Phase 2 (ASE 3)
Dear Investor Partners,
We are writing to provide you with a brief, but important, update on the status of our Seminole County project, as well as the ongoing legal proceedings involving the current operator, MXP.
Over the past few weeks, we are pleased to report that significant progress has been made in our efforts to ensure a fair resolution in the matter of oil and gas revenue from the ASE 1-4 wells. Through our unwavering determination and the invaluable expertise of our legal team, we have successfully halted the flow of revenue to the operator. This achievement stands as a testament to ASE's commitment to justice and our commitment to safeguarding your investments.
A notable recent development is that MXP, the current operator, has filed for bankruptcy. We strongly believe that this decision was a direct consequence of the financial strain caused by the cessation of their cash flow. In light of this turn of events, we are pleased to inform you that we have further bolstered our legal team by enlisting the assistance of a second law firm specializing in bankruptcies and related cases. This strategic move is aimed at expediting the process of transitioning operator status to ASE Operations LLC, a subsidiary of Alpha Seven Energy.
We are cautiously optimistic that this positive development could potentially accelerate the timeline for resuming operations. Our legal experts are of the belief that this step marks a significant stride towards achieving a swift and favorable outcome.
We wish to extend our gratitude to the majority of investors who have supported us throughout this challenging period. Your unwavering confidence and belief in ASE have infused us with renewed vigor and a heightened sense of positivity. Rest assured, every member of our organization is wholly devoted to securing the most advantageous results for each and every one of our valued investors.
Warm regards,
The Alpha Seven Energy team
