The paper deals with the features of well operation at the Orenburg oil and gas condensate field. Our study presents the investigations of the reasons for various complications, which can lead to the reduction of production characteristics of wells for the conditions of fractured reservoirs with gas cap and high gas content of oil. The Orenburg oil and gas condensate field wells are used as an example to present the results of well production optimization in accordance with the obtained results. In this paper we proposed a complex approach to determining the parameters of the fractured formation. At the first stage, based on the mathematical model of Warren-Root fracture reservoir, we found the dependence of the well flow rate on time and parameters of fracture under conditions of maintaining constant bottomhole pressure. The second stage was a generalization of this problem for the case of arbitrary dynamics of flow rates and pressures based on the problem of deconvolution. The search of parameters of double fracture formation was carried out by their variation in the corridor of admissible values in order to minimize the deviation of the calculated flow rate relative to the true one.