Dear Valued Investor Partners,
We hope this update finds you well.
Below is a summary of recent developments regarding the Phase 1 wells at the Seminole County oilfield.
ASE 1 WELL – TESTING & WORKOVER PROCESS
Initial Testing Results: The first phase called for swab testing of the Booch formation. Results showed 3 barrels of fluid per hour with 15% oil cut, which was not significant enough to warrant putting the well on pump. Based on this data, we proceeded with the second phase to drill out the bridge plug and test the Woodford formation.
Woodford Recompletion: On July 29th, we began the procedure for the Woodford recompletion as planned.
Completion Timeline: The workover was successfully completed in the first week of August. Our technical team has been monitoring the well through the flowback stage, in which approximately 50 barrels of water were used during the completion process, which incorporated an acid treatment after perforating the Woodford pay zone.
Current Status: Reports directly from our pumper, Rick, indicate that in the past 12 hours the well has produced 5 barrels of oil and seems to be improving as we have retrieved approximately 50% of our load water through flowback.
ASE 2 WELL – July Production Performance:
ASE NEW INVESTOR PORTFOLIO MANAGEMENT PLATFORM
We are pleased to confirm that every investor has been sent a registration email to set up their individual platform access. You can now access your personalized investment portal via our website by clicking on the "Partner Portal" (located at the top right-hand side of the homepage) and selecting the drop-down box named "My Investment Account".
The new platform provides enhanced features, including real-time access to monthly statements, production reports, tax documents, and comprehensive investment tracking tools designed to improve your overall experience with ASE.
TAX DOCUMENTATION UPDATE
We are pleased to report that the K-1 form for this Limited Partnership has been finalized and is now available for your review. Please access the information via the platform in the "Documents" section. If you have any questions or require assistance navigating the platform, please contact Claudia Brugge at claudia.v@alphasevenenergy.com.
Once again, we sincerely apologize for the delay and any inconvenience this may have caused. The migration of all investors and their holdings to our new investment platform has been a massive undertaking. Moving forward, we are confident this enhanced system will significantly improve your investment experience with ASE and ensure next year's K-1 forms are completed on schedule.
UPCOMING COMMUNICATIONS
Our next investor portal update will be released on September 11th (US time).
Best regards,
THE ASE TEAM
