Dear Valued Investor Partners,
We hope this update finds you well.
YOUR OWNERSHIP — ASE LOIS LP WELLS
As previously communicated, as an investor, you will be allocated working interest ownership across the six new Lois Anne wells being drilled (once all have been drilled) within the ASE Lois LP program. We continue to keep you updated with every stage of progression across these wells as we work toward bringing them into production.
LOIS ANNE #1-1 — PRODUCING
Current Status: Completed — Producing
Total Oil Production: 125.25 barrels
Total Gas: 942 Mcf
The Lois Anne #1-1 is producing steadily from the Hunton formation. The gas meter was calibrated in February with the well making approximately 34 Mcf per day. The well was temporarily switched to run on propane during February to take advantage of higher gas prices and reverted to casinghead gas as of 1 March. We look forward to when the SWD is operational and we can open up the Wilcox (commingle with the Hunton) and substantially increase oil and gas production.
LOIS ANNE #2-1 — COMPLETION IN PROGRESS
Current Status: Drilled — Uncompleted (DUC)
The open hole initial tests on the Viola formation show that the well may be affected by the fault line. We are currently working with our geologist John Dowds to target some of the additional formations, including the Booch formation.
The Booch formation at approximately 3,300 feet has been identified as an excellent alternative completion target, with strong log shows and drilling samples recovered during drilling. The team is now evaluating a Booch completion as the next step for this well.
LOIS ANNE #3-1 — DRILLED AND AWAITING COMPLETION
Current Status: Drilled — Uncompleted (DUC)
The Lois Anne #3-1 was successfully drilled to a total depth of 4,210 feet. Log analysis has confirmed strong potential in the Viola and Wilcox formations, with a Wilcox completion proposed as the priority target. Completion is pending the establishment of water disposal infrastructure to ensure all formations can be produced optimally.
LOIS ANNE 4-1, 5-1 & 6-1 — UPCOMING WELLS
The program continues to advance toward the drilling of the remaining three new wells — Lois Anne 4-1,5-1, and 6-1. The 4-1 will proceed to drilling as soon as the OCC change of density application is approved, with pad and access road construction planned to commence in the coming weeks. The 5-1 and 6-1 well locations will be confirmed following the outcome of the seismic survey program.
SEISMIC SURVEY — PROGRAM UPDATE
PLEASE NOTE: As investors, you are not required to vote on the seismic survey. The vote is being conducted exclusively among ASE Lois LP investors, as the seismic cost will be recovered from ASE Lois LP production revenue. No action is required from you in relation to the vote.
We are progressing an exciting opportunity to conduct a seismic survey across the entire Oddfellows oilfield lease and surrounding acreage. The seismic data will provide a significant step change in the accuracy of well placement and completion decisions across the program — directly benefiting the wells in which you hold ownership.
Key benefits of the seismic program include:
• Precise mapping of all fault lines across the lease — enabling optimal placement of the Lois Anne 5-1 and 6-1 wells
• Identification of the most productive completion zones across all existing drilled wells, across seven identified hydrocarbon payzones
• Potential identification of oil-filled natural fractures that can dramatically enhance flow rates and production volumes
• A complete 3D subsurface intelligence picture benefiting the current program and all future phases
We are currently awaiting the outcome of the investor vote and will update all investors — on whether seismic will proceed once the vote has closed.
OVERALL PROGRAM OUTLOOK
Significant progress has been made across the ASE Lois LP program, with Lois Anne #1-1 in production, #2-1 and #3-1 drilled and progressing through completion decisions, and the 4-1 advancing toward drilling. The overall trajectory of the program remains strong and we are focused on delivering production and returns across every well in which you hold ownership.
We will continue to provide regular updates at every key milestone.
Next Portal Update: Your next portal update will be released on 11 April 2026.
Warm regards,
The ASE Team
