Apex Resources Group Inc. Announces Update Of Beaufort Sea Gas and Oil Discoveries.SALT LAKE CITY -- Publicly traded Apex Resources Group Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :APXR) announces update of 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. Gas and Oil Discoveries. In June 1997, Apex Resources Group Inc. purchased a 3.745% working interest in the Beaufort Sea Area Well known as Itiyok 1-27 consisting of 640 acres containing reserves of 108 billion cubic feet of gas and 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 M barrels. This well is located in the centre of the largest offshore field of Amauligak which was discovered in 1984. 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 according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the National Energy Board. Earlier this year Apex Resources received correspondence from Imperial Oil Resources outlining proposed revisions to the Beaufort Area Operating Agreement intended to simplify and clarify the agreement for future operations. Management reviewed the proposed revisions and agreed with the general principles. The operating partners are as follows: Apex Resources Group Inc. OTC BB-APXR Chevron Canada Resources (NYSE: CVX) CanNat Resources Inc. (TSE:CNQ) ConocoPhillips Canada Resources Corp. (NYSE:COP) Talisman Energy Inc. (TSE: TSX) EnCana Oil & Gas Partnership (TSE: ECA) Trans Dominion Energy Corp. (NAS DAQ: TRGL) ExxonMobil Canada Properties (NYSE: XOM) Anadarko Canada Corporation (NYSE APC) BP Canada Energy Resources Company BP PIC (NYSE:BP) Canalands Resources Corporation Devon ARL Corporation (NYSE: DVN) Canadian Forest Oil Ltd. (NYSE: FST) Mosbacher Operating Ltd. Imperial Oil Resources (TSE: IMO) Shell Canada Limited (TSE: SHC) BRL Enterprises Inc. 677862 Alberta Ltd. (TSE: ACOX) Petro-Canada (TSE: PCA) These are significant discoveries and the need to transport these reserves via a pipeline through Canada to the Southern States is paramount. An 8,000 page application has been filed with regulators by a consortium to build a $7 Billion Pipeline down the Mackenzie Valley. The consortium consists of Imperial Oil Resources (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : IMO "In my opinion." See IMHO and digispeak. IMO - IMHO ), ConocoPhillips (NYSE NYSE See: New York Stock Exchange : COP), Shell Canada Limited (TSE: SHC SHC Sears Holdings Corporation (Hoffman Estates, ILt) SHC Self-Help Clearinghouse (Valley Cottage, NY) SHC Spring Hill College (Mobile, AL, USA) SHC Solar Heating and Cooling ) and the Aboriginal Pipeline Group. Within days of this application being filed, the US Congress approved $18 Billion of loan guarantees to construct a $20 Billion pipeline to transport gas from Alaska through Canada to the lower 48 States. The major owners of Alaska gas reserves are ConocoPhillips (NYSE: 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). With the price of oil over $50.00 a barrel and the price of gas pushing $8.00 per 1000 cubic feet this becomes a tremendous asset to Apex Resources Group Inc. Texas Update The operator, Northstar energy has updated the Joint Venture Partners on the Haines Prospect gas well in Victoria County, Texas Victoria County is a county located in the U.S. state of Texas. In 2000, its population was 84,088. It is included in the Victoria, Texas Metropolitan Statistical Area. Its county seat is Victoria6. It is a part of the Victoria, Texas, metropolitan statistical area. . During September and October all site preparation was completed. They are now waiting for the drill rig and should secure it within five days. Further updates will be released as work progresses. 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 as "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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