Veteran Oil Partners, a Dallas based energy firm, announced today the closing of the J. Fite LP with $1,700,000 in equity cash commitments secured. Veteran Oil Partners is the managing general partner of the J. Fite LP, an oil focused investment program that is set to acquire existing production units, conduct a 3.1 square mile 3D Seismic survey, as well as drilling, testing, and completing an exploratory well generated from the interpretation of the seismic modeling. The J. Fite LP is the first phase of a planned multi-million dollar investment in what the company believes will yield the recovery of over 25-30 million dollars’ worth of oil from overlooked and misunderstood N. Texas Mississippian carbonate mud mounds. The J. Fite LP investment will provide Veteran Oil Partners with high resolution sub surface imagery and other crucial data points that will greatly aid in identifying and ultimately exploiting other analogous drilling locations to the T. Spitzer USMC 1 discovery well that VOP completed in June 2019. In its 1st 4 moths of production the T. Spitzer USMC 1 has averaged over 98 barrels of oil per day, and with 110 ft of net pay in the main objective pay zone plus extremely high average porosity throughout the zone, it is conservatively estimated to contain 100,000+ barrels of recoverable oil. With the US Shale oil slowdown, and in some regions “death spiral”, combined with renewed OPEC + supply cut agreements, crude oil prices are poised to rise in 2020 and beyond. Veteran Oil Partners is a well-positioned privately held oil operator focused on conventional oil reservoirs while leveraging technologically advanced exploration tools to identify overlooked sweet spots in prolific fields while mitigating drilling risks and remaining true to market fundamentals.
Veteran Oil Partners is excited to announce that the C. Hathcock USMC #1 well location was surveyed and staked on March 17th 2017 in Montague County, Texas. The prospect was generated using a combination of 2D and 3D seismic surveys and substructure mapping. The well will be drilled to a total depth of 4600 ft., or 200 ft into the top of the Ellenburger formation. The primary objective of the well is the Hoxbar series of sandstones. The Hoxbar sandstone series is Pennsylvanian in age and over 600ft thick in this area, and is known to be prolifically productive when draped over prominent structural highs in the Ellenburger formation. Our geological interpretation of 2D and 3D seismic confirms 4 way closure in the Hoxbar and Strawn sandstones which are draped over a pronounced Ellenburger structural feature. Veteran Oil Partners is targeting a spud date of April 15th 2017 or sooner.
On February 10th 2016 Veteran Oil Partners LLC reached a total depth of 2775′ on the Puller 29-1 well drilled in Creek County, Oklahoma- an area in which the company has successfully invested in over the past 5 years. Upon evaluation of the series of E-logs ran by Anline Inc., a wireline service company based out of Henryetta, OK, Veteran Oil Partners announced they are quite pleased and encouraged by oil and gas shows in formation samples, and correlated electric logs that show two zones with excellent oil and gas potential.
The well is operated by VOP’s affiliate operating company Veteran Exploration & Production LLC. The premise of the prospect was to offset successful Skinner wells to the north that the company drilled in 2014 and test the Skinner sand along the southern flank of a productive sand channel up dip from a nearby productive Skinner well, and also to test the Prue sand that is along the upper pinch out of a new multi-million dollar water flood project installed by Top Sail Energy Company out of OKC in the Pure sandstone reservoir. Consulting Geologist Kim Drew out of Tulsa, Oklahoma was quoted “We logged over 53 feet of oil sand in the Skinner, and the samples from the Prue looked way better than we had expected, and could be the upper limits of Topsail’s big Prue water flood project, I am very encouraged by the test results of this well and the entire area of Veterans’ leasehold. I would expect that there is room for two to three additional wells on this quarter section alone.”
The well is currently in the completion phase waiting to be fracked, and Veteran Oil Partners/Veteran Exploration&Production expects to have the well online producing by the end of April.
CAUTIONARY STATEMENT: Statements of future events or conditions in this release are forward-looking statements. Actual future results, including project plans and schedules and resource recoveries could differ materially due to changes in market conditions affecting the oil and gas industry or long-term oil and gas price levels; political or regulatory developments; reservoir performance; the outcome of future exploration and development efforts; technical or operating factors; the outcome of future commercial negotiations; and other factors.