Dear Investor Partners,
We are pleased to report some positive progress being made regarding the Seminole County legal case. Since the 19th of July, the oil purchaser, who has continued to pay MXP, has now put all remaining funds in suspense. Currently, there is $52,062.54 being held and they have indicated that all future revenue will be held, with the intention of paying the courts. This is a very positive development, as this will massively impact MXP's ability to pay for their legal team, in effect cutting off their cash flow.
Chris Hemsworth (CEO) has been in contact with our attorneys and requested a short memorandum (see below) which outlines a high-level assignment of where the case stands to-date, and the improved strategy to regain control over the wells by ASE Operations LLC taking the position as the operator on file.
After reading the memorandum you will see that there are still some outstanding funds payable to Mahaffey & Gore (attorneys). This is a result of some Seminole County partners (Phases 1-3) still not paying their invoices. Even though the legal fund is not a capital call, we do need to access the remaining funds in order the pay the outstanding invoice and have additional funds (as stated in the memorandum). We kindly ask all investors who have still yet to pay to contact our team this week.
We would like to extend our appreciation for the continued support and trust of all investors who have paid their legal fund invoice(s).
As we have mentioned in previous portal updates and email communications, we remain committed to addressing any questions or concerns you may have. Please feel free to reach out to us, and we will be more than happy to provide further details and clarification.
Regarding our Cherokee project, all investors should have access to the Cherokee Phase 1 portal, which has been regularly updated with the progression of the ASE 2-9, which was successfully drilled and logged on Sunday. Go to the portal now to review our project geologist's report (analysis of the rock samples and log).
We would like to extend our appreciation for your continued support and trust as we embark on this exciting phase of our Cherokee project.
Warm regards,
The Alpha Seven Energy team
