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SmartBid Lease and Bidding software is designed to significantly improve the performance of bidding activities for firms active in the Gulf of Mexico. The SmartBid proprietary analytics provides users an approach that (1) improves the likelihood of winning blocks of interest; and (2) reduces the chance of over-bidding, thereby increasing overall firm value. SmartBid’s ArcGIS map-based system provides decision makers a unique real-time analysis that can significantly improve the quality of bid decisions.

SmartBid™ bidding software is a single integrated decision model that links historical Gulf of Mexico bidding data to a powerful, but easy-to-use set of econometric and decision analysis tools. A Microsoft Windows® XP or Windows® 7 compliant package, the program integrates empirical data, map views and decision analysis models to improve the bid-setting process and to provide an estimate of the optimal bid amount based on maximizing expected value. SmartBid™ software allows bidders to understand how prior competitive bidding behavior should influence bid strategy and help establish an appropriate bid amount. SmartBid also integrates with other ArcGIS map systems to analyze geological features and their associated bidding results. Predicting competitive bid activity and bid amount are based on a set of empirically derived variables, including: