Apex Resources Group Inc. Announces Private Placement Funding & Update on the Mackenzie Valley Pipeline



    SALT LAKE CITY, March 13 /CNW/ -- Apex Resources Group Inc. (OTC Bulletin
Board: APXR) announces private placement funding and update on the Mackenzie
Valley Pipeline.
    Apex Resources Group Inc. is pleased to announce it will raise
US$220,000.00 private placement funding through issue of 10 Million Units at a
price of US$0.022 per unit, each unit consisting of one share and one share
purchase warrant. Each warrant will entitle the holder to purchase one
additional share at an exercise price of US$0.03 for a period of two years
from the closing.  A 10% finders' fees is payable on the private placement.
The shares issued will have a one year hold period.
    Meanwhile, on Monday March 12, 2007, Imperial Oil announced an updated
cost schedule for the Mackenzie Valley Pipeline. Imperial, in which Exxon
Mobil Corp. has a controlling stake, estimated that the gas-gathering system
would cost CA$3.5-billion, the pipeline CA$7.8-billion and the developments of
anchor fields would cost CA$4.9-billion for a total cost of CA$16.2-billion.
The timing still remains uncertain and depends on the progress in regulatory
and fiscal matters, but production will not likely start before at least 2014.
    The Mackenzie Valley Pipeline will be 1,220-kilometers (about 750 Miles)
and will deliver 1.2 billion cubic feet of gas a day to Southern markets from
the reserves under the Mackenzie River Delta in Canada's Arctic.
    Imperial, in which Exxon Mobil Corp. has a controlling stake, is the lead
partner in the planned pipeline with Shell Canada Ltd., ConocoPhillips,
ExxonMobil Canada and the Aboriginal Pipeline Group.
    Apex is a partner with Imperial in the Itiyok 1-27 Well in the Beaufort
Sea in Canada. Imperial is the operator of the Itiyok 1-27 Well owning the
largest interest of 58.67312%. Apex is the fourth largest partner in the
Itiyok 1-27 Well with a 3.745% working interest.

    
    The partners in the Itiyok 1-27 Well are as follows:
    IMPERIAL OIL RE

SOURCES VENTURES 58.67312% DEVON ARL CORPORATION 14.72% PETRO - CANADA 14.20% APEX RE

SOURCES GROUP INC. 3.745% CONNOCOPHILLIPS CANADA RE

SOURCES CORP. 3.003% CANALANDS RE

SOURCES 2.255734% CANADIAN NATURAL RE

SOURCES LIMITED 1.23445% CANADIAN FOREST OIL LTD. 1.084348% 677862 ALBERTA LTD 1.084348% 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 comprised 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. At current oil & gas market prices, the Apex 3.745% working interest in the Itiyok 1-27 well in the Beaufort Sea is valued as follows: ITIYOK 1-27 - OIL US$60.00/B & NG US$7.34/ft3 PART 1: PROVEN GAS & OIL RESERVES: (640 ACRE AREA) TOTAL: A) 108 Bscf - Gas B) 8.976 MM STB - Oil Apex Working Interest - (3.745%): A) 4.04 Bscf - Gas @ US$7.34/ft3 = US$29.6536 Million (Gas) B) 336,000 STB - Oil @ US$60.00/B = US$20.16 Million (Oil) US$49.8136 Million (Gas & Oil) PART 2: PROBABLE GAS & OIL RESERVES: (40KM2) TOTAL: A) 1.16 TCF - Gas B) 160 MM STB - Oil Apex Working Interest - (3.745%): A) 34 Bscf - Gas @ US$7.34/ft3 = US$249.56 Million (Gas) B) 4.7 MM STB - Oil @ US$60.00/B = US$282.0 Million (Oil) US$531.56 Million (Gas & Oil) PART 3: POSSIBLE GAS & OIL RESERVES: (21.54KM2) TOTAL: A) 625 Bscf - Gas B) 86 MM STB - Oil Apex Working Interest - (3.745%): A) 23.4 Bscf - Gas @ US$7.34/ft3 = US$171.756 Million (Gas) B) 3.2 MM STB - Oil @ US$60.00/B = US$192.0 Million (Oil) US$363.756 Million (Gas & Oil) TOTAL OF ALL 3 GAS & OIL: US $945.1296 Million The recent progress of the Mackenzie Valley Gas pipeline together with the North American need for new gas supplies continuing to increase, adds significant value to Apex Resources Group Inc. 3.745% working interest in the Itiyok 1-27 Well. While Apex Resources maintains its core Oil & Gas business activities, under the guidance of our newly appointed Investor and Public Relations firm Eric David & Sons, Inc, in New Jersey, Apex will be developing a Business Development Plan, focused on investments outside its Oil & Gas Business. "The private placement and the continuing progress on the Mackenzie Valley Pipeline, with our interest in the Itiyok 1-27 Well is providing a great investment opportunity to grow with the company," stated Mr. John Hickey director of Apex Resources. By the Board of Directors, Apex Resources Group Inc. Investor Relations: Eric David & Sons Ste # 501- 320 10 Schalks Crossing Road Plainsboro, NJ 08536 Phone: (609) 529-3671 Website: http://ericdavid.com Email: steveweiss@ericdavid.com Apex Resources Group Inc. http://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.

For further information:

For further information: Investor Relations, Eric David & Sons, 
+1-609-529-3671, steveweiss@ericdavid.com, for Apex Resources Group Inc. Web
Site: http://www.apexresourcesgroup.com                 
http://ericdavid.com/

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APEX RESOURCES GROUP INC.

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