Dear Valued Investor Partners,
We hope this update finds you well.
Please find below your June 2026 operational update for the Seminole County Phase 1 project, covering the ASE 1 and ASE 2 wells.
ASE 1
Status: Temporarily Shut-in
The ASE 1 workover AFE is ready for approval. The Hunton formation, which has historically produced large volumes of water, becomes economically viable with disposal capacity in place. The most recent test of the Hunton showed a flow rate of approximately 300 barrels of fluid per day with an oil cut. Once disposal is available, produced water will be pumped to the Lois #1, giving the ASE 1 the highest probability to pump profitably. This well also contains the Woodford and Booch formations, meaning we would commingle all three zones to maximise oil and gas production. In addition, with the planned waterflood this well would be positively impacted in terms of Booch production.
The Lois #1 saltwater disposal permit application has been accepted by the Oklahoma Corporation Commission (OCC) and the permitting process is progressing well, with the completion AFE ready for approval once the OCC approval is received.
ASE 2
Status: Producing
The ASE 2 had a solid month with very few issues and continues to run smoothly.
Total oil produced: 160.32 barrels
Total gas produced: 994 Mcf
Total water produced: 202.07 barrels
COMING UP, JULY 2026
The ASE 1 workover AFE is ready for approval, and we will provide a further update as the disposal permitting progresses. The ASE 2 will continue producing under routine operations.
As always, your monthly financial statement is available through your investor account portal.
Our next scheduled investor portal update will be released on or before August 12th, 2026.
Best regards,
THE ASE TEAM
