AXP Energy Limited (ASX:AXP), formerly known as Fremont Petroleum Corporation Limited (ASX:FPL), is a low-cost oil and gas producer headquartered in Colorado, USA. The Company’s major operations are in Kentucky, Illinois, Indiana and Colorado.
AXP focuses on efficient development of low-risk and high reward assets using cutting-edge technology. The Company’s strategy includes pursuing aggressive growth in daily production by working on asset performance and adding more onshore projects to its asset portfolio in the United States. The Company acquires assets that pose certain characteristics – producing conventional oil and gas wells, room to enhance the production significantly through low-cost field operations and no drilling commitment on the leases. To achieve the economies of scale, AXP considers leases that have assets with the above-mentioned characteristics.
In line with its acquisition strategy, AXP acquired 100% of Magnum Hunter Production Inc (MHP) in 2021. The MHP assets include 1,300 low decline and long life conventional natural gas wells spread over Kentucky, Virginia and Tennessee. MHP assets have considerably boosted the production volume of the Company. Prior to MHP, AXP had acquired assets of Trey Exploration Inc. The acquisition involved 115 oil wells spread across the oil leases in Indiana, Kentucky, and Illinois.
AXP also operates the Pathfinder Project located in the DJ Basin of Colorado. Pierre formation, running through the field, is the focus of its drilling activities. The field remains largely unexplored.
Further, AXP operates the Kentucky Oil and Gas Project in a joint venture with a private Australian investment company.
The experienced management team of AXP has put the Company on a high-growth path.