AXP Energy Discovers Oil and Gas in Multiple Zones in Oklahoma Well

What's Happening?

AXP Energy has reported the discovery of hydrocarbons across several pay zones in its Charlie #1 well, located in Noble County, Oklahoma. The well reached a total vertical depth of 4,725 feet, with wireline logs identifying oil and gas shows in four key intervals: Oswego Lime, Mississippi Chat, Mississippi Lime, and Woodford Shale. The Mississippi Lime showed the most extensive presence of hydrocarbons. AXP Energy is now designing completion operations, with staged hydraulic fracturing of the Mississippi Lime scheduled to begin in late October 2025. The company expects to commence production by the end of the month.

Why It's Important?

This discovery is crucial for AXP Energy as it confirms the potential of the Mississippi Lime formation across its lease holdings. The Charlie #1 well is part of AXP's strategy to expand its presence in Oklahoma's mature producing basins, utilizing modern completion techniques to maximize recoveries. The successful development of this well could lead to increased production and revenue for AXP, enhancing its position in the region. The discovery also underscores the potential for further exploration and development in the area, which could attract additional investment and boost local economic activity.

What's Next?

AXP Energy plans to proceed with the completion operations for the Charlie #1 well, with production expected to start by the end of October 2025. The company holds a 100% working interest in the Edward Lease, covering about 1,000 acres. Over the next 12 months, AXP intends to drill additional wells to further appraise and develop the Mississippi Lime formation. This ongoing development could lead to increased production capacity and further solidify AXP's foothold in Oklahoma's energy sector.