Apex Reports on News of Quick Start in Arctic Drilling

Mackenzie Delta Area, Northwest Territor
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Apex Resources Group reported on news that Chevron Canada and BP Canada Energy have made a remarkably quick start in winter drilling in the Canadian Arctic, spudding the season's first well.

The well is expected to take only 100 days to complete. By positioning equipment and supplies, Chevron Canada believes it can add about seven weeks to the Arctic operating system. Oliver H-1 will be the major portion of Chevron Canada's plans to spend C$100 million in the Mackenzie Delta/Beaufort Sea region this winter. A second well by a partnership of EnCana, Anadarko Canada and ConocoPhillips Canada is scheduled to start this month.

Concurrently reported are Andex Resources' agreements with investors in its plans to explore for natural gas in the Nenana basin, west of Nenana in Interior Alaska. Completion of approximately 218 miles of 2D seismic line is scheduled for the winter of 2004/2005. Results of the seismic program are expected to identify potential drilling targets for future exploratory wells. Andex hopes to find commercial quantities of natural gas in the Nenana basin.

"The past months have brought Apex to a new level. With our ownership interests in the hotbed of activity, major pipeline companies battling over the building of a $20 billion Alaska Highway Natural Gas Pipeline, the focus on the Mackenzie Valley and Beaufort Sea areas, government proposing environmentally safe drilling in "green" areas and total focus on domestic fuel as the singular option for a safe and secure future, we are more optimistic than ever that 2005 will yield tremendous results," stated John Hickey, Director.

"Apex Resources' proven interests in gas reserves could generate $45 million with the potential for an additional $323 million (based on gas prices of $7.00 per 1,000 cubic feet."

"There is a saying, 'when people show you who they are - believe them'. Apex invested in this area when few would and has shown through determination and commitment who we are. 2005 will further demonstrate where we are going!" Hickey concluded.

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