Update #16
December 30, 2025
API Lone Star JV #1
Partners,
As mentioned previously, the well is still in its infancy but so far we have produced 315 barrels of oil. Do not draw daily conclusions from this amount as its too soon to calculate since at the beginning of a well’s life, you pump formation fluids, drilling fluids and inconsistent amounts of oil and gas. As the well stabilizes we can then see what it produces over time and see if we have the opportunity to “turn up” production without negative consequences.
Reminder, K1s are to be done by March 31st by IRS guidelines but we typically get them done by the middle of February. They are mailed directly from our accounting firm. If you have not seen yours by Feb 15th, please let us know.
Update #15
November 25, 2025
Partners,
This well is online and producing. The well is very much in its infancy, which means we will continue to monitor and make adjustments to potentially maximize its production. We are producing from the 4894-4902 interval. As time goes on, we will have a clearer idea of what this well can do.
Update #14
October 13, 2025
Partners,
Great news! We unanimously voted to complete the well! Also we were able to get a completion work crew late last week and began the completion work. We perf’d the well from 4981 ft to 4961 ft. We shut the well in and let the fluids from the formation move into the wellbore and then swabbed. The swabbing resulted in formation fluid and oil! This is a great sign. Currently the well is shut in again waiting on a crew to come install the surface equipment and pump. As the work progresses, we will let you know!
Update #13
October 06, 2025
Partners,
We are officially at majority vote to complete the well, which may seem obvious but it is official at this point! We appreciate how quickly completion has been sent in. As soon as we have all of it, we can move forward with completion work. We are attaching the tentative completion plan, which can change as we go.
Click here to download completion plan.
Update #12
September 29, 2025
Partners,
We reached TD (total depth) very early Sunday morning and were able to get logging crews onsite quickly and logged the well and took core samples. We are optimistic about what we have seen so far and look forward to the geologist sharing the information on the conference call.
We are scheduled to have a conference call tomorrow at 1:30 Central Time. This call is specifically for the drilling details and findings of the API Lone Star JV prospect well. Please call in using the information below:
888-573-1911
PIN: 69104
Update #11
September 26, 2025
Partners,
We are still drilling! We just passed the 5100 feet deep mark this morning. It appears we may have drilled through another potential interval. That is good news, but it is only one part of the story. It appears at the rate we are drilling we may reach total depth sometime late in the weekend, obviously we will know for sure by Monday morning. Once we reach total depth, operations calls in a crew to run electronic logs (e-logs). Once logs are done, depending on what they show and how they compare to the mud log (that is conducted while we drill) there may be additional tests we can run to get more information. Then all of that data will be analyzed and we will have a conference call to hear from the geologist. We will let you know how we progress and how that schedule will shake out!
Update #10
September 25, 2025
Partners,
We tripped for a new bit early early this morning and are back to drilling now. Currently we are at approximately 4600 feet deep! We will let you know as we receive news from the field!
We are also dropping in Fedex today, your completion vote ballots. Just make sure you locate them. You DO NOT fill them out yet. We will wait until after drilling, testing and analysis and after we have our call where we hear from the geologist. If you dont receive it by Monday, please let us know.
Update #9
September 24, 2025
Partners,
We just passed the 4300 feet deep mark this morning and are drilling ahead. Yesterday we cut through the fault right where we expected to and got some good oil fluorescence in the drilling cuttings on the upthrown side. Later in the day we saw free standing oil to the surface in the cuttings as well. These are very good signs during the drilling process and will be correlated with our other tools and tests once the well is drilled!
Update #8
September 23, 2025
Partners,
We are drilling ahead! Just passed the 3800 feet depth mark this morning. Everything is as expected so far. We will let you know as we progress! Attached are some snapshots of the rig, we were able to get yesterday.
Update #7
September 22, 2025
Partners,
We got a lot accomplished over the weekend! We were able to set and cement surface casing. After letting it cure, we got right back to drilling. We have been checking the drilling angles and everything is drilling out as expected. The bit was replaced yesterday and as of this morning we are at approximately 3300 feet deep. We should expect drilling to begin to slow. Our mud logger is on site and sampling the drilling cuttings as they reach the surface and we have seen formation gas evidence on the mud log. These are things we want to see at this point during the drilling.
Update #6
September 18, 2025
Partners,
It happened quickly, but they got the gearbox work done and rigged up yesterday afternoon on our location site and spudded the well overnight! So we are drilling! As of this morning we are at approximately 800ft deep. Drilling goes more quickly at the beginning of the process and then can slow considerably as we get closer to our “TD” or total depth. As we are drilling, we will try to get out more frequent emails based on what’s going on in the field. Please stay tuned for updates.
Update #5
September 16, 2025
Partners,
The drilling rig equipment was on its way to our location early this morning, but the drilling rig gear box went out. They had to tow it back to the drilling rig company’s yard in anticipation of repairing it. They have a replacement gearbox already to change it out, and they said they will try their best to get it back to our location tomorrow. That assumes that there are no issues. If the mechanics run into anything, it could be Thursday before we see it. Delays like this happen sometimes, but it is much better to have it happen prior to drilling. We will let you know once we hear more from them.
Update #4
September 15, 2025
Partners,
Just a quick update! Water well is done and we are just waiting on the oil drilling rig to arrive. Typically it will arrive in pieces and we’ve been told to expect them this week. As soon as we have word of movement or equipment starts arriving we will send out another email! We are anxious to get the drilling under way!
Update #3
September 08, 2025
Partners,
Our location is all prepped for the water well drilling. We should see them begin arriving with equipment late today or tomorrow. Here are some pictures of the site as we wait. When we have more information, we will forward that along.
Update #2
August 27, 2025
Partners,
We were able to get out last week and get our site staked in. The landowner is ready for us to move in and begin the ground prep work soon, We hope to get in by the end of this week to start the site preparation. As we continue moving forward, we will send out emails with updates as we go. Attached are pictures of the stake and location prior to groundwork.
Update #1
August 20, 2025
Partners,
We wanted to welcome you to the API Lone Star Joint Venture and give a quick update along with some housekeeping details. We have begun the scheduling portion of the project to line out vendors and subcontractors. We do NOT have an official drill date quite yet but expect at least some timeline soon and will relay that info to you! Currently we are working with the landowner to finalize the site work plan and get the well location staked.
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.
****Please allow 3 business days from this email to ensure the Partner Portal is working for you.
