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.

Please see below the latest progress report regarding the ASE 3 (Phase 2) well at our Seminole County oilfield.

Well Management

All scheduled work for ASE 3 has now been successfully completed, including

• Final repairs to the tank battery lines
• Installation of a sump pump within the containment dyke to manage rainwater accumulation

With a slight drop in pressure, the well has been opened up, while still partially choked, and is currently operating at optimal capacity. No additional work is planned at this time.

Production Performance

• Daily Oil Production (March): Fluctuating between 26 and 53 barrels of oil per day (BOPD)
• Natural Gas Production: Averaging approximately 106 Mcf per day

These results continue to align with our expectations following the Booch Formation restimulation and hydraulic fracturing.

Revenue Allocation

As outlined in the most recent Settlement Statement:

• There will be no income distributions to the Limited Partnership for this cycle
• Current production revenue is being allocated to recover capital expenditures associated with Phase 2 activities, including:
  • Hydraulic fracturing and restimulation of ASE 3
  • Installation and repair of critical infrastructure
  • Additional operational upgrades to enhance production efficiency
  • LOE (Lease Operating Expenses) related to the day-to-day maintenance of the wells

Investor Questions on Distributions

Several investors have inquired about the timeline for future distributions. While we are unable to provide a definitive timeline at this stage, we anticipate being in a stronger position to offer guidance in the coming months, based on:

• Ongoing production performance
• Market conditions and commodity pricing
• Final reconciliation of outstanding invoices and capital expenditures

It is important to note, that wells in this region have historically shown excellent longevity, often producing profitably for 30 to 60+ years, highlighting the long-term potential of this asset.

On-Site Visit

On Wednesday, Senior Partners Dylan Knight and Grant McLoughlin conducted a site inspection at the Seminole County project. New video footage was captured and will be included in the next investor portal release.

The next update will be published at the end of the first week of May. As always, we thank you for your continued trust and support as we advance operations at the Seminole County oilfield.

Best regards,
The ASE Team