12th November 2026, Update

Dear Valued Investor Partners,

We hope this update finds you well.

We are pleased to share that, after some delays, the wheels of progress are now firmly in motion. Our waterflood strategy across the ASE Oddfellows Oilfield is moving from planning into execution, a step which has a proven potential to substantially increase production and unlock the secondary oil reserves across the oilfield.

YOUR FIRST DISTRIBUTIONS

First distributions to ASE Lois Phase 2 LP investors are anticipated in January 2027, with monthly distributions paid from that point onward from the net revenue of oil and gas production and sales.

THE WATERFLOOD, THIS MONTH'S PROGRESS

As explained in our previous portal, we fast-tracked our waterflood strategy after we were unable to reach commercial terms with the landowner for the Lois #1 SWD conversion. In this portal, we are pleased to share how far the plan has moved forward:

• The ERI well: we now expect the ASE 3 well to be confirmed as the enhanced recovery injection well (ERI well).
• Why the Booch needs a waterflood: the Booch formation relies on gas drive and contains very little water, so as the gas declines, so does the drive. Injected water increases reservoir pressure and provides the drive that moves both oil and gas to the wellbores.
• A straightforward path to approval: having already received pre-approval for the SWD, we anticipate a smooth permitting process, and waterfloods are very common across this part of Oklahoma.
• A clear timeline: permitting is under way, with first injection anticipated in January 2027.
• Next step: the detailed waterflood engineering report, which will confirm the plan before we proceed.

Anticipated waterflood timeline

• By the end of 2026: permit applications filed with the OCC, engineering sign-off, and the ASE 3 well approved as the enhanced recovery injection well (ERI well).
• January 2027: the ASE 3 well converted, with first water injected into the Booch formation.
• February to May 2027: reservoir fill-up of approximately 60 to 120 days, as the injected water builds reservoir pressure.
• Once fill-up is complete: the waterflood takes effect, with an increasing amount of oil and gas anticipated.

All dates are anticipated and may change with regulatory approvals and operating conditions.

Watch the waterflood video: below this update, you will find our short waterflood video, showing an example of how the waterflood works across the ASE Oddfellows Oilfield.

OPENING THE WILCOX IN THE LOIS ANNE #1-1 AND #3-1 WELLS

As outlined in our previous portal, the Wilcox carries a high ratio of water to oil. Once the ERI well is approved and online, it will allow us to handle that water cost-effectively, and in this portal, we are pleased to share our plan for opening up the Wilcox:

• Lois Anne #1-1: we will drill out the bridge plugs and open up the Wilcox, commingling it with the Hunton formation.
• Lois Anne #3-1: the best-looking Wilcox of the Lois Anne wells. Once the ASE 3 conversion is complete, our completion team will perforate and complete the well in the Wilcox payzone.

A FEW EXAMPLES: PROVEN RESULTS ACROSS OKLAHOMA

U.S. Department of Energy: a waterflood can double, if not quadruple, the oil recovered from a reservoir, lifting recovery from around 10% under primary production to between 20% and 40%.

Perry SE Skinner Sand Unit, Oklahoma: cumulative production more than doubled within about five and a half years of water injection beginning.

Pleasant Mound Cleveland Sand Unit, Oklahoma: monthly oil production more than tripled once the waterflood response arrived.

Northeast Jones Cleveland Sand Unit, Oklahoma: a field almost abandoned after primary production went on to recover more than twice its primary oil under a waterflood.

THE FINAL WELLS WITHIN THE PARTNERSHIP

• Seminole County: a high potential to drill at least one more well on the ASE Oddfellows Oilfield, with its location to be confirmed by the waterflood engineering report.
• Two new oil fields in Grant County, Oklahoma: we have just secured two new oil fields in Grant County, and there is a probability that the last ASE Lois Phase 2 LP well will be drilled there.
• The Red Fork and Cleveland field: surrounded by established production from both formations, with the ability to produce multiple pay zones together from one wellbore, adding production without the cost of drilling a new well.
• The Wilcox field: also surrounded by established Wilcox production. Some seismic has already been shot across the oilfield, with a larger 3-square-mile seismic shoot planned for the near future.

Throughout every stage, our focus remains on maximising the monthly income we deliver to our investor partners. The waterflood will be guided by our engineer's recommendations, and each well will be selected on the strength of the return it can deliver to our investors.

WELCOMING DARRELL NARRON, HEAD OF DRILLING OPERATIONS

• Great news: Darrell Narron is now our Head of Drilling Operations, and he will be drilling all of our wells moving forward.
• Proven experience: Darrell was the right-hand man for drilling on the wells of T. Boone Pickens, the legendary oilman known as the Oracle of Oil, who built a net worth of $3 billion. Darrell brings that exceptional drilling expertise to every well we drill.
• What it means for you: each well still to be drilled within your partnership will be drilled under Darrell's direct leadership.

Watch the interview with Darrell: below this update, you will also find a 4-minute interview with Darrell Narron, our Head of Drilling Operations, in which, among other insights, he reveals how many wells he has drilled to date!

Our next scheduled investor portal update will be released on December 11th, 2026.

Best regards,

THE ASE TEAM