Apex Reports on News of Canadian Federal Government Agreeing to Pay Millions to Native Groups; Social Program Funding: Key to Getting MacKenzie Valley Pipeline Underway.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 that the federal government agreed yesterday to help fund millions of dollars worth of Northern programs - a step that could allow the massive 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. to move forward (Source: Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of .com News). Anne McLellan
A. , the Deputy Prime Minister A Deputy Prime Minister or Vice Prime Minister is, in some countries, a government minister who can take the position of acting Prime Minister when the real Prime Minister is temporarily absent. , and Joe Handley Joseph "Joe" L. Handley, MLA, (born August 9, 1943, Meadow Lake, Saskatchewan) is a former teacher and civil servant and was the tenth premier of the Northwest Territories, Canada. Early life Handley was born in Meadow Lake, Saskatchewan. , Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. Premier, said a preliminary deal was struck that will see Ottawa Ottawa, city, Canada Ottawa (ŏt`əwə), city (1991 pop. 313,987), capital of Canada, SE Ont., at the confluence of the Ottawa and Rideau rivers. Hull, Que. help fund roads, schools, health clinics and other social projects. "The main thing is we have an offer from the federal government to provide us with the means...to be able to deal with the socio-economic socio-economic adj → socioeconómico socio-economic adj → socioéconomique impacts of this pipeline," Mr. Handley said. An agreement in principle on the resource revenues should be in place by June, Ms. McLellan said, but an interim deal to support the social funding was needed first. "It's a case of working out the costs that can not be readily absorbed by the territorial government. Both governments are very strongly committed to the MacKenzie pipeline project." Imperial Oil Ltd., the project leader, estimates that it will pay $1.9 billion in taxes during the four-year construction phase, and then taxes and royalties of $8.7 billion during the project's life of 20-plus years. "The government responded, in record time, to the needs of the aboriginals," stated John M. Hickey, Director. "Additionally, our operating partner, Imperial Oil, is clearly determined to work through this process honoring all involved. The energy crisis has reached record proportions. It is with this in mind that the government, the oil and gas consortium and the aboriginal groups are focused on an expeditious ex·pe·di·tious adj. Acting or done with speed and efficiency. See Synonyms at fast1. ex and fair agreement," Hickey concluded. About Apex In June 1997, Apex Resources Group 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 known as the Itiyok 1-27 Well, which was drilled in 1983. A review of the well data and geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. prognosis prognosis /prog·no·sis/ (prog-no´sis) a forecast of the probable course and outcome of a disorder.prognos´tic prog·no·sis n. pl. prog·no·ses 1. 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).
Name/SDL Grid Section
Area Rights Hectares Ownership Percentage%
(Degrees-Min)
----------------------------------------------------------------------
Itiyok 1-27/ 2072 Imperial Oil Resources
SDL-055 Ventures Ltd. 58.673120
----------------------------------------------------------------------
70-00 N 7,8,17,18, Devon ARL Corporation 14.720000
----------------------------------------------------------------------
134-00 W 27,28,37 Petro-Canada 14.200000
----------------------------------------------------------------------
All P&NG Apex Resources Group
Inc. 3.745000
----------------------------------------------------------------------
Conocophillips Canada
Resources Cor. 3.003000
----------------------------------------------------------------------
Canalands Resources 2.255734
----------------------------------------------------------------------
Canadian Natural
Resources Ltd. 1.234450
----------------------------------------------------------------------
Canadian Forest Oil
Ltd. 1.084348
----------------------------------------------------------------------
677862 Alberta Ltd. 1.084348
----------------------------------------------------------------------
Total 100.0
----------------------------------------------------------------------
With oil at approximately US$50.00 per barrel and gas close to US$7.00 per cubic feet, Apex's interest in proven probable and possible gas and oil reserves is powerful. Itiyok 1-27
Part 1 - Proven Gas & Oil Reserves: (640 acre area)
---------------------------------------------------
Total:
A) 108 Bscf- Gas
B) 8.976 MM STB - Oil
Apex Working Interest - (3.745%)
--------------------------------
A) 4.04 Bscf - Gas @ US$7.25/ft(3) = US $29.29 Million (Gas)
B) 336,000 STB - Oil @ US$55.00/B = US$18.480 Million (Oil)
-----------------------------------------------------------
US$47.77 Million (Gas&Oil)
Part 2 - Probable Gas & Oil Reserves: (40KM(2))
-----------------------------------------------
Total:
A)1.16 TCF - Gas
B) 160 MM STB - Oil
Apex Working Interest - (3.745%)
--------------------------------
A) 34 Bscf - Gas @ US$7.25/ ft(3) = US$246.5 Million (Gas)
B) 4.7 MM STB - Oil @ US55.00/B = US$258.5 Million (Oil)
----------------------------------------------------------
US$505. Million (Gas & Oil)
Part 3 - Possible Gas & Oil Reserves: (21.54 KM(2))
----------------------------------------------------
Total:
A) 625 Bscf - Gas
B) 86 MM STB - Oil
Apex Working Interest - (3.745%)
--------------------------------
A) 23.4 Bscf - Gas @ US$7.25/ft(3) = US$169.65 Million (Gas)
B) 3.2 MM STB - Oil @ US55.00/B = US$176. Million (Oil)
-------------------------------------------------------------
US$345.65 Million(Gas & Oil)
-------------------------------------------------------------
Total of All 3 US$898.42 Million (Gas & Oil)
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
email: 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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