Dear Valued Investor Partners,
Below is a summary of the latest developments at the Parker Fee Project, including production updates and operational improvements.
December Revenue & Distribution Update
As outlined in the latest Settlement Statement (see below), 1,094 barrels of oil were sold, totalling 6 full truckloads in December.
Operational Improvements & Cost Savings
- The waterline installation is now fully operational, eliminating the need for water transportation.
- As outlined in last month’s update, this is expected to reduce costs by approximately $2,300 monthly.
Production & Well Deepening Update
- February production has seen a notable increase, with a total of seven loads sold.
- This improvement is largely attributed to recent capital investments, which have enhanced overall operational efficiency.
Well Deepening Development
- We have engaged a new cable tool operator and requested a quote to secure the most competitive pricing.
- Over the coming weeks, we will finalize agreements with all necessary contractors, aiming to commence the deepening of the A-2A well at the earliest opportunity.
New Oil Purchaser
- As of February 2nd, we have secured a new oil purchaser for our Parker Fee oil.
- This transition has resulted in an improved price per barrel, approximately 3% higher than our previous purchaser.
Next Update
Further updates will be provided in our next portal, scheduled for release on the last day of the first week of the month.
Best regards,
The ASE Team
