Dear Valued Investor Partners,
We hope this update finds you well.
In today's portal update, we are thrilled to reveal the latest developments from our Cherokee Phase 2 project, which will also have a positive impact on our Cherokee 2-9 well (Phase 1).
Since March 18th, ASE Senior Partners Dylan Knight and Grant McLoughlin have been in Payne County, Oklahoma, diligently overseeing various aspects of our operations at our Cherokee oilfield.
Here's a summary of the activities undertaken in the initial days of this week:
Red Fork Formation: Following perforation and acidization last Friday, we seamlessly transitioned into hydraulic fracturing operations on the Red Fork pay zone on March 18th, maintaining alignment with our planned schedule.
Skinner Formation: Today, March 19th, saw the initiation of perforation, acidization, and swabbing on the Skinner formation. Tomorrow, hydraulic fracturing operations for the Cherokee 5-9 Skinner formation are set to commence at 10 am.
Tank Battery Facilities: Construction work on our tank batteries, water storage, centralized oil, gas, and water separator facilities continues. Notably, our dedicated roustabout crew completed sandblasting and applied a non-rust coating to the oil tanks today. Painting in our standardized colors is scheduled for later this week, and we look forward to sharing updates and videos of our progress.
Drilling Preparations: Progress on the road construction leading to the Cherokee 7-9 well is promising, with approximately half the distance covered from the 5-9 road. The Cherokee 7-9 drilling pad preparation is nearing completion, with earth flattening and pit excavation for drilling fluids underway. We anticipate commencing drilling operations early next week in collaboration with Bob Pounds Drilling, pending the final touches on road construction, drilling pad preparation, and drilling pits.
We extend our sincerest appreciation for your unwavering support and enthusiasm as we journey towards the culmination of this project. With the next 4 - 6 weeks promising a flurry of activity at our Cherokee oilfield, we remain steadfast in our commitment to providing you with timely updates at every juncture.
Below, you will find two videos encapsulating all of the latest on-site developments from the past two days.
Warm regards,
The ASE Team
