Colorado – Florence Oil Field

100% WI 75 % NRI 3900 acres

AXP Energy is currently focused in developing the Florence oil field where it has approximately 3900 acres held by production with a total field area of approximately 55,000 acres.  Historically developed as an oil field focusing on shallow formations, the deeper formations hold significant oil and gas reserves. 

During February 2025, the Company completed a successful Gas To Power trial under a Joint Venture Agreement with USA-based, Blackhart Technologies Inc.  During the trial, gas powered generators were used to operate 530 ASIC miners connected to the internet using Starlink.  The trial demonstrated the business model allowing recommencement of oil production and further revenue from the Gas to Power agreement with Blackhart. 

Plans are underway to expand the Gas to Power operations to 5 mw and install additional ASIC miners under the JVA with Blackhart Technologies INC.  Additional wells are to be brought back to production as the Company expands its Gas to Power operations requiring increased gas supplies.  This will enable oil production from additional wells to commence over the coming months.

Current estimated Contingent Resources on this project include 750,000,000 mcf of gas.