Valued Partners,
The gas revenue from the ASE 1 (November sales) has just been received and all Phase 1 Investor Partners' revenue disbursements will be paid on or before the end of the month. As this will be the first disbursement using our new oil & gas accounting software, our CFO, Peter Fagan, will be making all of the final checks before running the revenue payments. This is a major milestone for ASE regarding our Seminole County project, as Investor Partners will now receive gas revenue disbursements each month, with oil revenue estimated to follow in the coming months.
The gas cap in the ASE 1 well has created a delay in oil production, yet with the gas not included in any estimated revenue projections, these disbursements are in essence a bonus, and with oil prices steadily increasing, the delay, in the longterm, should add additional increases to each Investor Partner's ROI.
As explained in previous portal updates the ASE 2 well, has been experiencing non-formation water entering the wellbore, and thus it has not been producing hydrocarbons. We are pleased to announce that in conjunction with our team of petroleum engineers, we have selected the most effective remedial work (squeeze job & re-completion) to be performed and our workover rig is currently set up in preparation. Once completed, we will conduct some final production tests and we will enter the oil & gas production phase. With 46 ft. of Misener formation present in the ASE 2, there is a high level of confidence that this well will be one of the best performing wells in the area.
Additionally, Phase VII (ASE 7 well) has now officially been released, with all ASE Investor Partners having first right of acceptance. After Friday the 29th of January, any remaining units will be offered to prospective ASE investors. Please click on the link below.
First Right of Acceptance Letter
