Valued Partners,
Please note, this update has been duplicated on all other Seminole portals, as it has a positive impact on all investors in all phases of our Seminole County project.
Due to the importance of the ASE 4 well for all Seminole County project investors, we thought it would be prudent to share the latest information regarding Phase III (the ASE 4 well). As a general rule, portal updates are posted approximately every two weeks, but we have received some very promising news that we would like to share immediately with all of our partners.
On Tuesday afternoon we commenced swabbing the ASE 4, and in the first 3-4 swab runs we could already see shows of oil. Our on-site team expected to start "seeing color," which means a visible oil cut in the load water, once we have removed half of the load water. During the ASE 4's sand stimulation/frac we used approximately 2000 barrels of water to treat the well.
When our team returned on Wednesday morning there was a 250-foot column of free oil in the well bore, and we have only moved just over 5% of the load water on the first day of swabbing and flowback. This a major observation and very significant, again confirming the large amounts of oil and gas we have beneath the ground. During the day, the oil cut (in ratio to the load water) was improving at a faster rate than our highest estimations and with only 8-9% of the load water recovered at the end of the second day of flowback, this is an excellent sign, especially at this early stage in the process. Dean Pearce (one of our registered Petroleum Engineers) stated that the energy of the reservoir was very impressive, and that was clearly visible when observing the lines from the well to the frac tanks, and the water spraying into the air, noting that this was occurring naturally. The pressure is so great that our team has had to install an orbit valve so as to safely control the well head.
As of Wednesday afternoon, our operations team has removed 168 bbls of load water swabbing over the past two days. They have reported that the energy in reservoir is impressive, and the rate of entry from the reservoir to the borehole has not reduced. The oil cut is continuing to improve faster than anticipated.
At this stage, all reports and observations confirm that the sand stimulation/frac design was optimal and that our engineers and geologists all believe that we have unlocked the Misener/Hunton formation's full potential. This bodes extremely well for all of the current ASE wells drilled, and of course, all future wells on our Seminole County lease.
https://youtu.be/6RcwfqaHH7Ahttps://youtu.be/GBHRHh1SUh8
