Mountain V Oil & Gas Completes the Acquisition of AXP Energy's Appalachian Assets

Fast-Growing Appalachian Conventional Energy Brand Diversifies Asset Base to Include Oil with Acquisition of Australian Oil & Gas Company AXP for $4 Million

BUCKHANNON, W.Va., April 3, 2024 /PRNewswire/ -- Today, Mountain V Oil and Gas, announced the acquisition of AXP Energy, an Australian oil and gas company with assets in Tennessee, Kentucky and Virginia. The $4 million purchase solidifies Mountain V's position as a reliable and sustainable producer of oil and gas that maintains a diversified commodity mix.

Continuing a 30-year history of growth in the gas and well-drilling business, in 2022, Mountain V began drilling unconventional horizontal wells to further its mission of discovering new reserves to efficiently extract and operate the resources. Deploying its integrated approach to operations management ensures Mountain V maintains a reliable and sustainable supply chain across the board.

In Q4 of 2023, Mountain V set its sights on branching out to oil and the acquisition of AXP Energy. With oil-heavy assets in demand due to the lower prompt pricing of natural gas, the outright purchase of AXP Energy's holdings in the Midwest and the Appalachian region, fit seamlessly into the mission and vision for growth at Mountain V.

"We are excited to enter our 30th year as a proud family business with this acquisition, which will allow for geographical and commodity diversification, growth in reserves, and development of more locations," Says Mike Shaver, CEO and President of Mountain V Oil & Gas. "The acquisition of AXP Energy positions Mountain V for sizable growth, and continued leadership in reliable and sustainable oil and gas extraction in the Appalachian basin of North America."

Within the acquisition, an acquihire of senior operations managers takes place to assume management positions, while still maintaining key personnel from AXP Energy.

Together, the Mountain V team's vision includes innovation in horizontal drilling by leveraging a vast acreage position and improving reserves in the mostly untapped, but proven resources in the Marcellus and Upper Devonian Shales in West Virginia and Pennsylvania and the various sandstone formations in Kentucky. With a longstanding history in gas, now combined with increased oil assets, the company shows long-term value for all stakeholders and maximizes investor returns through a strategy of acquiring, optimizing, and managing existing natural gas and oil assets.

About Mountain V Oil & Gas

From humble beginnings in the mountains of West Virginia, Mountain V has expanded its footprint into seven states and currently operates over 3,100 conventional and unconventional wells. With a focus on exploration and production, leveraging cutting-edge technologies, and a commitment to excellence, Mountain V is dedicated to achieving energy independence responsibly. At Mountain V, the company takes pride in adhering to the highest health, safety, and environmental standards, underscoring a dedication to responsible and ethical practices in every facet of its operations. Discover more at: mountainvoilandgas.com

SOURCE Mountain V Oil & Gas

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