4th October 2024, Update

Dear Valued Investor Partners,

We hope this update on our Seminole County Project finds you well.

As outlined in our previous communication, we have a basic plan in place, and as time progresses, we will be able to provide more detailed insights. We appreciate the patience of all investors who are awaiting their wells to be drilled. ASE feels it is important to include you in each step of the Seminole plan and progress for two key reasons:

1. Track Progress and Neighboring Success:
   By tracking the progression of nearby wells, we hope to build excitement, positivity, and confidence in the success of your forthcoming wells.
2. Optimize Production and Raise Capital for Future Wells:
   Bringing these wells to an optimized level of production—particularly targeting formations like the Woodford shale—will allow ASE to gather essential data and production history. This will support raising the additional capital required to drill and complete all remaining wells, including the Lois 1 well, as quickly as possible.

As a reminder, (which has been shared in past portals) MXP was paid in advance for all Seminole County wells, and ASE is fully committed to selling its working interest to ensure each partnership well is drilled.

_{Well-by-Well Update:}

Phase 1 (ASE 1 & ASE 2 Wells):

• ASE 1: Currently shut-in.
• ASE 2: Producing approximately 5-6.5 BOPD (barrels of oil per day) and averaging 33 Mcf (thousand cubic feet) of natural gas.

We plan to perforate and stimulate the Woodford formation found behind the pipe, corroborated by cross-sectional analysis of the ASE 1 log and neighboring wells. This will enable co-mingling of the Hunton-Misner formation with the Woodford shale. The AFE (Authority for Expenditure) is expected next week.

Phase 2 (ASE 3 Well):
The ASE 3 well has been consistently pumping for the past 12 days with no downtime, which is encouraging. However, production is currently at 5 BOPD and 45 mcf of natural gas, compared to a peak of over 180 BOPD. We believe the Booch perforations may have become clogged and require stimulation.

We are awaiting pricing for two potential frac stimulation methods: a gel frac and a nitrogen frac. After evaluating both economically, we will proceed with the most effective method to substantially boost oil and gas production. The AFE is also expected next week.

Phase 3 (ASE 4 Well):
A second geological review confirms promising shows of Booch, which we plan to perforate and produce from this proven pay zone. We are currently waiting on bids for the scope of work required.

Phase 4 (Lois Well):
Similar to the ASE 3 well, the geological review shows positive indications of Booch. We plan to perforate and produce from this proven pay zone and are currently awaiting bids to complete the work.

Phase 5, 7 & 8:
Our plan is to drill and complete each of these wells sequentially, starting with Phase 5 and moving through to Phase 8. ASE will raise the capital to cover the costs of drilling and completing each well in numerical order. We will share further details and timelines in future updates as we progress.

There are many moving parts to this project, and we are working diligently to keep everything on track. We are building positive momentum, and our focus is laser-sharp on maximizing the value of your investment. With proven reserves and a dedicated team, we are confident in achieving success.

We sincerely thank you for your continued support and patience. We look forward to sharing more updates in the next portal.

‍

Best regards,
The Alpha Seven Energy Team