Dear Valued BCB Fund Investors,
We hope this update finds you well.
In this quarterly BCB Fund update we are pleased to provide some very positive news and significant progression on the Lois Anne #1 well.
BCB FRAMEWORK RECAP
As outlined in our previous portal update, we have implemented a new strategic BCB Framework:
Monthly Income Model: Moving forward, for each new well drilled, we will allocate a portion of the oil and gas net revenue to the BCB Fund, generating monthly income rather than quarterly payments.
The Lois Anne #1 will be the first well in which a portion of its revenue will be utilized to fund the monthly BCB payments to investors.
LOIS ANNE #1 WELL – DRILLING COMPLETED
Current Status: We are thrilled to report that drilling operations on the Lois Anne #1 well have been successfully completed. The well was drilled efficiently in just 5 days and reached its target depth of 4,266 feet, landing at the base of the 2nd Wilcox formation.
EXCEPTIONAL PRELIMINARY RESULTS – 6 CONFIRMED HYDROCARBON PAYZONES
We are extremely proud to report that this well has exceeded our expectations and has a high probability of being our best well to date in the ASE Oddfellows oilfield.
Based on comprehensive analysis of mud logs, wireline logs, and cutting samples taken during drilling, 6 hydrocarbon-rich pay zones have been confirmed by John Dowds, a highly regarded geologist with close to 50 years of experience and expertise in Oklahoma geology.
Confirmed Pay Zones (in order of depth):
This multi-zone potential significantly enhances the well's production prospects and validates our geological models for the ASE Oddfellows oilfield.
STRATEGIC IMPORTANCE
Multi-Pay Zone Analysis: The Lois Anne #1 well not only reached the target 2nd Wilcox formation but also logged all productive zones, providing comprehensive formation analysis across our entire oilfield.
Data Integration: This well will provide valuable formation data to optimize completion decisions for the Anne Lois #1 well and all future wells throughout the ASE Oddfellows oilfield, ensuring maximum production potential through data-driven decision making.
IMMEDIATE NEXT STEPS
Completion Operations: Once the target formation has been selected and the exact completion plan finalized, we will commence completion procedures, including perforation and stimulation operations, before bringing the well into production.
Timeline: Completion operations will be scheduled in the coming weeks, with detailed updates provided as activities progress.
BCB FUND PAYMENT TIMELINE
We understand investors may have questions regarding when BCB Fund payments will recommence. Once the well is brought into production and hydrocarbons are being sold, we will be able to provide a confirmed timeline for the resumption of monthly payments, which will be posted via the portal.
Once again, we would like to express our sincere appreciation for your continued patience, and we are excited to share further updates in portal update planned to be released in Q4.
Best regards,
THE ASE TEAM
