Phase 7 (ASE 7) Valued Partners,
Per our strategy that was outlined in previous portal updates, here is the latest news on the ASE 4 well. We are pleased to report that over the past week we are starting to see an oil cut, and the well is producing between 13-21 bopd (barrels of oil per day), and over the past 3-4 days the gas has dropped down from an average of 100 Mcf per day to 80 Mcf. As the load water continues to be removed at a rate of approximately 150 barrels of fluid per day we anticipate seeing additional improvements in production.
We are closely monitoring the ASE 4’s progress and will promptly report any change in production. Once the oil cut improves and the acid stimulation has been deemed successful, we plan to execute the same strategy on the ASE 3 well and then execute our strategy to complete the Lois 1 and Lois 2 wells, and drill the remaining ASE wells (ASE 7, ASE 8A & 8B) per the strategy outlined in previous portal updates.
