Valued Partners,
Earlier this week, the ASE 3 pumpjack pad was constructed and yesterday the pumpjack was placed into position. Please note, that currently, we have installed a smaller pumpjack that can produce 150 BOPD. This decision was made due to multiple factors, with time playing the biggest part in the decision-making process. We opted to use a pumpjack which was already in our inventory, and on location, with the gas-powered engine ready to be installed. Due to the Christmas backlog, there have been some delays in receiving all of the production test results. As of now, we have been informed by our operating team that we have virgin pressure in the Misener formation, but we are still awaiting written confirmation. The benefit of installing the smaller pumpjack is we estimate that the ASE 3 well will be in its official production phase 2-3 weeks sooner than waiting for the production results and ordering a pumpjack from our suppliers. We plan to monitor oil & gas production levels, with the option to change over to a larger sized pumpjack at a later stage.
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
