AXP Energy Reports Increased Oil Reserves and Strategic Focus

AXP Energy Limited (AU:AXP) has released an update.

AXP Energy Limited has announced an increase in Proved Developed oil reserves in the Colorado DJ Basin to 64 thousand barrels, up from 48 thousand barrels last year, reflecting improved well performance and favorable economic conditions. However, Proved Developed gas reserves are now reported as zero due to market uncertainties, with all gas volumes reclassified under Contingent Resources, which total approximately 202 million barrels of oil equivalent. The company is focusing on establishing a scalable gas-to-power operation and enhancing oil production as it progresses with its sales channels.

For further insights into AU:AXP stock, check out TipRanks’ Stock Analysis page.