Apex Reports on Beginning of Pipeline Race - The Continent's Last Mega-Project, And Reinforces Positioning to Investment Community; Apex Resources' Investment Exceeds Initial Projections.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 Financial Post on the race that could be one of the continent's last mega-projects - the building of the $20 billion natural gas pipeline from the remote North to the lower 48 states. North America's last great gas reserves, with up to 200 trillion cubic feet, have remained "trapped" in the North Slope North Slope, Alaska: see Alaska North Slope. , and with gas prices finally in a range to make it economic to develop, competition is beginning to move that gas to the southern U.S. markets. Apex Resources Group Inc., concurrently reported on news within the last two months that only reinforces the value of its interest located 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. . Apex Resources Group Inc. interest in the Itiyok 1-27 well in Beaufort Sea, which was drilled in 1983 is a 3.745% working interest. 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 at approximately US$50.00 per barrel and gas close to US$7.00 per cubic feet, Apex interest in proven reserves would be 45 Million Dollars and with an additional potential to be drilled out would represent 323 Million Dollars. On October 13, 2004, Apex Resources Group Inc. announced the application for 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. being filed with the regulatory bodies. The consortium behind the Mackenzie Valley natural gas pipeline, Imperial Oil, ConocoPhillips, Shell Canada Shell Canada Limited (TSX: SHC) is one of Canada's largest integrated oil companies. Exploration and production of oil, natural gas and sulphur is a major part of its business, as well as the marketing of gasoline and related products through the company's approximately 1,800 Ltd., ExxonMobil Canada and the Aboriginal Pipeline Group, filed the 8,000 page application with the National Energy Board to begin the process of environmental and regulatory review. The need for the pipeline is paramount to transport from the Arctic through Canada to the Southern United Sates. On October 26, 2004, Apex Resources Group Inc. announced the further development of a $20 Billion natural gas pipeline from Alaska through Canada to the lower 48 States. The U.S. congress approved $18 Billion of loan guarantees to construct this $20 Billion Dollar natural gas pipeline. The major owners of Alaska gas reserves, ConocoPhillips (NYSE NYSE See: New York Stock Exchange : COP), ExxonMobil Corp. (NYSE: XOM XOM Exxon Mobil Corporation (stock symbol) XOM X/Open Object Management XOM OSI-Abstract-Data Manipulation API XOM Xml Object Model XOM X/Open Osi Abstract Data Manipulation ) and BP Plc (NYSE: BP). On December 13, 2004, Apex Resources Group Inc. learned that drilling is to commence by major exploration companies in the Beaufort Sea area and Mackenzie Delta area. These two areas are near each other in the Arctic Ocean Arctic Ocean, the smallest ocean, c.5,400,000 sq mi (13,986,000 sq km), located entirely within the Arctic Circle and occupying the region around the North Pole. , where Apex Resources Group Inc. has a 3.745% working interest in the Itiyok 1-27 well. Devon Energy Devon Energy Corporation (NYSE: DVN), headquartered in downtown Oklahoma City, Oklahoma, USA, is one of the world’s leading independent oil and gas exploration and production companies. (NYSE: DVN DVN Digital Video Network (Internet2) DVN Digital Value Network DVN Diploma in Veterinary Nursing DVN Device Number ) announced on December 2, 2004 that the company is spending $60 million in its first year of its planned drilling program in the Beaufort Sea. In a comprehensive report filed with the National Energy Board of Canada on nine potential drilling locations and a 10th location, the island of Mason Bay, are planned. At the same time, another partnership consisting of Chevron Canada Resources and BP Canada Energy plans to lead off this winter's program in Canada's North that could see up to a dozen wells drilled. The partners are two of seven companies making up the Mackenzie Delta Explorers Group, which has collectively committed to spending C$900 million on exploration licenses. Having already barged equipment and supplies to the drill site, operator Chevron hopes by December 21, 2004, to spud the exploratory Olivier H-1 well, about 60 miles northwest of Inuvik. On December 15, 2004, Alaska received proposals from BP Plc., ConocoPhillips, and ExxonMobil to tap Alaska's enormous natural gas reserves. On January 10, 2005, Apex Resources Group Inc. reports on Devon's energy decision to forge ahead with the Beaufort Sea Exploration and plans to spend $60 Million after identifying nine locations off the arctic coast. On January 26, 2005, Apex Resources Group Inc. reports on Pioneer Natural Resources expanding its' portfolio of undeveloped lands on the Alaskan North Slope to more than 1.6 million gross acres. Pioneer to spend $50 million in 2005, to develop core division in Alaska targeting Apex investment area. John Hickey, Director, stated, "It is apparent that over the past three months activity in the area of Apex Resources' investment has moved forward at a super-sonic pace. The Financial Post stated, 'Canadian interests have little time to get their act together'. We believe the same holds true for the investment community - the time is now! It is evident that Apex Resources has the realistic potential to exceed all expectations provided to this day. The opportunity Apex is providing to the investment community is one that, we contend, will not be seen again in our lifetime." "Additionally, the safety and security to our existing shareholders and potential investors is extraordinary. The natural gas is there - government, institutional and business all attest To solemnly declare verbally or in writing that a particular document or testimony about an event is a true and accurate representation of the facts; to bear witness to. To formally certify by a signature that the signer has been present at the execution of a particular writing so as to this. Apex' early foresight to invest in the Beaufort Sea area wasn't a game of chance, it was a matter strategic planning Strategic planning is an organization's process of defining its strategy, or direction, and making decisions on allocating its resources to pursue this strategy, including its capital and people. , patience, vision and timing, and Apex time is near," Hickey concluded.
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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