Valued Partners,
Weather permitting, Quasar is scheduled to simultaneously perform the ASE 3 and ASE 2 sand stimulation/frac on or before the 11th of June, with the same procedure for flowback to follow as the ASE 4 well, followed by oil and gas production.
Expanding on the portal update last week, we thought all investors would appreciate being informed of the ASE 4 well's flowback results thus far, as this news has a positive impact on all current and future wells in our Seminole County project.
On Monday, due to a continuing pattern of inclement weather, we were unable to recommence the swabbing procedure, but we still opened up the well and it kicked off flowing with over 450 psi. On Tuesday, our team reported a column of oil over 350 ft. before swabbing, and 650 pounds of pressure, with our swabbing samples showing a high degree of oil.
By the end of our fifth day of swabbing, we had recovered 443 barrels, and as of the 28th of May, we are filling up our second frac tank with a combination of load water and increasing amounts of oil. Over the past three days, our fluid levels have risen from 1,700 ft. to 1,600 ft. to 900 ft. from the surface, with the well gassing and flowing intermittently. The flowback results have far exceeded our expectations and all of these observations in combination with our data and test results conclude that the ASE 4 sand stimulation/frac has gone better than anticipated.
Wayne Beninger (our Geologist & Engineer) recorded two videos this week reviewing both the Misener/Hunton and the Booch Sand formations:
