Apex Reports on News of Imperial Oil Aiming to Break Impasse with New Mackenzie Offer to Aboriginal Natives; Imperial Prepared to Offer Payment to Four Native Groups.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 Imperial Oil will table a new offer to aboriginal groups aimed at breaking the impasse over the construction of the U.S. $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. (Source: GlobeandMail.com). Imperial is preparing a new offer for payments, specifics of which have not yet been divulged, to four aboriginal groups whose territory the pipeline crosses. The pipeline would open up a major new supply of natural gas as supplies in the south dwindle dwin·dle v. dwin·dled, dwin·dling, dwin·dles v.intr. To become gradually less until little remains. v.tr. To cause to dwindle. See Synonyms at decrease. , and provide an enormous boost to the economy of the north. Liseann Forand, an assistant deputy minister at the Department of Indian Affairs and Northern Development and Deputy Minister Michael Horgan Michael Horgan was an Irish sportsperson in the 1880s and 1890s who played hurling with Aghabullogue. Born in Aghabullogue, County Cork he first tasted hurling success in 1890 when he won a senior county championship title with his club. were in Calgary and Edmonton last week, meeting with Imperial and TransCanada - the possible pipeline builder. Mr. Horgan has been put on the Mackenzie Valley file full-time, an indication of a new push in Ottawa to address the issues and interact with the aboriginal groups. "Clearly, Imperial is making every effort to satisfy the needs of the aboriginal groups involved while government is committing key personnel directly to the issue. The pipeline remains the only logical solution to adequately start to fulfill domestic fuel needs which are now in serious jeopardy," stated John M. Hickey, Director. 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 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).
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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