Dear Valued Investor Partners,
We hope this update finds you well. We’re pleased to share the latest developments from the Parker Fee Oilfield.
Since finalizing the Parker Fee transaction, Alpha Seven Energy (ASE) and our project partner/operator, OGP Operating LLC, have been actively managing post-close tasks. This included the formal change of operator (P-4 form) from BETA-TEX (the previous operator and part owner) to OGP Operating LLC. All relevant documents have been filed with the Texas Railroad Commission (RRC), and we expect their online records to reflect these changes within the next 2-3 weeks.
2024 Production and Sales Summary:
Please see the attached screenshot for the monthly production volumes and sales figures for 2024.
Key points:
- Production Column: Displays the number of barrels produced.
- Disposition Column (Volume): Shows the number of barrels of oil sold.
On-Site Inspection & Fluid Tests:
In the past few weeks, our team completed another on-site inspection and conducted fluid tests on all 15 active wells. This marks Step 1 of our 3-Step Strategic Plan for the Parker Fee Oilfield:
- Conduct Minor Maintenance Work:
Improve the oilfield's efficiency by performing targeted maintenance activities. - Drill Selected Wells Deeper:
Increase asset value and monthly NPBT (Net Profit Before Tax) by drilling 7 selected wells approximately 25 feet deeper. - Implement a Proven Pressure Maintenance Program:
Extract secondary hydrocarbons while continuing to produce from remaining primary reserves. This includes tapping into untouched pay zones located 25 feet below the current wells' total depth, which is estimated a significantly boost the overall assets production.
Looking Ahead:
We are excited about the potential of this field and remain committed to executing our strategic plan to maximize production.
Thank you for your trust and partnership.
Best regards,
The Alpha Seven Energy Team
