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Houston, Texas (February 7, 2011): Axon Energy Products AS (Axon) is pleased to announce the acquisition of Mechserv Limited and its subsidiaries (Mechserv) with operations in Arbroath, Scotland and Dubai, UAE by Axon’s subsidiary, Axon Well Intervention Products Holdings AS (AWIP).  The transaction was closed on January 24, 2011.  AWIP, headquartered in Houston, Texas, designs and manufactures multipurpose well intervention equipment for use in the oil and gas industry; and services a global customer base that includes oil and gas drilling, production, well servicing and work-over companies.

Axon Chief Executive Officer Gary Stratulate stated: “Mechserv is an excellent addition to our existing well intervention operations in Texas and Norway. Mechserv’s high quality operations will expand our service and support to customers operating in Europe and the Middle East by providing the ability to manufacture, refurbish and service our products in Scotland and the Middle East.  Mechserv’s ATEX, CE, and NORSOK accredited manufacturing facility will provide new build and/or recertification of pressure pumping, nitrogen, coil tubing, cementing, batch mixer and well test equipment for use around the world.”

The Mechserv management team will remain with the company going forward and are integral to the continued growth of AWIP.  Mike Craig was appointed as Managing Director of Axon Well Intervention Products – Europe and the Middle East.

Axon is partnered with HitecVision, a leading private equity investor specializing in growth stage investments in the European and North American oil and gas sectors.  HitecVision’s investor base comprises leading Nordic, European and North American pension funds, fund of funds, endowments, foundations, family offices, insurance companies and other financial institutions.  HitecVision is headquartered in Stavanger, Norway and has offices in Oslo and Houston.

For additional information regarding the transaction please contact Jeff Merecka, Chief Financial Officer of Axon Energy Products AS at 281-656-3175.