As of November 4th 2019 Veteran Oil Partners, a Dallas based oil exploration and development company, has produced more than 52,761 barrels of WTI crude oil in 2019; approximately $3,000,000 in gross oil revenue at an average price of $57.00 per barrel. This marks a 586% oil production increase over the last 12 months for the privately funded exploration company. In October 2018 Veteran Oil Partners’ CEO Derek S. Evans was quoted; “With what is on our current operations schedule, paired with planned prospect acreage acquisitions, our production goals for 2019 is avg. daily production of 70-90 barrels of oil per day, approximately 30,000 barrels produced and sold in a year.” In actuality the company has averaged 173 barrels of oil per day, and will likely surpass 60,000 barrels of oil produced in the 2019 calendar year. Recently the company announced formal plans for a 3.0 square mile +/- 3-D Seismic exploration project that will provide extremely valuable sub-surface data on 1,000 acres that the company controls in North Texas where they recently struck oil on the T. Spitzer USMC 1 discovery well. With over 100 years of combined experience on Veterans’ geological and geophysical staff, the company believes the seismic project will identify 4-6 additional drilling locations that contain 600,000 barrels of recoverable oil reserves valued at $30,000,000.00 from the main objective formation. Veteran Oil Partners also very recently announced initial production of 120 barrels of oil per day from the N. Manoukian Circle 8 Unit D well located in the Texas Panhandle. The well was just placed into commercial production operations in the last couple days and has already produced over 700 barrels of crude oil. Between the north Texas 3-D seismic project and 6 additional drilling locations on schedule in the Texas Panhandle development, Veteran Oil Partners is poised for another solid year of production growth in 2020.
