Dear Valued Investor Partners,
We hope this update finds you well.
Before proceeding with the project update, we would like to inform you that all required financial reports have been submitted to our accountants for the processing of the K-1 forms
Below is a summary of the latest developments at the Parker Fee Oilfield, including recent production performance, operational enhancements, and upcoming development plans.
January Revenue & Distribution Update
- As detailed in the attached Settlement Statement, a total of 1,094 barrels of oil were sold in January, equating to six full truckloads.
- This matches December’s total (1,094.85 barrels in December vs. 1,094.41 in January).
Production & Sales Update
- February marked a positive shift in production rates, with seven truckloads of oil successfully sold.
- In March, despite a 4-day production halt due to high wind warnings (Xcel Energy shut down power on 3/14), production still totaled 1,137 barrels.
- Over the past three weeks, average daily production has increased to 46 BOPD.
- We believe this boost is the direct result of strategic capital investments made over recent months.
Development Plans: Well Deepening
- A-2A well deepening is scheduled to begin this month, with the exact start date to be confirmed in the coming week.
- While the cable tool rig is on location, we also plan to:
- Clean out the final 4 feet of perforations on Well-56.
- This is expected to significantly enhance production, especially since Well-56 is already the top-performing well on-site.
- This work is highly cost-efficient, as the rig will already be mobilized for A-2A well.
With increased production, improved efficiency, and commencing the well deepening process, we are very confident in a strong investment performance trajectory moving forward.
Next Update
Our next investor portal update will be released at the end of the first week of May.
Best regards,
The ASE Team
