The purchase 'solidifies Mountain V's position as a reliable and sustainable producer of oil and gas'. : Mountain V Oil and Gas has completed the acquisition of AXP Energy, an Australian oil and gas company with assets in Tennessee, Kentucky, and Virginia for $4 million. The purchase “solidifies Mountain V's position as a reliable and sustainable producer of oil and gas that maintains a diversified commodity mix,” the West Virginia-based company said in a news release. Mountain V has a 30-year history in the gas and well-drilling business.