The proposed acquisition covers approximately 400 acres and, on completion, would give AXP a 100% working interest and about an 80% net revenue interest in the Noble County project. The vendor is Vertical Petroleum Industries LLC.
The seven wells were drilled within the past seven years and are equipped with pump jacks, production rods and tubing. The assets also include tank storage, separators, gathering infrastructure, a gas sales point and a saltwater-disposal well facility.
AXP said it plans to recomplete the wells in the Mississippian Lime formation after completion of the transaction. The company estimates recompletion costs of US$150,000 per well, or US$1.05 million in aggregate, subject to final work scopes and contractor pricing.
The purchase price is US$225,000, subject to customary adjustments, with a US$22,500 deposit to be credited at completion. The transaction remains subject to due diligence, title review and other completion conditions, with completion targeted on or before 3 November 2026 unless extended by mutual agreement.
Source: Download AXP official ASX announcement, 2026-10-09.
Photograph of equipment at the Oklahoma acquisition properties, from AXP Energy's 9 October 2026 company announcement.