Valued Partners,
We hope this update finds you well. We are writing to address the ongoing situation with our current operator and provide an update on our efforts to remove them.
Be assured that our team has been working diligently to gather substantial information from our legal team to remove the current operator. We believe that there has been fraud committed and misappropriation of funds by the current operator, which by incorporating into our case against them will give us the greatest probability of taking control of what is rightfully and legally ours (Seminole County Investor Partners & ASE).
However, we must inform you that building a legal case of this magnitude will take some time and require substantial capital to give us the best opportunity for success.
We appreciate that this news may cause some concern for our investors. However, we want to emphasize that we are committed to protecting your investment and pursuing justice in this matter. Our legal team, in conjunction with ASE, is working tirelessly to build a solid case in which we believe that we have a high probability of winning. We will continue to provide regular updates on our progress and any developments in this matter.
Regarding our upcoming Cherokee Phase 1 project, we have experienced some delays in commencing drilling operations. Unfortunately, this is a common occurrence in the industry and has a knock-on effect on future projects and wells.
However, we are fully committed to ensuring that all partners start receiving monthly income as soon as possible. As previously mentioned, ASE Seminole County 4 LP will be allocated working interest (WI) in this project. Our plan is to continue allocating working interest in all Payne wells until we gain control of the Seminole County project.
We are pleased to inform you that one week before we commence drilling, we will provide all partners access to the ASE Cherokee Phase 1 investor portal. This portal will give you access to all the relevant information and updates on the project, including drilling progress, reports, videos, and logs.
Additionally, we will provide exact percentages of WI reallocated to each LP. We want to ensure that all our partners have full transparency in the allocation process and are aware of their stake in the project.
We understand that this news may be of great interest to our investors, and we want to assure you that we are committed to maximizing the potential of all projects and delivering value to our investor partners.
Thank you for your continued support and trust in our team. We look forward to updating you further on our progress in the near future.
