posted
Chart looks good, could be ready to break out. Keep a watch on this one.
Posts: 150 | From: bham,alabama,usa | Registered: Jun 2004
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posted
More news out today. Keep a watch on it, chart looks really good. If it breaks out you should see some nice gains. GLTY.
Apex Reports Update on PB Energy Partners Drilling to Commence Soon and Alaska Pushing for Drilling in Arctic Refuge Thursday February 17, 7:30 am ET -Independent Petroleum Association of America Believes Congress Will Pass Comprehensive Energy Package-
SALT LAKE CITY--(BUSINESS WIRE)--Feb. 17, 2005-- Apex Resources Group Inc. (OTC BB: APXR - News), today reported on news that the Alaskan government is again pushing for oil drilling in the politically and environmentally sensitive Arctic National Wildlife Refuge (ANWR). Alaskan Governor Frank Murkowski told a Congressional Committee that the ANWR oil is desperately needed to help reduce U.S. dependence on foreign oil supplies. He added..."there is no question in our mind, based on experience in the Prudhoe Bay area, that the area can be opened safely."
Congress, now under larger control by Republicans, is poised to bring back an energy bill designed to implement the four-year-old plan by President George W. Bush, to reduce dependence on foreign energy suppliers.
The ANWR region is thought to contain as much as 17 billion barrels of oil and 34 trillion cubic feet of natural gas.
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 of 8.976 MM barrels. 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 the National Energy Board.
Apex Resources' proven interests in gas reserves could generate $45 million with the potential for an additional $323 million (based on gas prices at $7.00 per 1,000 cubic feet). With more and more drilling and exploration in the area of Apex Resources' investment, these projections may prove to be conservative.
Apex Texas Petroleum Division Update
Apex has been informed by PB energy Partners that the drilling rig will be available the week of February 21 to begin drilling on the JB Henry Dome #1 Well in McMullen County, Texas. Apex owns a 2.5% working interest for a cost of US$25,308.00.
This is a re-entry of an existing producing well and the plan is to drill to depths approximately 10,500 feet and horizontal for 1,500 feet. The drill time should occur over 10 days and will be followed by the completion and testing operations. It is expected that testing should by completed by mid March.
Apex Land Division Update
In 2004 Apex signed Purchase Agreements for two recreational lots at Cowichan Lake, in South Central Vancouver Island, British Columbia. These prime view properties are located at Upper Point Ideal Road. The lots are CA$125,000 for Lot 4 and CA$120,000 for Lot 2
Lot 2 is .81 acres in area and Lot 4 is 1.05 acres in area. The Agreements were for CA$10,000.00 deposit on signing.
The closing on Lot 4 was on January 21, 2005 and a further payment of CA$39,015.44 was made that included CA$30,000.00 balance of down payment and CA$9,015.44 for Title Transfer, Goods and Services Tax and accountant fees. The closing date for Lot 2 is expected to occur by early March.
This purchase is in addition to the large acreage ocean front lots with houses that Apex owns at the Abbecombec Ocean Village Resort on the shores of Clam Bay, 40 miles east of Halifax. Also, Apex properties include 40 acres of land at Woodland Valley Ranch in Apache County, Arizona and 75 acres of land at Elk Valley Ranch which is also located in Apache County, Arizona.
Apex Land Division will continue to search for value added properties for investment purposes.
"Certainly Apex is greatly encouraged by this recent news, as it directly effects its investment in the Mackenzie Delta/Prudhoe Bay area. Additionally, the Company's investment with PB Energy Partners in a well in Texas for which drilling will commence soon, along with its land holdings, which could be highly lucrative, position the Company to derive revenue from more than one source," stated John Hickey, Director.
Posts: 150 | From: bham,alabama,usa | Registered: Jun 2004
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Apex Reports on Forest Oil Hitting Gas on West Side of Cook Inlet Wednesday February 23, 7:30 am ET State of Alaska Offers Exploration Incentive Credits in Area
SALT LAKE CITY--(BUSINESS WIRE)--Feb. 23, 2005--Apex Resources Group Inc. (OTCBB: APXR - News), today reported on news that Forest Oil Corp. successfully hit two gas wells onshore in the Cook Inlet area of Alaska. ADVERTISEMENT
Forest Oil stated the West Foreland No. 2 well has drilled up structure to the West Foreland No. 1 well and tested 15 million cubic feet of gas a day from two zones. The Three Mile Creek Unit No. 1 exploration well flowed at a rate of 1 million cubic feet per day on initial testing from shallow Beluga intervals and additional testing will be completed in the Spring.
In Forest's fourth quarter 2004 report, the Company announced that its drilling well count was 144 gross wells plus 147 additional operational projects. Fourth quarter production was reported to be in excess of 50 MMcfe per day.
Concurrently, Petroleum News reported that Alaska is offering exploration incentives credits for 73 offshore Cook Inlet tracts in its 2005 Cook Inlet area wide lease sale. The Alaska Department of Natural Resources Division of Oil and Gas said today that it will open bids for the North Slope Foothills and Cook Inlet area wide oil and gas lease sales on May 19th. The North Slope Foothills sale area lies between the Arctic National Wildlife Refuge and the National Petroleum Reserve-Alaska and is bounded by the Umiat base line on the north and by the Gates of the Arctic National Park and Preserve on the south. Credit may be earned during the first three years of the primary term, and is inclusive of other allowed exploration and development programs.
Apex Resources Group Inc. is putting together a consortium of oil and gas companies to bid on some of these leases. "Gas is now flowing from the Arctic," stated John Hickey. "Each success by one of our peers involved in oil and gas drilling and production takes Apex one step closer to obtaining a significant return on its investment. The exploration incentive credits, we believe, will bring more activity to a once barron area that is bustling with potential," Hickey concluded.
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 of 8.976 MM barrels. 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 the National Energy Board.
Apex Resources' proven interests in gas reserves could generate US$45 million with the potential for an additional US$323 million (based on gas prices at US$7.00 per 1,000 cubic feet). With more and more drilling and exploration in the area of Apex Resources' investment, these projections may prove to be conservative.
Apex Texas Petroleum Division Update
Apex has been informed by PB energy Partners that the drilling rig will be available around the week of February 21 to begin drilling on the JB Henry Dome #1 Well in McMullen County, Texas. Apex owns a 2.5% working interest for a cost of US$25,308.00.
This is a re-entry of an existing producing well and the plan is to drill to depths approximately 10,500 feet and horizontal for 1,500 feet. The drill time should occur over 10 days and will be followed by the completion and testing operations. It is expected that testing should by completed by mid March.
Apex Land Division Update
In 2004 Apex signed Purchase Agreements for two recreational lots at Cowichan Lake, in South Central Vancouver Island, British Columbia. These prime view properties are located at Upper Point Ideal Road. The lots are CA$125,000 for Lot 4 and CA$120,000 for Lot 2.
Lot 2 is .81 acres in area and Lot 4 is 1.05 acres in area. The Agreements were for CA$10,000.00 deposit on signing.
The closing on Lot 4 was on January 21, 2005 and a further payment of CA$39,015.44 was made that included CA$30,000.00 balance of down payment and CA$9,015.44 for Title Transfer, Goods and Services Tax and accountant fees. The closing date for Lot 2 is expected to occur by early March.
This purchase is in addition to the large acreage ocean front lots with houses that Apex owns at the Abbecombec Ocean Village Resort on the shores of Clam Bay, 40 miles east of Halifax. Also, Apex properties include 40 acres of land at Woodland Valley Ranch in Apache County, Arizona and 75 acres of land at Elk Valley Ranch which is also located in Apache County, Arizona. Apex Land Division will continue to search for value added properties for investment purposes.
"Certainly Apex is well positioned for growth with both its land holdings and mineral leases. These diversified assets could be highly lucrative to the Company to derive revenue from more than one source," stated John 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
Posts: 150 | From: bham,alabama,usa | Registered: Jun 2004
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