Dear Valued Investor Partners,
We hope this update finds you well.
This update covers the current status and operational activity across both the ASE #1 and ASE #2 wells, including the SWD status.
ASE #1 WELL
Status: Temporarily Shut-In — Workover AFE Ready for Approval
The ASE #1 is still temporarily shut-in ahead of a planned strategic workover. The Hunton formation at this wellbore has historically produced large volumes of water alongside hydrocarbons, which previously made operations uneconomic. A recent test of the Hunton formation demonstrated a flow rate of approximately 300 barrels of fluid per day with sizable oil cut.
The plan is to route produced water to the SWD (subject to OCC approval), allowing the ASE #1 to produce as as comingle production well, extracting oil and gas from up to 3 payzones at the same time.
ASE #2 WELL
Status: Producing
COMING UP
The ASE #1 workover will be scheduled once the AFE is approved. The ASE #2 requires no significant operational activity at this time and will continue to be monitored as part of routine operations.
As always, your monthly financial statement is available through your investor account portal.
Our next investor portal update will be released on or before May 12th, 2026.
Best regards,
THE ASE TEAM
