Dear Valued Investor Partners,
We hope this update finds you well. Please find below your February 2026 operational update for the ASE Lois LP, covering the latest developments across the program including the Lois Anne wells, the ASE 1, ASE 2, and Carter-Reynolds wells.
ASE 1 WELL — OPERATIONAL UPDATE
Current Status: Temporarily Shut-In (awaiting SWD to be online)
ASE 2 WELL — OPERATIONAL UPDATE
Current Status: Producing
Total Oil Production: 176.60 barrels
Oil Sales: 176.07 barrels
Gas Sales: 1,052 Mcf
The ASE 2 well continues to perform well with very few operational issues this month. Production has remained solid and consistent. A pump change is planned for the next scheduled rig visit on site.
CARTER-REYNOLDS WELL — OPERATIONAL UPDATE
Current Status: Producing
Total Oil Production: 59.05 barrels (17 days of production)
Oil sales were impacted this month due to a force majeure electricity shutdown declared by Xcel Energy from 17 February 2026, caused by high force winds during a wildfire emergency. Power remained off through the end of February on this grid, which prevented oil dispatch. Sales are expected to resume as normal in March.
LOIS ANNE #1-1 — OPERATIONAL UPDATE
Current Status: Completed — Producing
Total Oil Production: 125.25 barrels
Total Gas: 942 Mcf
The Lois Anne #1-1 continues to produce steadily from the Hunton formation. The gas meter was calibrated during February with the well making approximately 34 Mcf per day. During the month the well was switched to run on propane to take advantage of higher gas prices, and as of 1 March has reverted to running on casinghead gas. We look forward to when the SWD is operational and we can open up the Wilcox (commingle with the Hunton) and substantially increase oil and gas production.
LOIS ANNE #2-1 — COMPLETION UPDATE
Current Status: Drilled
The open hole initial tests on the Viola formation show that the well may be affected by the fault line. We are currently working with our geologist John Dowds to target some of the many additional formations, including the Booch formation.
The Booch formation at approximately 3,300 feet has been identified as a strong alternative completion target, with excellent log shows and drilling samples. A completion attempt in the Booch is now being evaluated as the next course of action for this well.
LOIS ANNE #3-1 — POST-DRILLING STATUS
Current Status: Drilled — To be completed
The Lois Anne #3-1 was successfully drilled to a total depth of 4,210 feet. Log analysis confirms the potential for a fault separation between the #3-1 and #2-1 wellbores, consistent with the identification of a small fault across this portion of the field. Initial analysis shows high potential in both the Viola and Wilcox formations, with a completion in the Wilcox formation proposed. Completion is pending the establishment of a water disposal solution to allow all formations to be produced optimally.
SEISMIC SURVEY — IMPORTANT VOTE REMINDERACTION REQUIRED — VOTE DEADLINE: 20 MARCH 2026
As outlined in our investor communication sent via the portal on 2 March 2026 (US time), we are seeking a vote from all ASE Lois LP Limited Partners on whether to proceed with a seismic survey across the Oddfellows oilfield lease and surrounding acreage.
If you have not yet cast your vote, please do so using the link at the bottom of this portal. A 50% or greater Yes vote is required to proceed.
The vote deadline is 20 March 2026.
Please note: the cost of the seismic survey will be recovered from future ASE Lois LP production revenue. No capital call will be issued — no funds are required from investors upfront.
The seismic program will deliver significant benefits to the entire ASE Lois LP portfolio, including:
A nearby example of what seismic has delivered: our operations partner OGP used seismic data — interpreted by our own geologist John Dowds — to select the location of a well in the Viola formation approximately 20 miles from our lease. That well came in at 175 barrels of oil per day, flowing naturally with no pump required, and continues to produce approximately 85 barrels per day today. This is a concrete illustration of what seismic intelligence can deliver in our region, with the same geology and the same geologist.
We will provide a full update to all investors once the vote has closed and the outcome has been determined.
https://docs.google.com/forms/d/e/1FAIpQLSdH12iXI7mVRoKh_XCBnPqYu-aNJrnAtZ6volW4_krvuwfVhw/viewform
Next Portal Update: Your next portal update will be released on or before the 11th of April 2026.
Warm regards,
The ASE Team
