Apex Hits Gas Flare at 700 Feet Horizontally in Henry Dome Texas Project; Operator PB Energy Partners Provides Assurance that Well is a ``Producer''
SALT LAKE CITY
DeMonte Associates
Investor Relations:
Cynthia DeMonte, 212-605-0525
cdemonte@aol.com demonte.com apexresourcesgroup.com
Apex Resources Group Inc. (OTC BB: APXR), today announced that PB Energy Partners, the operator of the Henry Dome Well #1 in Texas, of which Apex holds a 2.5% working interest, has hit gas at 700 feet horizontally.
Although initial expectations were to drill to depths beyond 10,000 feet and horizontally 1,500 feet, the well started to flow at 700 feet horizontally resulting in a 15 to 20 foot gas flare. This information from PB Energy provided clear evidence to Apex that the well is gas-producing.
"The exciting news from the well operator, PB Energy Partners, provides Apex will another potentially significant revenue stream," stated John Hickey, Director. "As progress is made in the Arctic, it is most rewarding to witness other investments the company has made bear fruit, providing our shareholders and the investment community an opportunity to invest in a company that possesses the wherewithal to diversity in synergistic businesses," Hickey concluded.
About Apex (Arctic)
In June 1997, Apex Resources Group purchased a 3.745% working interest in the Itiyok 1-27 Well in the Beaufort Sea, 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 of 8,976 MSTB 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 and 160 MMSTB (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).
With oil over US$56.00 per barrel and gas over US$7.00 per 1,000 cubic feet, Apex interest in proven reserves would be 45 US Million Dollars and with an additional potential to be drilled out would represent 323 US Million Dollars.
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
e-mail: cdemonte@aol.com
www.demonte.com
www.ApexResourcesGroup.com
John M. Hickey
Director
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