Dear Valued Investor Partners,
We are pleased to provide an important update on the Lois Anne #1 well completion operations, which have progressed exceptionally well over the past few days. This update includes two short videos capturing key operations during the October 24th on-site inspection.
Additional Video Content: The remaining videos in our multi-part series featuring 50-year veteran geologist John Dowds will be released as soon as possible. The ASE team will be on location three times this week for completion operations, and we are prioritizing real-time coverage of these critical milestones.
Executive Team On-Site: CFO Peter Fagan arrives tomorrow, joining the team as excitement builds around bringing the Lois Anne #1 well into production.
On October 23rd, the well was successfully perforated in two intervals within the 1st Wilcox formation:
The perforation operations were completed as planned with Arrow WEGO Perforators, and production tubing (2-7/8") with packer was installed and set at 4,120 feet.
Our team returned to the location on October 24th and found the well with approximately 1,000 feet of fluid (6 barrels)—an excellent early indicator of productivity. Remarkably, this fluid accumulation occurred in just 13 hours with virgin perforations (newly perforated intervals that had never been stimulated).
The team conducted initial swab runs and collected fluid samples for analysis.
Key Result: One sample showed approximately 30% oil cut, which we captured in sample jars. This is a highly positive sign at this very early stage of completion, confirming strong hydrocarbon presence in the 1st Wilcox formation.
On the morning of October 24th, Co-founder Dylan Knight and COO Grant McLoughlin made the trip from our Dallas headquarters to the ASE Oddfellows oilfield in Oklahoma, arriving at the perfect time to observe multiple operations:
Staking Operations: The team was staking several ASE Lois LP well locations, and we were able to witness the final stake (for the day) being placed for the Lois Anne #4-1 well.
Not all wells have been staked yet. Strategic decisions are being made based on operational efficiency, geological data analysis, and field optimization. Below is the current drilling plan with locations as shown on the map:
LOCATION 1 - LOIS ANNE #X-1 (Well number to be determined)
As shown on the provided map, this well will be positioned adjacent to the Lois Anne #1-1 well. We will stake this location once the Lois Anne #1-1 pumping unit has been installed to ensure optimal spacing and operational efficiency. This will most likely be the 3rd well drilled as part of the ASE Lois LP.
LOCATION 2 - LOIS ANNE #2-1 WELL
Currently planned as the next well to be drilled following the Lois Anne #1-1 completion.
LOCATION 3 - LOIS ANNE #4-1 WELL (Staked October 24th, 2025)
This well is strategically positioned in close proximity to the ASE 3 well and will target multiple pay zones including the 1st Wilcox, Hunton, and Viola formations. We will exclude the Booch formation as the nearby ASE 3 well is currently producing from this zone, allowing us to maximize reservoir drainage efficiency.
LOCATION 4 - LOIS ANNE #5-1 WELL
This is the current proposed location. Due to the requirement for additional earthworks and pad preparation, this well may be drilled as the final well of the six new wells in the ASE Lois LP.
LOCATION 5 - LOIS ANNE #6-1 WELL
The location for this well remains under evaluation and will be determined after we drill additional wells and review comprehensive geological and production data from the field. This data-driven approach ensures we position each well for maximum productivity and optimal field development.
This methodical approach to well placement demonstrates our commitment to optimizing field development and maximizing returns for all investors.
Acidization Treatment: Simultaneously, St. Louis Well Services and Wallace Acid were performing an acid treatment on the Lois Anne #1 well to clean out the perforations as the final stage of the pre-production procedures.
Treatment Details:
Following the successful acidization treatment, we have shut in the well over the weekend to allow the acid to work and the formation to stabilize.
Next Steps - Monday, October 28th:
Dylan and Grant will be returning to Seminole County, Oklahoma, on Monday morning, where our team will:
The initial 30% oil cut observed during the first swab runs, combined with the well standing full of fluid, are strong positive indicators of high formation productivity. The acid treatment is designed to further enhance flow by cleaning the perforations and removing any formation damage.
Over the next few days, we expect to see improved flow rates as the acid treatment takes effect and the well is brought into production.
We will provide another portal update early next week with results from Monday's operations, including:
Additional portal updates will be released throughout the week as completion operations progress and the Lois Anne #1 well advances toward commercial production.
Best regards,
