstream energy investments across North America. The move combines Novi's AI-driven U.S. platform with Turing's extensive Canadian datasets, addressing a critical gap in cross-border asset evaluation for operators and investors.
Addressing a Fragmented Market
The energy investment landscape increasingly treats U.S. and Canadian assets as a single portfolio, with basins like the Permian competing with the Montney. Despite this trend, evaluation workflows have remained siloed, forcing teams to use fragmented data and analytical tools. This separation creates significant inefficiencies and complicates direct asset-to-asset comparisons across the border.
This fragmentation carries substantial risk, often leading to the misallocation of capital as investors struggle to reconcile disparate forecasts. The issue has become more acute as diminishing high-quality inventory in the U.S. Lower 48 pushes investors toward Canadian opportunities. Without a consistent framework, evaluating these cross-border assets accurately has been a persistent industry challenge.
A Unified Platform for North American Assets
The acquisition directly confronts this issue by integrating Novi's AI-powered analytics with Turing's Canadian-focused EVA platform. This combination establishes a single, cohesive system for assessing upstream opportunities from Texas to Alberta. The new platform provides a unified dataset and modeling framework for the entire North American market.
For clients, this integration eliminates the need to switch between systems or reconcile separate analytical outputs when comparing cross-border assets. It enables direct comparability between regions, which in turn improves the prioritization of capital deployment. Ultimately, this unified view is designed to increase confidence and precision in major investment decisions.
Combining Proven Expertise and Technology
Novi Labs has built its reputation on an AI-driven platform that utilizes proprietary well-level data to generate highly accurate production forecasts. Its technology is already a core component of the evaluation workflows for many leading U.S. operators and energy investors. This acquisition extends that proven analytical framework to cover Canadian assets comprehensively.
Turing Analytics brings its powerful EVA platform, which was developed in partnership with the renowned Canadian reservoir engineering firm McDaniel & Associates. EVA is deeply embedded in the Canadian energy sector, with its clients representing over 50% of the nation's oil and gas production. This market penetration provides a strong foundation for the combined company's Canadian operations.
Leadership Perspectives on the Merger
Scott Sherwood, CEO of Novi Labs, stated that the acquisition realizes a core company belief in forecasts built on proprietary data and AI. He noted that while Novi proved this model in the U.S. and Turing proved it in Canada, this merger closes the last major gap. It provides investors a unified tool to evaluate opportunities across North America.
Brian Hamm, CEO of Turing Analytics, explained that EVA was created to address the analytical demands of modern well design. He highlighted the platform's rapid growth and adoption by a majority of Canada's producers. Hamm expressed enthusiasm for the next chapter with Novi, aiming to set a new standard for upstream analytics.
The acquisition of Turing Analytics by Novi Labs represents a significant consolidation in the energy analytics space, promising to streamline capital allocation for the North American upstream sector. By creating a single, data-driven platform for cross-border evaluations, the combined entity is well-positioned to enhance investment accuracy and efficiency. This strategic move signals a future where geographical data silos no longer impede optimal decision-making.