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.
