The operator, Northstar Energy Inc. plan to drill in the Haines Prospect known as the Northstar Wallis Well #1 Joint Venture. The Prospect is located in the heart of the prolific Wilcox Trend in the extreme northeast Victoria County, Texas. The prospect has been identified as an amplitude anomaly (bright spot) on the 2-0 seismic line. The bright spot is in the middle Wilcox Trend at an estimated depth of 9,700 feet. The operator plans to drill to a depth of 10000 feet. The estimated reserves with the width of the anomaly being 2800 feet are calculated as a 140 acre reservoir. That gives an estimated reserves of 5 billion cubic feet of gas and 60,000 barrels of oil. Apex Resources Group Inc. has purchased one unit (1%) of the Prospect for a cost of $25,600.00 for drilling and testing and a completion cost of $6000.00 after the well has been logged and proven as a commercial well.
The operator expects to start drilling in the next two weeks, depending on availability of the drilling rig and weather conditions.
This is an excellent Prospect because of the nature of the amplitude anomaly (bright spot) and the existence of excellent producing wells in the same area.
Apex continues to participate in oil and gas drilling programs to build the Company's reserves in order to create a continuous positive cash flow.
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