Dear Valued Investor Partners,
We trust this update finds you in good spirits.
Today’s portal update brings exciting news regards the Cherokee 5-9 well, as we are extremely pleased to announce that in the last 2 swap runs conducted this morning (pre-hydraulic fracturing) we observed approximately a 5% oil cut in the Skinner formation, which at this early stage is an excellent sign indeed! Especially because this early oil cut precedes the fracking procedure, and based on Bob Pfannenstiel`s comments (see video interview below) the ASE team are supremely confident this well will be highly productive regards hydrocarbon recovery.
After the swabbing process was completed, we commenced the fracking operation in the Skinner formation which went perfectly to plan. During the fracking process, we utilized 378 barrels of water, whilst pumping that water into the Skinner formation at an average PSI (pounds per square inch) of 2,180.
Tomorrow, our crew will proceed with running the tubing back into the wellbore, followed by the dismantling of the completion rig (rigging down). Over the next 7-8 days, we will allow the well to rest, so as to maximize the effect of the fracking procedure, which is a key component to the successful well.
Upon the arrival of our pumping unit in approximately 5-6 days we will commence the assembly process in preparation for our brand-new gas-powered motor which is currently being built. With everything going according to plan, we estimate oil production from both the Red Fork and Skinner formations by the end of next week. Concurrently, our attention will shift towards the Cherokee 3-9 well, where the completion rig will transition to commence the water injection phase, completing the Phase 2 and 1 facilities and of course, drilling the 7-9 well.
For an inside look at today’s activities on location, please refer to the videos below. We look forward to providing our next portal update this Friday, keeping you informed of our progress every step of the way.
Best regards,
The ASE Team
