Author Archives: Derek Evans

Hitting oil wells

Private oil company on a hot streak hitting oil wells!

Veteran Oil Partners, a north Texas based oil and gas company has hit its last 5 oil wells in a row, surging average daily oil production to approximately 200 barrels of oil per day. As the saying goes in Texas, the sun is shining and the oil is flowing and that certainly holds true for Veteran Oil Partners LLC! The company focuses it’s core operating interests in the Ft. Worth Basin area. Targeting conventional production from multiple reservoirs through vertical drilling programs 6,000 ft in depth. Since commencing operations in the Ft. Worth Basin in 2017 Veteran Exploration has risen to a top 25 ranking in oil production out of 250 active operators in a Ft. Worth Basin county. This veteran led oil company also owns non operated interests in the prolific Rehm Field, a Granite Wash play in Hartley County, Texas. Veteran Oil Partners is set to drill its next well in Archer County, Texas in the next couple of weeks. Additionally they have recently closed a production acquisition deal. A deal that is expected to deliver strong returns to it’s investors. The private company has also just announced the acquisition of multiple leases in a prime section of SE Archer. An area that has big production potential from relatively shallow formations. With a company backed by the geological database and expertise of a major oil company that sold for 3.2 Billion in 2001- it is no wonder or surprise that the company has humbly catapulted into this level of success. After all- it is all about the SCIENCE! With the tools and the talent Veteran Oil Partners presents a best in class opportunity for Accredited investment capital seeking the various benefits of investing in and owning long term oil production. To learn more about Veteran Oil Partners oil and gas investment opportunities call 214-506-0191 or contact us.

making oil deals

99% of the Oil Business is being in the Right Place at the Right Time…

Dreams of the big one kept the wildcatter afloat. When the stock market crashed in 1929, E.W. Marland, who had diversified from oil into stocks and bonds, was headed towards bankruptcy. Granddad decided to go out on his own. When he reminded his wife that salary or security would not follow him out the door, she told him that he hadn’t had his salary long, and she could always fire the help and go back to washing, ironing, and cooking. Promising never to overextend himself financially or take his company public, which he saw as E.W. Marland’s downfall, Granddad rented a one-room office in the W.T. Wagoner building in Fort Worth. In 1927 he became an independent oilman, a wildcatter, HIS FIRST 29 WELLS WERE DRY HOLES. But, he wasn’t known as “Dry Hole Monty” for long. He’d heard of prospecting in East Texas, which was broken up into little dirt poor hog farms, cotton fields, and squatters’ shanties. Because the land was tangled up in cloudy titles, it was tricky to lease. But Granddad felt East Texas had potential. His opinion was pushed along by amateur geologist “Doc” Lloyd. Lloyd was a big, fat, usually unwashed country boy who wore sombrero hats. He had been married six times and had been involved in dog and horse doctoring, drug merchandising, and gold prospecting before falling into the oil business. Geologists from the major oil companies had declared East Texas barren. So Lloyd was considered a crackpot. He had drawn a map of the major oil fields in the U.S. with lines stretching out from each to the point where all the lines intersected. He called this point “the apex of the apex,” and promised that beneath this apex waited an “ocean of oil.” The apex fell precisely on top of the little East Texas town of Rusk. Granddad listened to Lloyd. But he didn’t rush into business with him. Lloyd eventually partnered with “Dad” Joiner, a Shakespeare-quoting frontier Okie scholar, womanizer, and con artist.  On Lloyd’s assurance about the ocean of oil, Dad Joiner leased one hundred acres in East Texas. After drilling two dry holes, Doc Lloyd sweet-talked the widow Daisy Bradford into letting him sink a well on her land seven miles outside of Henderson, Texas. He built a Derrick of cast-off yellow pine and sold $25 interests in the “Daisy Bradford #3” three times over. On September 5 1930, with Joiner’s investors ready to lynch him, the Daisy Bradford #3 exploded in a gusher of black rain. The boom was on, but it turned out to be a bust for Dad Joiner, who didn’t know the size of his find until it was too late. The Arkansas gambler, H.L. Hunt, kept the debt ridden Joiner holed up in a room in Dallas’ Baker Hotel until he sold out his holdings for $1.3 million. In his one-room office in the Waggoner Building, Monty Moncrief was far removed from East Texas- until luck found him once again. A promoter named B.A. “Barney” Skipper, who held leases on four thousand acres just northeast of Dad Joiner’s well, wanted to sell his leases cheap to pay off debts he owed on them. He’d written letters to 750 major and independent oil concerns offering them free leases if only they’d drill a well. Convinced that the East Texas field stopped short of Longview, the majors decided to pass. Granddad snapped up those cheap leases in partnership with an associate. Selling off pieces of their holdings to finance their drilling operation, Granddad began scoping out the best place to drill. He decided that it lay in a “window,” an unleased section right in the middle of a forty acre hog farm belonging to a country doctor named Falvey, who had a booming medical practice among the black farmers in the area. Granddad made an appointment with the Dr. In the doctor’s waiting room, Granddad waited, and waited, and waited. Finally the doctor emerged, listened to the lease proposal, and showed Granddad the door, “I don’t want no oil well messing up my hog farm,” Dr. Falvey said at last. Granddad was dejected, but not for long. On the very night after Falvey’s rebuff, he was eating dinner alone in the Gregg Hotel when a hog farmer blew into the dining room. “Mr. Moncrief, my name is Frank Lathrop. I work for the Kelly Plow Company, and I own four hundred acres in the block leased by B.A. Skipper, on which you now own the oil and gas lease,” he said breathlessly. Granddad invited the stranger to sit down. Then Frank Lathrop said something that, Granddad would later say convinced him that 99% of the oil business is being in the right place at the right time. “Mr. Moncrief, I would like to make you a proposition,” he said. “If you drill your first well on my land, I will give you 1/4th of my royalty.” Granddad stood up, extended his hand, and said, “Mr. Lathrop, you done gone and made yourself a deal!” They drilled the well with rotary tools beneath a wooden derrick. On the night of January 25th, 1931 at 3,500 ft., the rotary bit hit a soft formation, and the crew took a core. When they laid the core sample out on the floor of the Gregg Hotel, everyone gasped. The sample looked like brown sugar coated in oil. The Frank Lathrop Number One was going to be a producer. The news spread so fast that schools were let out the next day so the kids could watch an oil well blow in. A crowd of fifteen thousand gathered around Granddad’s well that morning. When they opened it up, oil shot from the pipe extending from the wellhead into a sludge pit. First five feet, then ten feet, then twenty, then one hundred feet, the oil shot across the pit, spraying the crowd with black gold. Granddad and his partners were dancing in the spray, throwing their hats into the air. My dad, Tex Moncrief, age ten, stood in the crowd of kids and watched his daddy strike the Big One and toss his Stetson toward heaven. Before the hat landed, my father stared up at his mother and said, “Mama, when I grow up  I wanna be an Oilman.” The well came in at 18,000 barrels a day. Doc Lloyd’s vision of a sea of oil was dead-on. Soon twenty-five thousand oil wells poked the oil rich, thirty mile sandbar known as the East Texas Field. But Granddad’s Lathrop Number One would be known as the “Daddy of Them All.” Later, a well was sunk on Dr. Falvey’s property. The well was dry as a bone.

Excerpt from: “Wildcatters” Written by Charlie Moncrief- Texas Oil Billionaire.

oil wells

Veteran Exploration & Production reaches 9,278 BBLS of oil sold in 2018

Veteran Exploration & Production LLC, a bonded oil and gas operator with producing leases in Texas and Oklahoma reported today that total oil sales of 2018 surpassed 9,000 BBLS. With two oil wells awaiting Fracture Stimulation and 2 more oil wells scheduled to be drilled before year end. Veteran Exploration sees a realistic path to generating more than 15,000 BBLS of oil sold in the 2018 year which at current market would bring in more than $1MM in gross oil sales revenues. Veteran Exploration & Production’s CEO, Derek Evans, commented that with what is on the current operations schedule combined with planned prospect acreage acquisitions, our production goals for 2019 is avg. daily production of 70-90 barrels of oil per day, or approximately 30,000 barrels produced and sold in the year. “With what all we are currently working on and the positive momentum we have on our side right now, not to mention the addition of a very exciting non-op investment to our drilling portfolio, I feel like it is very achievable to see growth in the 150-300% range through the drill bit over the next year.” VETEX CEO- Derek S. Evans

Barrels of oil

Veteran Exploration’s Puller Sec. 20 Lease reaches 25,000 barrels of oil sold- $1.4MM Gross Revenues

Veteran Oil Partners LLC announces that it has sold its 25th thousand barrel of oil off of its Puller lease located in Creek County, Oklahoma. The “Puller” Play was a Skinner sandstone development that initiated in mid 2014. Veteran held acreage in what came to be the center of an emerging shallow oil play that utilized new cross-polymer gel fracking techniques to access over looked oil reserves in the 2700 ft. deep Skinner sandstone.  “The VETEX Puller Sec. 20 lease, and surrounding Skinner sandstone development as a whole, is another classic story of operators of the past overlooking pay that registered as low-resistivity, or “wet zones”, on modern day e-logs” Veteran Oil Partners CEO Derek Evans is quoted in comments. Veteran Exploration & Production’s Puller lease has sold 25,987 barrels of oil in total at an average price of $50.00 per barrel. Unfortunately, the discovery coincided with the 2015 and 2016 crash of oil prices that sent prices earned in the field hurling to a low of $23.00 per barrel. Through the low pricing environments the 2700 ft. pay-zone proved resilient and continued to churn out net positive monthly revenues. To date the VOP property comprised of 3 wells has generated gross oil sales of $1,333,000.00. The lease is in production and averages approximately 14 barrels of oil per day. 

Texas oil company

Veteran Oil Partners’ Trovillion USMC #1 well surpasses 4,000 bbls of oil produced

Veteran Exploration & Production set the Trovillion USMC #1 well into production phase on January 22nd 2018.

In 7 months of steady production the well has surpassed 4,000 bbls of oil produced and has generated gross revenues in excess of $200,000.00 on pace to eclipse $400,000.00 in total revenue for the 2018 year. The well has averaged 22 bbls of oil per day since date of 1st production on a shallow decline curve. VETEX reports average operating expenses of the property are approximately 8% of monthly revenue. VOP- the Managing General Partners of the VOP Trovillion LP, estimates net distributions to average an annual rate of return of 26%. Although sometimes difficult to project how much total oil can be recovered from a producing formation, Veteran Oil Partners’ geological staff conservatively estimates recoverable reserves of the current formation to be approximately 50,000 BBLS, possible more. With up-hole pay behind pipe in the Caddo limestone formation, which is proven and producing in nearby wells, Veteran Oil Partners estimates total recoverable oil of the well to be 65,000-80,000 barrels of oil.