AXP Energy (ASX:AXP) reported growth in oil production at its Pathfinder oil and gas field located in the Denver-Julesburg basin in Colorado, according to a Thursday Australian bourse filing.
The firm said that its Pathfinder #2 well's current production of 20 barrels of oil and 280,000 cubic feet of gas per day from the Niobrara formation in the first seven days demonstrates the ability for additional production to be brought online over the coming months.
Total field production now sits at around 50 barrels of oil per day, the filing said.
It expects to bring the Pathfinder #1 well online for oil and gas production in the March quarter.
The firm's shares surged 33% on market close on Thursday.
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