There are many naturally fractured reservoirs in the world, but few of them are developed optimally. In fact, it is difficult to characterize naturally fractured reservoirs and predict their oil production, let alone determine their appropriate production operation methods (POMs). Although there exist some formulas for evaluating well performance, few are derived on the basis of production test data. In this paper, several general formulas are developed to evaluate inflow performance of both vertical and horizontal wells, based on the production test data of three naturally fractured reservoirs. The rock compaction and the inertial flow resistance in the naturally fractured reservoirs are taken into account in these equations. Furthermore, theoretical models are presented to consider reservoir engineering, production performance, and surface facility performance. These models are then applied to evaluate and determine the POMs for two naturally fractured reservoirs. These two field applications show that stable flowing performance can be predicted accurately, and that artificial lift methods, such as sucker-rod pumps, can be employed efficiently under certain reservoir conditions. The detailed field application results indicate that most of the POMs, as suggested by the theoretical models, are technically feasible and economically viable.