Apex Resources Inc (SLMLF)

[fishin100]

Beaufort Sea and Mackenzie Delta News
Bulletin
Volume 6, Number 1
February 1999

Beaufort Sea and Mackenzie Delta Open for Posting
The Minister of Indian Affairs and Northern Development is inviting industry to select exploration acreage over 105 million hectares (407 000 square miles) in the Mackenzie Delta, Beaufort Sea and western Arctic Islands.
The Mackenzie Delta-Beaufort Sea basin has an excellent discovery record with 53 discoveries, including one major oil and gas field at Amauligak,three major gas fields (Taglu, Parsons and Issungnak) and one major oil discovery (Adlartok). A 1994 resource assessment by the Geological Survey of Canada (GSC) suggested that the prospects for doubling the number of discoveries in this size range are good, in both onshore and offshore exploration plays. (A major field contains oil resources from 100 to 500 million barrels / 15 to 80 million cubic metres or gas resources of 1 to 5 trillion cubic feet / 28 to 142 billion cubic metres).

Amauligak
Discovered in 1984, Amauligak is the largest oil and gas field in the Beaufort Sea. It is located 75 kilometres northwest of Tuktoyaktuk in a water depth of 30 metres. At this time, there are no formal plans for development of Amauligak.


The following below is my recap on what I have found on line:
THE ITIYOK I27 WELL IS THE CLOSET OIL WELL TO THE AMAULIGAK (aprox. 12 miles away) and is part of the TARSIUT-AMAULIGAK FAULT ZONE....the largest oil reserve in the Beaufort Sea. I believe all estimates to date are low and were estimated in the 1980's. A larger windfall then expected may come...and the Mackenzie pipeline will run right to the shoreline of this field! APXR owns not only 3.745% of the Itiyok I27 well but 3.745% of the entire significant lease #55 consisting of 640 acres located next to the largest oilfield in the Beaufort Sea! True value????