Apex Resources Group Inc. Is Pleased to Announce Appointment of New Director and Additional Private Placement Funding

    SALT LAKE CITY, March 21 /CNW/ -- Apex Resources Group Inc. (OTC Bulletin
Board: APXR) announces appointment of new Director and additional private
placement funding.
    Apex Resources Group Inc. is pleased to announce the appointment of Mr.
Sameer Chinoy as Director. Mr. Chinoy is a resident of Dubai-United Arab
Emirates and has strategic relationships with international investors. Mr.
Chinoy has an extensive international network and is excited to come on board
with Apex and recognizes the value and growth opportunity of Apex being the
fourth largest partner with Imperial in the Itiyok 1-27 Well in the Beaufort
Sea in Canada.
    Through contacts of Mr. Sameer Chinoy, Apex has been able to raise
additional private placement funding. The Company is excited to announce it
will raise US$500,000.00 private placement funding through issue of 10 Million
Units at a price of US$0.05 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$0.07 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.
    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:






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. "Together with the Public Relations firm Eric David & Sons, Inc, in New Jersey, and the additional international relations from Mr. Sameer Chinoy as Director, and the recent private placement funding, Apex 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: 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/

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890