AXP Energy Limited has provided an operational update on its Charlie #1 well in Noble County, Oklahoma, following approximately 30 days of initial production. Early results show intermittent oil production of up to 25 barrels per day and steady gas output of around 60 thousand cubic feet per day, totaling approximately 35 barrels of oil equivalent per day.
The well has been produced at a conservative trial rate of 250 barrels of fluid per day to manage saltwater handling and assess reservoir behavior, as Charlie #1 is the first producing well on the lease and currently relies on off-site saltwater disposal. Fluid levels have remained stable, indicating the well can support higher production rates, and a formal 30-day initial production rate has not yet been reported.
Based on production data, offset well performance, and reservoir interpretation, AXP is now installing a larger pumpjack to increase fluid recovery to approximately 400–500 barrels per day. The upgraded equipment is expected to be installed mid-week, with the well returning to production shortly thereafter.
Offset wells in the area, completed in the same Mississippian Limestone interval, have achieved significantly higher oil and gas rates when supported by larger pumping units. Geological analysis and well logs from Charlie #1 are consistent with these nearby producers, supporting the view that increased pump capacity could unlock higher production.
AXP holds a 100 percent working interest and an 81.25 percent net revenue interest in the 1,000-acre Edwards Lease, which offers further near-term development potential within a proven oil and gas region. Additional updates are expected once the new pumping equipment is operational and production stabilizes.
For more information visit www.axpenergy.com
