Expion Energy has acquired an oil and gas exploration opportunity in eastern Louisiana for an adjusted cash purchase price of approximately $3.425 million, marking the former battery-focused company’s first entry into oil and gas.
The company, previously known as Expion360, simultaneously changed its name to Expion Energy and appointed Kevin Sellers CEO.
The acquired assets include approximately 3,000 net acres of existing oil and gas leases, a wellbore, mineral title research covering approximately 13,000 net acres and intellectual property associated with the prospect.
Expion plans to expand the acreage position by re-leasing expired tracts and acquiring additional leases.
An exploration agreement calls for drilling and testing a new lateral well no later than February 15, 2027, subject to customary exceptions.
Expion will commit up to $4 million toward the leasing program, with at least $2.5 million dedicated to leasing at prevailing market rates.
Management is positioning the new strategy around potential long-term natural gas demand from AI data centers, power generation and Gulf Coast LNG exports.
Sellers has served since 2009 as founder and managing member of Cynergy, an energy-focused investment banking firm involved in more than $5 billion of closed or advised transactions.
He previously co-founded KMR Capital and operated exploration and production partnerships covering approximately 130,000 acres in the Rockies.
KEY QUOTES:
“We are acquiring a drill-ready prospect rather than developing one through extensive and costly exploratory efforts.”
Joseph Hammer, Interim Chairman And Former CEO Of Expion Energy
“The combination of substantial natural gas resource potential in a formation with multiple proven productive analog fields, its proximity to hyperscale AI data center development and power demand, and direct access to Gulf Coast LNG infrastructure creates a compelling long-term opportunity.”
Kevin Sellers, CEO Of Expion Energy
