# Why "reworks" on oil and gas wells can be some of the best opportunities in the space. | Velocity Capital

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- Published at: 2026-06-23 20:19:50 UTC
- Updated at: 2026-06-23 20:19:51 UTC

## Author
Nick Hunley

## Subject
Velocity Capital

## Content
Some of my favorite oil and gas deals aren't always new wells.If you hold non-operated working interests, reworks are some of the best proposals that cross your desk. Here's why: the well is already drilled, so there's no dry-hole risk. A rework often just means replacing tubing or cleaning out the wellbore to re-establish flow, not deepening, not redrilling. The cost is small relative to bringing production back online.When an operator can re-establish production for a fraction of drilling cost, the math gets attractive fast: low incremental spend, no new geological risk, and a short projected path to payout.Not every rework works, and you have to read each one on its merits. But as a category, this is the kind of asymmetry a non-op portfolio should be hunting for.Want to see what these actually look like? I walk through the operator's proposal letter and the AFE (the cost estimate) in the video on this post...worth a look if you've never seen how a non-op deal gets papered.Not investment or tax advice, consult your own advisors.