AXP Energy received overwhelming shareholder approval for the sale of its non-Colorado oil and gas assets to Mountain V Oil & Gas, valued at US$4 million ($6.2 million) in cash.
The sale includes projects in Tennessee, Eastern Kentucky, Virginia, and the Illinois Basin.
The move aims to refocus efforts on enhancing the performance of the Pathfinder Field in Colorado, with the transaction expected to close on or before Feb. 8.
AXP Energy is committed to increasing oil production and securing profitable gas sales within the Pathfinder Field.