Phase 8 (ASE 8A & 8B)
Valued Partners,
We would like to provide you with an update on the progress of the Seminole County project. We appreciate your patience and want to assure you that our team has been working diligently to gather substantial information from our legal team. We have been cooperating with our legal team to ensure that all partners are provided with the latest progress.
We are pleased to inform you that our legal team is highly confident that ASE Operations LLC will replace the current operator. However, we currently do not have an estimated time frame for achieving this. Nonetheless, we anticipate being able to provide more details in the coming weeks.
We understand that this situation can be frustrating for our partners, and we want to assure you that Alpha Seven Energy is 100% committed to achieving the best possible outcome for the Seminole County project. Our ultimate goal is to take full control of the wells/lease and maximize the extraction of hydrocarbons as the new operator.
Continuing from our last update, we are confident that we will commence drilling the Cherokee Phase 1 on or before the end of this month, in which Group 3 (i.e. ASE Seminole County Phases 5, 7, and 8 LPs) will be allocated working interest (WI). We are fully committed to ensuring that all partners start receiving monthly income as soon as possible. Our plan is to continue allocating interest in all Payne wells until we gain control of the Seminole County project. One week before we commence drilling, we will provide all partners access to the ASE Cherokee Phase 1 investor portal, followed by the exact percentage of WI reallocated to each LP.
Thank you for your continued partnership and trust in Alpha Seven Energy. We will continue to keep you updated on the progress of our projects.
