8th December 2025, Update

Dear Valued Investor Partners,

We hope this update finds you well.

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PORTAL UPDATE REMINDER

As investors have direct access to their monthly statements via the investor platform and receive automatic notifications when statements are posted, the monthly portals will no longer duplicate this financial information.

Moving forward, portal updates will be issued only when:

• Specific operational activities are occurring on your project well(s)
• Important project milestones are achieved
• Additional details or context need to be provided beyond the standard monthly statements

This streamlined approach ensures that portal communications remain focused on meaningful updates and project developments, while your financial statements remain readily accessible through your investor platform account.

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NOVEMBER 2025 PRODUCTION

Production Performance:

• Oil: 45.05 barrels
• Water: Lease disposal

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NOVEMBER OPERATIONAL CHALLENGES

Equipment Maintenance Issues

Well 7-9 - Wrist Pin Failure:

• Wrist pin on the 7-9 pumping unit failed during November
• BOM Oil Services working on the repair
• Waiting on replacement part delivery
• Contingency Plan: If repair timeline extends, the 8-9 pumping unit will be moved to the 7-9 location to restore production

Well 3-9 - Scheduled Workover:

• Tubing leak requiring acid treatment identified
• Pull and inspection for tubing leak pending T&L Well Services schedule availability
• Not yet scheduled - current economics a factor in timing decision

Well 8-9 (Water Supply Well) - Tubing Leak:

• Tubing leak identified, requires pulling and joint replacement
• Current economics do not support immediate workover
• Evaluating potential for additional water supply from adjacent lease

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CURRENT ECONOMIC ENVIRONMENT

Strategic Approach: Making operational decisions with economics carefully in mind. Awaiting more favorable commodity pricing before committing to major workover expenditures. Recent equipment failures (7-9 wrist pin and 3-9 tubing within a few weeks) require careful cost-benefit analysis given current production economics.

Market Conditions: Monitoring commodity prices for improved economic environment to support additional optimization work across the Cherokee Phase 2 wells.

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Best regards,

THE ASE TEAM