Update #10
January 23, 2026
API Cowboy JV
Partners,
Drilling has slowed quite a bit. We are just deeper than 5000 feet. We will continue to drill ahead. Yesterday we dropped everyone’s voting ballot for completion in the mail. You should see those arrive today via fedex barring any weather disruptions. Hang on to those until after we have our completion conference call. if you have not seen yours by Monday, please call us to ensure we get that to you.
We are tentatively planning to have that conference call on Tuesday or Wednesday (it mostly depends on our “winter” weather coming in this weekend and the effect it will have on logging the well). Please stay near your emails to see the next update (should be able to send it out Monday) that will have the time and call in information. On that call we will discuss this project specifically and hear from the geologist about what he saw during the drilling and testing process and hear his opinion for next steps. At that point we can all cast our official vote by filling out that ballot and sending it back (with completion funds assuming the vote is to complete the well)
Update #9
January 22, 2026
Partners,
We have had a very encouraging day yesterday during the drilling. As we mentioned previously, the mud logger takes samples of the earth that is displaced while we drill. He can identify formation makeup and also inspects those “cuttings” as we call them, for hydrocarbons. One method he uses incorporates fluorescence where he will take a few sand grains from the cuttings and put them in a tray with drilling fluid. Then he drops butane onto the sand grain which will pull any oil saturation out of the sample. If oil is present, a fluorescent ring will appear around the sand grain and the mud will also turn fluorescent under UV light. We have attached some pictures of this process. He has seen evidence of oil in these samples and from varying depths. We also have seen additional gas kicks over the last 24 hours.
Currently we are just deeper than 4800 and drilling ahead. As a very rough estimate, we could reach total depth sometime tomorrow and hope to get all the logs and test done over the weekend. That may put a conference call on either Monday or Tuesday. We will send out another email tomorrow in hopes we can nail down a better timeline.
Update #8
January 21, 2026
Partners,
As of this morning we were just slightly shallower than 4500 feet. Yesterday most of the day was spent tripping and changing a bit but we got back to drilling and are drilling ahead. Upon further review of the gas kicks we saw yesterday…we are intrigued so far. Its not the whole story the well has to tell, but it is information of note. As we get further through the drilling, we should have a rough idea on schedule as far as TD, logs and tests go and will relay that info to you.
Update #7
January 20, 2026
Partners,
We are still drilling! Just passed 4200 feet deep earlier this morning. During yesterday’s drilling we encountered some sizable gas kicks at 3950 and 4200 feet deep. We are making note of those to compare and analyze once all data is collected, but those are promising signs. Attached you will find some pictures of our setup and rig.
Update #6
January 16, 2026
Partners,
As of this morning we are about 2000 feet deep and drilling ahead. Everything is as expected so far. We have seen evidence of gas referred to as “background” gas during the drilling. At depths this shallow it isn’t typically productive however it is a good indicator and what we expect to see during the process.
We will continue to drill over teh weekend and send out another update Monday.
Update #5
January 15, 2026
Partners,
We began drilling again last night. Currently we are at approximately 1250 feet deep and our mudlogger arrived on location today. The mudlogger reviews and samples the displaced earth that comes up during the drilling process and can look for signs of hydrocarbons and formation changes and makeup. We use that data to correlate with other data we will gather through further testing once the well is completely drilled. We will share anything noteworthy as we receive the information.
Update #4
January 14, 2026
Partners,
Just a quick update, we set and cemented surface casing and waiting on the curing of that cement as of this morning. We should be back to drilling by the end of the day. You will notice at the beginning, we drill faster and the deeper we go, the drilling slows down considerably. We will shoot out another update tomorrow!.
Update #3
January 08, 2026
Partners,
Just a quick update, we should be finished with location prep work by the end of this week and we have the drilling rig scheduled to show up Monday. Once they show up with all parts, typically it takes another 24hrs to build and setup before we begin drilling! We will be sure to let you know as we go!
Attached are pictures of the temporary road and gate and leveling work.
Update #2
December 30, 2025
Partners,
We just got word that all permitting and paperwork finalizations are done and approved. We plan to build gates and access to the location this week and the dozer should follow quickly after to begin the groundwork for our well site! As progress moves along, we will up date you.
One tax note*** The IRS provides a deadline of March 31st of the following year the investment was made to begin the work and count the tax deduction in the previous year. Simplified, that means if you invested in the API Cowboy in 2025, you should receive a k1 for 2025 since it looks like we will be drilling in January.
Those K1s typically get done earlier than the deadline (by the middle of February you should have it)
Update #1
December 22, 2025
Partners,
We wanted to welcome you to the API Cowboy Joint Venture and give a quick update along with some housekeeping details. The well’s location is staked and ready. A rig has been ordered but we are waiting for the drilling rig company and they have given us a rough ETA of “1st/2nd week of January”. As schedules tighten and work is underway, we will get out additional news. We have attached pictures of the staked location.
This email serves as a test and also a welcome/introductory message. Be sure to add this address in your contacts to prevent it going to SPAM. Please keep in mind as we relay the information we receive from the field, the oil industry is extremely dynamic and timelines and schedules can change based on weather and also rig availability and jobs the rigs are on that may not be ours.
You should expect emails as we get information on the prep work and then updates are nearly every day or every other day during the drilling period. Once the physical work on a well is completed, update emails are only sent once a month. Take this time to ensure your email is set up and also on our Partner Portal on the website, you can find the same information that is sent via email. Let us know if your login information (included on your confirmation letter we mailed you) does not work and we will correct it ASAP.
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