Apex Reports on Alaska Journal of Commerce Indicating Pipeline Positively Impacting Every Business in the State; Pipeline to Create Renaissance of Alaskan Economy.SALT LAKE CITY -- Apex Resources Group Inc. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:APXR), today reported on news from the Alaska Journal of Commerce indicating that Alaska's economy will be stimulated as a result of the Alaska Highway Alaska Highway, all-weather road, 1,523 mi (2,451 km) long, extending NW from Dawson Creek, British Columbia, to Fairbanks, Alaska. An extension of an existing Canadian road between Dawson Creek and Edmonton, Alta., the Alaska Highway was constructed (Mar.–Sept. Natural Gas pipeline. In fact, the Journal of Commerce went as far as to state that the pipeline would impact every business in the state, whether the business sells widgets or flies airplanes. Concurrently noted is the State's interest in an equity stake in the pipeline while Governor Frank Murkowski's administration is currently negotiating fiscal terms related to the pipeline construction and use with two separate entities, the Canadian pipeline company TransCanada and a consortium of the three major oil and gas companies that own North Slope North Slope, Alaska: see Alaska North Slope. gas reserves. The consortium is made up of BP, ExxonMobil and ConocoPhilips. The filing of the $7 Billion Mackenzie Valley Pipeline This article or section contains information about a planned or expected pipeline. It may contain information of a speculative nature and the content may change dramatically as the construction and/or completion of the pipeline approaches, and more information becomes available. announced in October 2004, has already stimulated much drilling activity 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. Major companies such as Devon, Chevron Canada and ConocoPhilips have all announced multi million dollar drilling programs in the area. The new wells that are being drilled will make the Beaufort Sea Area the hottest exploration activity area in North America North America, third largest continent (1990 est. pop. 365,000,000), c.9,400,000 sq mi (24,346,000 sq km), the northern of the two continents of the Western Hemisphere. . The fact that these major companies are spending multi million dollars in drilling wells in that area, proves again that Apex' working interest in that area, can be a potential bonanza for the company. Apex Resources Group Inc. purchased a 3.745% working interest in the Beaufort Sea Area Well known as the Itiyok 1-27 consisting of 640 acres containing reserves of 108 billion cubic feet of gas and recoverable oil reserves at 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 of Canada. With oil ranging at $50.00 per barrel and gas close to $7.00 per 1,000 cubic feet, Apex Resources' proven interests in gas reserves could generate $45 million with the potential for an additional $323 million. "Clearly, the Alaska Highway Natural Gas Pipeline will do much more than provide revenues to Apex and other natural gas providers and bring sorely needed domestic fuel to the lower 48 states. It will reignite Verb 1. reignite - ignite anew, as of something burning; "The strong winds reignited the cooling embers" ignite, light - cause to start burning; subject to fire or great heat; "Great heat can ignite almost any dry matter"; "Light a cigarette" the Alaskan and Northern Canadian economies - definitely a win-win situation," stated John Hickey, Director. |
|
|||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion