Apex Resources Group Announces Appointment of New Director and Updates of Pipeline Project



    SALT LAKE CITY, Aug. 27 /CNW/ -- Apex Resources Group, Inc. (OTC Bulletin
Board: APXR) announces the appointment of Mr. Rafiq Chinoy to the Board of
Directors.
    Mr. Chinoy has a College Degree from Mukalla, South Yemen and migrated to
Canada in the 1980's. Mr. Chinoy owns and operates a Corporate Travel business
in Vancouver, B.C.  Mr. Chinoy is a Private Investor and will be instrumental
in negotiating Private Placement funding for the Company.
    
    Mackenzie Valley Pipeline
    
    The Mackenzie Valley Pipeline Project received a recent shot in the arm
with the Canadian Government announcement that former Indian and Northern
Affairs Minister Jim Prentice will continue to work on the Mackenzie Valley
Pipeline file.  A recent Cabinet shuffle in the Canadian Government moved Mr.
Prentice to the Industry Portfolio but his background, knowledge and working
relationship with all levels of negotiators regarding the proposed Mackenzie
Valley Pipeline makes him the right person to help proceedings. Apex Resources
is extremely pleased with this announcement.
    Apex Resources Group Inc. owns 3.745% working interest in the Itiyok 1-27
Well in the Beaufort Sea and the completion of the Mackenzie Valley Pipeline
will bring these massive reserves to the marketplace.

    
    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% CONOCOPHILLIPS 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) $69.00 Gas (US$/ft3) $5.58 Apex Share of Project 3.7450% 1) ITIYOK 640 ACRE PROVEN GAS & OIL RESERVES: Total Dollars Apex Dollars Gas (Bscf) 108 $602,640,000.00 $22,568,868.00 Oil (MM STB) 8.976 $619,344,000.00 $23,194,432.00 $1,221,984,000.00 $45,763,300.00 2) ITIYOK 40KM(2) PROBABLE GAS & OIL RESERVES: Total Dollars Apex Dollars Gas (TCF) 1.16 $6,472,800,000.00 $242,406,360.00 Oil (MM STB) 160 $11,040,000,000.00 $413,448,000.00 $17,512,800,000.00 $655,854,360.00 3) ITIYOK 21.54KM(2) POSSIBLE GAS & OIL RESERVES: Total Dollars Apex Dollars Gas (Bscf) 625 $3,487,500,000.00 $130,606,870.00 Oil (MM STB) 86 $5,934,000,000.00 $222,228,300.00 $9,421,500,000.00 $352,835,170.00 GRAND TOTAL Total Dollars Apex Dollars Gas (Bscf) $10,562,940,000.00 $495,582,098.00 Oil (MM STB) $17,593,344,000.00 $658,870,732.00 $28,156,284,000.00 $1,054,452,800.00 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 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

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APEX RESOURCES GROUP INC.

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