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.