In early November 2022, ASE and its project drilling partner secured the NE Yale Skinner Waterflood Unit. There are numerous additional formations that have not yet been developed, and may be present. The original wells were all drilled and completed in the early 1950s, prior to the new logging, fracing, and completion techniques being developed in the industry.

It is ASE’s development strategy to drill up to 16 PUDs (proven undeveloped wells) and then potentially another 20 wells. The ASE Cherokee #1 well is scheduled to commence pre-drilling preparation in December and to commence drilling in January, followed by completion and production in February 2023.