Apex Reports on News of Devon Energy Relaunching Exploration in Beaufort Sea; Devon Obtains Environmental Approvals to Drill a U.S. $60 Million Well - the First Regulatory Approval Since 1989.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 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. relaunching its exploration 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. , marking a new era for Canada's oil and gas industry. Devon Devon (dĕv`ən), county (1991 pop. 1,008,300), 2,591 sq mi (6,711 sq km), SW England. The county town is Exeter. Devon is bounded on the N by the Bristol Channel, on the S by the English Channel, and on the W by Cornwall. received key environmental approvals last month to drill a U.S. $60 million well. (Source: National Post). This represented the first regulatory approval in the Beaufort Sea area since 1989. Devon hopes to find a gas field large enough to support a commercial project. Others oil and gas giants are preparing to relaunch Relaunch can refer to several things:
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. get closer. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. National Energy Board estimates, the Beaufort Sea has greater potential for gas discoveries than the MacKenzie Mackenzie, river, c.1,120 mi (1,800 km) long, issuing from Great Slave Lake, Northwest Territories, Canada, and flowing generally NW to the Arctic Ocean through a great delta. Between Great Slave Lake and Lake Athabasca it is known as the Slave River. Delta, or 52 trillion One thousand times one billion, which is 1, followed by 12 zeros, or 10 to the 12th power. See space/time. (mathematics) trillion - In Britain, France, and Germany, 10^18 or a million cubed. In the USA and Canada, 10^12. cubic feet off-shore compared with 13 trillion cubic feet onshore on·shore adj. 1. Moving or directed toward the shore: an onshore wind. 2. Located on the shore: an onshore beacon; an onshore patrol. adv. . The National Energy Board indicated that 267 wells have been drilled in the region, both offshore and onshore. "This long-awaited regulatory approval and Devon's activity in very close proximity to Apex Resources' investment are moving the industry and the Company to the next level as Arctic Arctic area of constant cold. [Geography: WB, A:600] See : Coldness (language, music) Arctic - A real-time functional language, used for music synthesis. ["Arctic: A Functional Language for Real-Time Control", R.B. exploration becomes Arctic drilling," stated John M. Hickey, Director. About Devon Devon Energy became the largest exploratory landholder in the MacKenzie Delta-Beaufort Sea with its U.S. $3.4 billion acquisition in 2001 of Anderson Anderson, river, Canada Anderson, river, c.465 mi (750 km) long, rising in several lakes in N central Northwest Territories, Canada. It meanders north and west before receiving the Carnwath River and flowing north to Liverpool Bay, an arm of the Arctic Exploration Ltd. Anderson acquired the lands, about 20 kilometers from Tuktoyaktuk, in 2000. Devon is one of the partners with Apex Resources Group in the Beaufort Sea area known as the Itiyok 1-27 Well. About Apex In June 1997, Apex Resources Group purchased a 3.745% working interest in the Beaufort Sea 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 (Degrees-Min) Rights Hectares Ownership Percentage%
----------------------------------------------------------------------
Imperial Oil
Resources
Itiyok I-27/SDL-055 2072 Ventures Ltd. 58.673120
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Devon ARL
70-00 N 7,8,17,18, Corporation 14.720000
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134-00 W 27,28,37 Petro-Canada 14.200000
----------------------------------------------------------------------
Apex Resources
All P&NG Group Inc. 3.745000
----------------------------------------------------------------------
Conocophillips
Canada
Resources Cor. 3.003000
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Canalands
Resources 2.255734
----------------------------------------------------------------------
Canadian
Natural
Resources Ltd. 1.234450
----------------------------------------------------------------------
Canadian Forest
Oil Ltd. 1.084348
----------------------------------------------------------------------
677862 Alberta
Ltd. 1.084348
----------------------------------------------------------------------
Total 100.0
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With oil at approximately US$50.00 per barrel and gas close to US$7.00 per cubic feet, Apex' 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)
Total = 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)
Total = 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)
Total = US$345.65 Million(Gas & Oil)
----------------------------------------------------------------------
Total of US $898.42 Million (Gas & Oil)
"The energy boom is just beginning as President George W. Bush is to ask Congress to pass The Energy Bill by August of this year" 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
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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