Tag Archives: Investment in oil

Oil Field USA

VOP Reports Commercial Oil Production on the Phelps USMC #1 Well

Every oil and gas company has that one problem child well that sticks out in the operators mind, and for Veteran Oil Partners it surely might be the Phelps USMC #1 Well, a well originally drilled in January of 2017 in Archer County, Texas. Nevertheless, after a long wait, Veteran Oil Partners CEO reports that the well has been placed in commercial production with an initial production rate of 30 bbls per day from the Caddo Limestone. The well was stimulated with a slick water FRAC, recommended, and designed by Quasar Energy Services. The well has settled into what appears to be a sustained rate of production. It is currently producing 8.35 bbls per day. “Not exactly what we were hoping for when we went to drill this well, however we will take a commercially productive well over a non productive well every day of the week. With adequate salt water disposal on lease, and potentially productive Bryson and Mobley sandstones up the hole, the Phelps USMC #1 well should have some longevity to it and in turn that can start to pay back our investment. As oil and gas investors, we are aware of the risks in play when drilling wells, you are definitely going to have a couple wells like this that comprise a larger portfolio of working interests. It is just part of it, and it surely makes all of us appreciate the wells that come on line without complications screaming like an F-18.”

VOP CEO- Derek Evans.