Dear Valued Investor Partners,
We hope this update finds you well. Below is a summary of the latest developments regarding the ASE 3 (Phase 2) well in Seminole County.
Well Management & Upgrades
- To optimize pump efficiency, the well has been choked back to regulate production and prevent excessive back pressure.
- Pipeline infrastructure improvements have been successfully completed.
- The tank battery has been replumbed, and the knockout has been removed, resulting in improved gas flow and more consistent pump action.
- The well is scheduled to be offline for 1–2 days next week for final repairs to tank battery lines and the installation of a sump pump inside the dyke to manage rainwater accumulation.
Initial Production & Revenue Allocation
- February Sales: Preliminary reports indicate 955 barrels of oil sold and 2,561 Mcf of natural gas transported via the sales line.
- Revenue Allocation: As per the Settlement Statement, there is zero income distribution to the Limited Partnership for this cycle.
- Capital Expenditure Offset: Production revenue is being allocated to cover capital expenditures related to the Phase 2 capital call, which funded the restimulation/frack of ASE 3 in the Booch Formation.
The next portal update will be posted at the end of the first week of April.
Best regards,
The ASE Team
