APEX HITS GAS FLARE AT 700 FEET HORIZONTALLY IN HENRY DOME.Apex Resources Group Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: APXR), Salt Lake City, has announced that PB Energy Partners, the operator of the Henry Dome Well #1 in Texas, of which Apex holds a 2.5% working interest, has hit gas at 700 feet horizontally. Although initial expectations were to drill to depths beyond 10,000 feet and horizontally 1,500 feet, the well started to flow at 700 feet horizontally resulting in a 15 to 20 foot gas flare A gas flare or flare stack is an elevated vertical stack or chimney found on oil wells or oil rigs, and in refineries, chemical plants and landfills used for burning off unusable waste gas or flammable gas and liquids released by pressure relief valves during unplanned . This information from PB Energy provided clear evidence to Apex that the well is gas-producing. "The exciting news from the well operator, PB Energy Partners, provides Apex will another potentially significant revenue stream," stated John Hickey, director. "As progress is made in the Arctic, it is most rewarding to witness other investments the company has made bear fruit, providing our shareholders and the investment community an opportunity to invest in a company that possesses the wherewithal to diversity in synergistic businesses," Hickey concluded. About Apex In June 1997, Apex Resources Group purchased a 3.745% working interest in the Itiyok 1-27 Well in the Beaufort Sea Beaufort Sea (bō`fərt), part of the Arctic Ocean, N of Alaska and Canada, between Point Barrow, Alaska, and the Canadian Arctic Archipelago. The Mackenzie River flows into the sea, which is always covered with pack ice. , which was drilled in 1983. A review of the Well data and geological prognosis indicates that a 640 acre area would contain proven recoverable gas reserves of 108 Bscf and proven recoverable oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally of 8,976 MSTB MSTB Multipurpose Science & Technology Building MSTB Malaysian Software Testing Board working interest net reserves of 4.04 Bscf and 336 MSTB. Seismic data indicates a structure closure of approximately 40 square KM with a gross potential reserve of 1.16 TCF See Trenton Computer Festival. and 160 MMSTB MMSTB Million Stock Tank Barrels (working interest net - 34 Bscf and 4.7 MMSTB). The lands in which the Apex Resources Group Inc. owns an interest comprise of 21.54 square KM containing gross potential reserves of 625 Bscf of gas and 86 MMSTB of oil (working interest 23.4 Bscf of gas and 3.2 MMSTB of oil). With oil over US$56.00 per barrel and gas over US$7.00 per 1,000 cubic feet, Apex interest in proven reserves would be 45 US million dollars and with an additional potential to be drilled out would represent 323 US million dollars. For more information, call 212/605-0525 or visit http://www.ApexResourcesGroup.com. |
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