Veteran Exploration & Production LLC, Veteran Oil Partners’ operating subsidiary, has just announced a new proposed oil well location in Archer County, Texas.
The T. Spitzer USMC #1 project is designed to offset VOP’s Trovillion USMC #1 well. Located approximately 667 ft to the west in order to encounter a flankish Mississippian Reef objective also as secondary geological objectives up-hole in the Caddo Limestone, and Bryson Sandstone. The Trovillion USMC #1 well has produced just over 4,000 barrels of oil in 6 1/2 months of production averaging a daily production rate of 16 bbls of oil on a flat decline curve.
The basis of the Trovillion prospect was to target un-drained oil reserves that were identified after evaluating the Theresia Hemmi C-1 oil well log, a well that was drilled in 1957. It accumulated over 189,000 barrels of oil from the Mississippian formation. Veteran Oil Partners’ senior staff geologist, Dwaine Abraham, spent over 30 years on staff with Mitchell Energy Development Corp.. He correctly identified that the C-1 well was under perforated throughout the Mississippian and more than likely only partially depleted the reservoir and left behind significant oil reserves. The T. Spitzer USMC #1 location was generated after studying the 1957 Theresia Hemmi D-2 oil well in block 61. What makes the prospect exciting is the D-2 well was permitted to be drilled to 6,000 ft.. Instead drilling was ceased at 5200 ft. The operator then cased the hole with 2 in. tubing and attempted a completion in the Caddo Limestone, a series of events that signals complications while drilling and an attempt to save the hole through slim hole drilling techniques. The D-2 oil well reported an IP rate of 87 bbls oil from the Caddo limestone before the well was abandoned due to equipment failures. The location is in a flankish position of a known Mississippian Reef structure that is very thick, upwards of 400 ft., and based on the D-2 well information could contain significant oil reserves from a non depleted Mississippian reservoir. Veteran Exploration & Production LLC plans to spud the well in December 2018.