The authors have developed an algorithm that combines simple, proven, analytical work tools. The algorithm allows one to quickly update the potential, taking into account geological and technical factors, assess risks, estimate current recoverable reserves, incremental oil production, and economics for each well. The purpose of the work is to reduce routine labor costs when searching for and selecting wells, to rank the entire list of relevant candidates, to increase the share of successful operations, as well as to increase incremental oil production by accelerating well optimization with minimal risk. A pilot project helped to improve the success rate of optimization jobs from 75 to 89%, and increase specific incremental oil production by 57% in comparison with the previous year. The tool can also be used for auditing decisions as a retrospective.