9th May 2026, Update

Dear Valued Investor Partners,

We hope this update finds you well.

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OPERATIONS UPDATE — APRIL 2026

• Status: Temporarily Shut-In

The Cherokee Phase 2 wells had a mixed month with some progress and some new operational challenges:

• The electrical panel was replaced in the second week of April, restoring electricity to the lease
• Wells 3-9 and 7-9 were restored to production on April 12th
• However, the wells went down again on April 20th due to a transformer issue. The transformer is the property of Indian Electric and is scheduled for replacement in the first week of May at no cost to the lease

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PRODUCTION — APRIL 2026

• Total Oil Produced: 40.08 barrels (limited production window between April 12th and April 20th)

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COMING UP — MAY 2026

The Indian Electric transformer replacement is scheduled for the first week of May. Once the new transformer is installed, the wells will be returned to production and we will assess steady-state output.

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As always, your monthly financial statement is available through your investor account portal.

Our next investor portal update will be released on or around June 12th, 2026.

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Best regards,

THE ASE TEAM