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Apex Resources Group Inc. Announces Canada Will Be the Planet's Largest New Oil Source by 2010


Wednesday December 13, 6:30 am ET

SALT LAKE CITY, Dec. 13 /PRNewswire-FirstCall/ -- Apex Resources Group Inc., reports Canada will be the planet's single largest new oil source by 2010!

 
CIBC World Markets reported that Canada holds almost 60 per cent of the investable oil reserves in the world today. Canadian oil sands production will be the planet's single largest source of new supply by the end of the decade.

According to Jeff Rubin, Chief Strategist and Chief Economist at CIBC World Markets, Canada's oil sands may be the final frontier for investors intent on profiting from depleting conventional crude reserves. It is estimated that with the Middle East and even Russia increasingly off-limits, that the oil sands and Canada's other deposits represent 56 per cent of the world's investable reserves.

Conventional oil capacity dropped in 2005 for the first time in history and will continue to decline for the foreseeable future despite soaring crude prices. The projected three million barrel-a-day increase in world production between now and 2010, will come from non-conventional sources. Canadian oil sands will be accounting for a larger share of incremental production growth after 2009.

The report states that Canada now has the potential to become a major global producer by 2010 with some 174 billion barrels of oil sands reserves. The current two million barrels a per day of Canada's conventional oil production, didn't qualify Canada as anything more than a secondary oil producer.

 
According to Mr. Rubin, it remains to be seen whether Canadian production can grow that quickly. The cost and time consumption are usually doubled as originally planned to bring on new oil sands supply. However, the cost story for non-conventional energy worldwide is the same, and are certainly not unique to Canadian oil sands projects. Depleting conventional supply, higher cost and time delays simply equate to higher crude prices.

The politically instability in other key rich oil regions, also makes Canada increasingly attractive as an oil producer and carries a huge safety premium for investment purposes. All these factors add tremendous value to the 3.745% working interest in the Itiyok 1-27 Well in the Beaufort Sea in Canada, Apex purchased in 1997.

Apex signed operating agreements with, among others, Chevron Canada Resources, ExxonMobil Canada Properties and Canadian Forest Oil Ltd.

The Itiyok 1-27 Well was originally drilled in 1983, at a total cost of CAD$85 million. A review of 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, with Apex Resources Group Inc. 3,745 % 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 (Apex 3.745 % 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 Apex 3.745 % working interest net -- 23.4 Bscf of gas and 3.2 MMSTB of oil). Values of proven, probable and possible gas and oil reserves, of Apex 3.745 % working interests, as per Citadel Engineering report, have been published in previous news releases.

The progress of the pending construction, of both the Mackenzie Valley Gas pipeline & the Alaska Gas pipeline, is significant for the producing of the Itiyok 1-27 Well in the Beaufort Sea in Canada.

The fact that Canada is positioning to become the planet's single largest new oil source by 2010, together with the North American need for new gas supplies continuing to increase, intensifying the necessity to complete the pipelines. This adds significant value to Apex Resources Group Inc. 3.745% working interest in the Itiyok 1-27 Well.

     By the Board of Directors,
     APEX RESOURCES GROUP INC.
     299 South Main Street
     Suite 1300
     Salt Lake City, 84111
     Utah, USA
     Investor Relations:  Roger Reynolds Tel:(780)469-0199
     Web Site: 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.


Source: Apex Resources Group Inc.

 


 
 

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