Apex Reports Update on PB Energy Partners Drilling to Commence Soon and Alaska Pushing for Drilling in Arctic Refuge.SALT LAKE CITY -- -Independent Petroleum Association of America Believes Congress Will Pass Comprehensive Energy Package- Apex Resources Group Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: APXR), today reported on news that the Alaskan government is again pushing for oil drilling in the politically and environmentally sensitive Arctic National Wildlife Refuge The Arctic National Wildlife Refuge (ANWR) covers 19,049,236 acres (79,318 km²) in northeastern Alaska, in the North Slope region. It was originally protected in 1960 by order of Fred A. Seaton, the Secretary of the Interior under U.S. President Dwight D. Eisenhower. (ANWR ANWR Arctic National Wildlife Refuge (Alaska, USA) ). Alaskan Governor Frank Murkowski Francis Hughes Murkowski (born March 28, 1933) is an American politician and a member of the Republican Party. He was a United States Senator from Alaska from 1981 until 2002 and Governor of Alaska from 2002 until 2006. told a Congressional Committee that the ANWR oil is desperately needed to help reduce U.S. dependence on foreign oil supplies. He added..."there is no question in our mind, based on experience in the Prudhoe Bay Prudhoe Bay, inlet of the Beaufort Sea and Arctic Ocean, N Alaska, in the Alaska North Slope region, east of the Colville River delta. In 1968 one of the largest oil reserves in North America was discovered in Prudhoe Bay. area, that the area can be opened safely." Congress, now under larger control by Republicans, is poised to bring back an energy bill designed to implement the four-year-old plan by President George W. Bush, to reduce dependence on foreign energy suppliers. The ANWR region is thought to contain as much as 17 billion barrels of oil and 34 trillion cubic feet of natural gas. In June 1997, Apex Resources Group Inc. purchased a 3.745% working interest 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. Area Well known as Itiyok 1-27 consisting of 640 acres containing reserves of 108 billion cubic feet of gas and 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 MM barrels. The best current estimate of the total discovered resource in the basin is 1.01 billion barrels of oil and 9.00 trillion cubic feet of gas according to the National Energy Board. Apex Resources' proven interests in gas reserves could generate $45 million with the potential for an additional $323 million (based on gas prices at $7.00 per 1,000 cubic feet). With more and more drilling and exploration in the area of Apex Resources' investment, these projections may prove to be conservative. Apex Texas Petroleum Division Update Apex has been informed by PB energy Partners that the drilling rig will be available the week of February 21 to begin drilling on the JB Henry Dome #1 Well in McMullen County, Texas McMullen County is a county located in the U.S. state of Texas. In 2000, its population was 851. Its seat is Tilden6. McMullen is named for John McMullen, founder of a colony in Texas. Geography According to the U.S. . Apex owns a 2.5% working interest for a cost of US$25,308.00. This is a re-entry RE-ENTRY, estates. The resuming or retaking possession of land which the party lately had. 2. Ground rent deeds and leases frequently contain a clause authorizing the landlord to reenter on the non-payment of rent, or the breach of some covenant, when the of an existing producing well and the plan is to drill to depths approximately 10,500 feet and horizontal for 1,500 feet. The drill time should occur over 10 days and will be followed by the completion and testing operations. It is expected that testing should by completed by mid March. Apex Land Division Update In 2004 Apex signed Purchase Agreements for two recreational lots at Cowichan Lake, in South Central Vancouver Island, British Columbia. These prime view properties are located at Upper Point Ideal Road. The lots are CA$125,000 for Lot 4 and CA$120,000 for Lot 2 Lot 2 is .81 acres in area and Lot 4 is 1.05 acres in area. The Agreements were for CA$10,000.00 deposit on signing. The closing on Lot 4 was on January 21, 2005 and a further payment of CA$39,015.44 was made that included CA$30,000.00 balance of down payment and CA$9,015.44 for Title Transfer, Goods and Services Tax The Goods and Services Tax is a Value-added tax that exists in a number of countries. Please see:
This purchase is in addition to the large acreage ocean front lots with houses that Apex owns at the Abbecombec Ocean Village Resort on the shores of Clam clam, common name for certain bivalve mollusks, especially for marine species that live buried in mud or sand and have valves (the two pieces of the shell) of equal size. Bay, 40 miles east of Halifax. Also, Apex properties include 40 acres of land at Woodland Valley Ranch in Apache County, Arizona Apache County is located in the northeast corner of the U.S. state of Arizona. As of the 2000 census its population was 69,423. The county seat is St. Johns. Geography and 75 acres of land at Elk Valley Ranch which is also located in Apache County, Arizona. Apex Land Division will continue to search for value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. properties for investment purposes. "Certainly Apex is greatly encouraged by this recent news, as it directly effects its investment in the Mackenzie Delta/Prudhoe Bay area. Additionally, the Company's investment with PB Energy Partners in a well in Texas for which drilling will commence soon, along with its land holdings, which could be highly lucrative, position the Company to derive revenue from more than one source," stated John Hickey, Director.
By the Board of Directors,
APEX RESOURCES GROUP INC.
Investor Relations: Cynthia DeMonte/DeMonte Associates
575 Madison Avenue - Suite 1006
New York, New York 10022
Tel: 212-605-0525
e-mail: cdemonte@aol.com
www.demonte.com
www.ApexResourcesGroup.com
John M. Hickey
Director
The foregoing contains forward looking statements. For this purpose any statements contained in this document that are not statements of historical fact may be deemed to be forward looking statements. Without limiting the foregoing, such words a "may", "will", "believes", "anticipates", "estimates", "continue", or comparable terminology intends to identify forward looking statements. These statements by their nature involve substantial risks and uncertainties and actual results may differ materially depending upon a variety of factors, including, but not limited to, the successful negotiation and execution of the definitive acquisition agreement and receipt of certain exhibits and schedules requested by Apex Resources Group Inc. |
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