Dear Valued Investor Partners,
We are pleased to bring you the latest updates from all our wells in the Cherokee Phase 2 project.
As you will see in the videos below, Senior Partners Dylan Knight and Grant McLoughlin visited our Cherokee oilfield in Payne County, Oklahoma, on Monday, June 10th.
With the weather finally being favourable, we have made significant progress on all our wells in Phase 2.
Cherokee 3-9 Well:
The Cherokee 3-9 well has been officially online and in production since Monday, June 10th. Currently, it is still recovering its frack water, but we expect to see an oil cut from the Red Fork formation this week. The water from this well is being re-injected into our injection well, the Cherokee 5-9. We will provide an update on the oil production volumes of this well early next week.
Cherokee 5-9 Well:
The Cherokee 5-9 well is successfully receiving water from the 2-9 (Phase 1), the 3-9, and the 7-9 wells. Further updates on the water volume will be provided once all wells are officially online and in production, which should be in the next 10 days if the weather remains favorable.
Cherokee 7-9 Well:
The Cherokee 7-9 well has been online and in production since Monday afternoon, June 10th. It is currently still extracting its frack water. We will provide further updates early next week and are hopeful of seeing an oil cut by then or sooner.
Cherokee 8-9 Well:
The Cherokee 8-9 well was acidized on Monday, June 10th, and as of our latest update, it has been swabbed back. We anticipate having the pumping unit on the 8-9 well and bringing it online and into production by no later than next Friday, June 21st. Further updates will follow early next week.
Cherokee 9-9 Well:
The Cherokee 9-9 well is in the process of being fracked into the Red Fork formation to become a dual-producing well alongside its already completed Skinner formation. We anticipate this well to also be online by no later than next Friday, June 21st.
More updates will follow next week.
Best regards,
The ASE Team
