The commitment is to explore for gas and oil in the offshore region of the Beaufort Sea over the next nine years. The Companies won exploration rights to a single parcel of 507,358 acres located approximately 88 miles from the Mackenzie Delta in the Northwest Territories.
ConocoPhillips obtained a license to explore 256,275 acres offshore and Chevron Canada picked up the rights to a third parcel.
These commitments coupled with the recent announcement that the Dene Tha First Nation received a $25 million land claim settlement with the Canadian Government is another positive step toward the approval for completion of the Mackenzie Valley Pipeline Project.
Apex Resources Group Inc. owns 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 RESOURCES VENTURES 58.67312% DEVON ARL CORPORATION 14.72% PETRO - CANADA 14.20% APEX RESOURCES GROUP INC. 3.745% CONOCOPHILLIPS CANADA RESOURCES CORP. 3.003% CANALANDS RESOURCES 2.255734% CANADIAN NATURAL RESOURCES 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.
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