5th April 2025, Update

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 recent developments concerning the Phase 1 wells at our Seminole County oilfield.

ASE 1 – In Production

After evaluating multiple approaches to establish stable oil flow, our team successfully performed an acid treatment to clean the perforations and initiate continuous production.

• Initial Production: ~25 barrels of oil per day (BOPD)
• Current Production: Averaging 3.5–5 BOPD

Next steps include:

• Endeavour to maintain continuous operation for the next 60–90 days
• Conducting a full production evaluation following this period
• Reviewing post-frac results from ASE 4, which will inform future development planning in the Booch Formation

ASE 2 – Dual-Zone Production

We are pleased to report improved oil production performance from ASE 2:

• Peak Oil Production: 33.40 BOPD (this week)
• Gas Production: Averaging 60 Mcf per day

Revenue Allocation:
As outlined in the Settlement Statement, no distributions will be made to the Limited Partnership during this cycle. Revenue is currently being applied toward recovery of capital expenditures related to:

• ASE 1 recompletion in the Booch Formation
• Acid treatment and remedial work
• Completion of the Woodford Shale interval in ASE 2
• LOE (Lease Operating Expenses) related to the day-to-day maintenance of the wells

Looking Ahead:
While a definitive timeline for distributions cannot yet be provided due to multiple factors, including long-term production rates and commodity prices. We anticipate being in a better position to offer informed projections over the coming months as:

• Production performance continues to stabilize
• Outstanding invoices are processed, allowing us to calculate the total capital payback for the Limited Partnership

The good news is that wells in this region have historically produced for 30 to 60+ years, providing a strong outlook for long-term investment performance.

Solution-Focused Strategy

ASE 1:

• Production has continued steadily since the acid treatment, supported by consistent pressure and fluid entry
• Given improvements seen in ASE 2 well, we are optimistic about potential oil production gains in the Booch Formation over time

ASE 2:

• The recent production increase is a positive development
• Ongoing performance optimization will continue over the coming weeks and months

On-Site Inspection

Senior Partners Dylan Knight and Grant McLoughlin conducted a site inspection on Wednesday. Video footage was captured and will be shared in the next portal update.

We will provide our next formal update at the end of the first week of next month. As always, we sincerely appreciate your continued support and patience as we progress operations at our Seminole County oilfield.

Best regards,
The ASE Team