Mountain V Oil and Gas, a leading player in the energy sector, has announced the acquisition of AXP Energy, an Australian oil and gas company with significant assets in Tennessee, Kentucky, and Virginia. This strategic move, valued at $4 million, consolidates Mountain V’s standing as a dependable and sustainable producer of oil and gas, further enhancing its diversified commodity mix.
Building on a legacy of three decades of growth in the gas and well-drilling industry, Mountain V embarked on drilling unconventional horizontal wells in 2022, aligning with its commitment to discovering new reserves and optimizing resource extraction operations. The company’s integrated approach to operations management ensures a reliable and sustainable supply chain across all its activities.
In the fourth quarter of 2023, Mountain V expanded its focus to include oil production and identified AXP Energy as an ideal acquisition target. With a growing demand for oil-heavy assets amid lower natural gas prices, the acquisition of AXP Energy’s holdings in the Midwest and Appalachian region seamlessly integrates into Mountain V’s growth strategy.
Mike Shaver, CEO and president of Mountain V Oil & Gas, expressed enthusiasm about the acquisition, stating, “As we enter our 30th year as a proud family business, this acquisition offers geographical and commodity diversification, increased reserves, and expansion opportunities.” He added, “The acquisition of AXP Energy positions Mountain V for substantial growth and reinforces our commitment to reliable and sustainable oil and gas extraction in the Appalachian basin.”
As part of the acquisition, senior operations managers from AXP Energy will assume key management positions within Mountain V while retaining essential personnel. Together, the combined team aims to drive innovation in horizontal drilling, leveraging extensive acreage and optimizing reserves in untapped yet proven resources such as the Marcellus and Upper Devonian Shales in West Virginia and Pennsylvania, as well as various sandstone formations in Kentucky.
With a strong legacy in gas production complemented by increased oil assets, Mountain V demonstrates its long-term value proposition for stakeholders, maximizing investor returns through a strategic approach focused on acquiring, optimizing, and managing natural gas and oil assets.
For more information visit www.mountainvoilandgas.com
