This will allow for investors to track the drilling activity and follow the progress of the well.
Valued Partners,
To kick off the first portal update for 2023 we would like to wish everyone a very happy New Year and reinforce our commitment to each and every one of our project partners. In 2022 we outlined our mission and primary goal and in 2023 we are continuing on that mission to ensure that every one of our investors receives maximum financial benefits, both in terms of return on investment and fast-tracking their investment recoup period.
There have been multiple challenges with the Seminole County project and to date, we are still in the process of removing the current operator so we can rightfully take the position as the operator for all Seminole County Wells. With most legal matters there is, unfortunately, an unknown timeframe for this to occur. Our legal team has been working diligently and they are confident that we will get this situation resolved in the very near future. That being said, this could be a few months away. As a company we endeavor to be solution-focused, and we are happy to report that we do have a solution to fast-track the period in which investors start receiving oil & gas revenue.
As expressed in the Private Placement Memorandum describing your original investment, "The Managing Partner may be presented with other opportunities on behalf of the Partnership that the Managing Partner thinks might better maximize the return of the Partnership. If the Managing Partner makes such a decision, the Managing Partner shall notify all Partners."
ASE has commenced a new project in Payne County, Oklahoma as the official operator on file. ASE has engaged the engineering and drilling team, who successfully drilled multiple wells on and surrounding the acreage. The first well to be drilled on this lease is the Cherokee #1 well. ASE plans to allocate well ownership to Seminole County Phases 4, 5, 7, and 8.
Following the successful completion and production of the Cherokee well, ASE plans to allocate ownership from the next well in Payne County to these limited partnerships. Fast-tracking oil and gas revenue to these partnerships is a priority, as well as delivering full value to all partners.
Please note, ASE is finalizing the details of the allocation of interest from the ASE Cherokee well in Payne County. Further updates will be provided regarding interest allocation to each limited partnership as soon as possible.
At present, the road and drilling pad has been constructed, and the permit to drill has been approved. In the coming weeks, we will give all investors access to the ASE Cherokee Phase 1 portal. This will allow for investors to track the drilling activity and follow the progress of the well.
