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
After 10 days of drilling Veteran Oil Partners reached a total depth of 5,994′ on the J. Dunham USMC #1 well located in Archer County, Texas. This well was designed to offset the Trovillion USMC #1 well 1250′ to the west that is producing in the Mississippian limestone formation. The J. Dunham USMC #1 recorded the best mud log show Veteran Oil has seen yet in the Bryson sandstone with a 545 u gas show. The onsite geologist notated 100% florescents throughout the sample intervals. The Caddo limestone also had an excellent show with 100% flourescents throughout. E-logs confirm probable oil pay in the Bryson, Caddo, and Mississippian formations with possible pay in the Dog Bend sandstone and Ellenburger Dolomite. Completion operations are soon to commence.