Dear Investor Partners,
We are pleased to bring you the latest updates from our Cherokee 2-9 well.
On Monday, June 10th, Senior Partners Dylan Knight and Grant McLoughlin visited our Cherokee oilfield in Payne County, Oklahoma. During their visit, a few minor adjustments were made to the Cherokee 2-9 well, specifically tightening the weights on the pumping unit and the belts connecting the motor to the pumping unit.
Since recommencing production, the Cherokee 2-9 well has produced over 200 barrels of oil. We have scheduled our oil purchaser to pick up a load this week. In the last 24 hours, the well has produced 43 barrels of oil. At this rate, we anticipate another load to be sold this month.
Additionally, the water produced by the 2-9 well is being successfully injected into the Cherokee 5-9 well (Cherokee Phase 2) as part of our Phase 2 pressure maintenance/water-flood program. As we have stated in previous updates, we are confident this will positively impact the Cherokee 2-9 well's overall oil production over time.
We will provide a further update on oil production and sales next week, along with any other important information regarding the 2-9 well.
Best regards,
The ASE Team
