Dear Valued Investor Partners,
We hope this update finds you in good health.
In this portal, we are pleased to share a brief update on our Seminole County project and the ongoing legal proceedings.
Project Operations: Over the past few weeks, our pumper has been diligently visiting the site daily, closely monitoring the wells. This heightened level of oversight marks a significant milestone for ASE since the onset of the legal proceedings. Furthermore, since the installation of our on-site security cameras, there have been no sightings of representatives from MXP or XP, further bolstering our operational control, and could potentially be an early signal of the MXP downfall.
Legal Case: Our legal team has been actively engaged in advancing our case, with our attorney filing a motion to lift the stay, which is a strategy that could assist in the removal of MXP from bankruptcy status. If successful, this action will enable us to swiftly transition to State Court, where our Oklahoma-based legal counsel is confident in our ability to remove MXP as the operator on record, under the terms outlined in the Joint Operating Agreement (JOA).
We are currently preparing for our next Court hearing scheduled for Tuesday, the 14th of May, where we anticipate building upon the positive momentum gained thus far in the case. Rest assured, we remain committed to providing you with a comprehensive update following the hearing.
We extend our heartfelt gratitude to each of you for your unwavering support and patience.
Kind regards,
The ASE Team
