Dear Valued Partners,
We hope this message finds you in good health and high spirits.
Since our last portal update, we are pleased to report some noteworthy developments regarding our Seminole County project, and most importantly our legal case against MXP.
In a positive turn of events, Ascent Midstream has ceased its oil purchases from MXP. Since having access to our Seminole County lease/project we have deployed surveillance cameras and enlisted the services of a private investigator to closely monitor all onsite activities. To the best of our knowledge, there have been no further oil sales by MXP, and we remain vigilant in safeguarding our investors and ASE`s interests.
Our legal team has delivered the encouraging news that we are now in a position to take legal action against Ascent Midstream to recover all oil revenue previously paid to MXP. Furthermore, we intend to seek compensation for damages and other associated costs. Notably, MXP was selling the oil at a significant discount, and we will pursue restitution for this lost revenue.
A significant milestone has been reached as a trial date has been set at the bankruptcy court in the Eastern District of Texas, scheduled for the 7th of November. This trial will address two critical aspects:
1. Our objection to MXP's motion to assume the operating contract and utilize cash collateral.
2. Our motion to compel MXP to comply with the agreed order for authorization to conduct the 2004 examination. This examination will encompass various facets, including a thorough investigation into accounting ledgers, systems, databases, bank accounts, and disbursements.
Once the court case has been heard and concluded, we will provide a comprehensive overview of the proceedings and their outcomes.
Your continued support and trust are deeply appreciated as we work diligently to protect and advance our collective interests.
Best regards,
The Alpha Seven Energy Team
