Apex Resources Update of the Value of its Beaufort Sea Well and Further News on the Mackenzie Valley Pipeline



    SALT LAKE CITY, Sept. 10 /CNW/ -- Apex Resources Group, Inc. (OTC
Bulletin Board: APXR) update of the value of its Beaufort Sea Well and further
news on the Mackenzie Valley Pipeline.
    The Industry Minister for the Northwest Territories, Canada, Brendan Bell
made a presentation to the Center for Strategic & International Studies in
Washington on Wednesday September 5, 2007. He stressed that North Americans
could spend $338-billion more between 2014 & 2025 for natural gas if the
reserves from the Arctic remain untapped and the cost for gas continue to
increase. Members of the influential think tank were also informed that the
cost of stifled Arctic gas development between 2014 & 2025 is another
280-million tones worth of carbon missions if coal is used instead to feed
growing demands for electricity from the consumer. The regulatory process of
the massive project being overseen by the National Energy Board and joint
Review Panel should end about this time next year. Mr. Bell stated that
negotiations on a fiscal framework for the project between project lead
Imperial Oil & the Federal Government in Canada could be completed between now
and this time next year. The completion of the Mackenzie Valley Pipeline is
paramount for the delivery of the massive Artic reserves to the southern
States.
    Apex follows the continuing negotiations for the completion of the
project because of the Company's stake in the Beaufort Sea. In 1997, Apex
purchased a 3.745% working interest in the Itiyok 1-27 Well in the Beaufort
Sea.

    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$85 million. A review of Well data and geological prognosis indicates that a 640 acre area would contain proven recoverable gas reserves of 108 Bscf and proven recoverable oil reserves of 8,976 MSTB, with Apex Resources Group Inc. 3.745 % working interest net reserves of 4.04 Bscf and 336 MSTB. Seismic data indicates a structure closure of approximately 40 square KM with a gross potential reserve of 1.16 TCF and 160 MMSTB (Apex 3.745 % working interest net -- 34 Bscf and 4.7 MMSTB). The lands in which the Apex Resources Group Inc. owns an interest comprised of 21.54 square KM containing gross potential reserves of 625 Bscf of gas and 86 MMSTB of oil Apex 3.745 % working interest net -- 23.4 Bscf of gas and 3.2 MMSTB of oil). Values of proven, probable and possible gas and oil reserves, of Apex 3.745 % working interests, as per Citadel Engineering report, have been published in previous news releases. At current oil & gas market prices, the Apex 3.745% working interest in the Itiyok 1-27 well in the Beaufort Sea is valued as follows: ITIYOK I-27 Significant Discovery Lease Oil(US$/Barrell) $76.5000 Gas(US$/ft3) $5.6500 Apex Share of Project 3.7450 % 1) ITIYOK 640 ACRE PROVEN GAS & OIL RESERVES: Total Dollars Apex Dollars Gas (Bscf) 108 $610,200,000.00 $22,851,990.00 Oil (MM STB) 8.976 $686,664,000.00 $25,715,566.80 $1,296,864,000.00 $48,567,556.80 2) ITIYOK 40KM2 PROBABLE GAS & OIL RESERVES: Total Dollars Apex Dollars Gas (TCF) 1.16 $6,554,000,000.00 $245,447,300.00 Oil (MM STB) 160 $12,240,000,000.00 $458,388,000.00 $18,794,000,000.00 $703,835,300.00 3) ITIYOK 21.54KM2 POSSIBLE GAS & OIL RESERVES: Total Dollars Apex Dollars Gas (Bscf) 625 $3,531,250,000.00 $132,245,312.50 Oil (MM STB) 86 $6,579,000,000.00 $246,383,550.00 $10,110,250,000.00 $378,628,862.50 GRAND TOTAL Total Dollars Apex Dollars Gas (Bscf) $10,695,450,000.00 $400,544,602.50 Oil (MM STB) $19,505,664,000.00 $730,487,116.80 $30,201,114,000.00 $1,131,031,719.30 NOTES: Bscf Gas = Billion standard cubic feet of Gas TCF Gas = Trillion Cubic Feet of Gas MM STB Oil - Million Stock Tank Barrels of Oil The completion of the Mackenzie Valley Pipeline & the North American need for fuel continuing to increase, 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. 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.; or 
Media, John M. Hickey, Director of Apex Resources Group, Inc., +1-604-418-0018
Web Site: http://www.apexresourcesgroup.com

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