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May 12, 2020

May 21, 2020

Valued Partners, Since the last update, the drilling rig has been moved to the ASE 2 well site, and operations have commenced. We are currently drilling the 12 1/4" hole for surface casing. We are down about 525' and drilling to 710’. Today, we will set the surface with the casing crew and cement in place. Due to inclement weather, we will shut down for cement curing and hopefully have some good weather to return to drilling.

The pipeline construction manager in charge of our gas pipeline informed us that they are boring under NS 3590 today, and will begin boring under highway 270 tomorrow if weather permits. In the absence of more weather-related delays, we expect that the gas line will be ready by the time the ASE 2 is in completion.

The ASE 2 in the preliminary stages of drilling.

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