Alaska Pacific Energy Looking to McMullen County Texas for First Oil/Gas Lease Acquisition
March 05 2013 - 8:30AM
Marketwired
Alaska Pacific Energy Corp. (OTC Pink: ASKE) announced yesterday
that it is prepared to make an offer on several hundred acres of
oil leases in McMullen County Texas. "The geology appears to
support the investment," said Company President Dominick Falso. "We
are putting the finishing points on the offer which will include a
small amount of cash and a substantial amount of restricted shares
of our common stock...This gives us one year from the closing to
become profitable on the deal...I feel good about this
opportunity."
The company is in the process of selecting the right oil field
service companies to help with the drilling and completion as well
as ongoing production. Because the Eagle Ford Shale Pay Zone has
been such a bonanza over the past few years there are several
operators that are willing to consider a partnership arrangement.
"The fact that the Eagle Ford Shale play in Texas is no secret. Oil
production in Texas last year was higher than it has been since
1989...largely because of the Eagle Ford Shale play in South
Texas...and a good amount of that is in McMullen County."
The company is considering other deals as well. Shallow wells in
Atascosa County, Texas as well as acreage in Kansa and Colorado.
"We want to carefully consider all of our options...and we have
come across several opportunities that seem promising... but
McMullen is the most exciting to me...as I have mentioned before,
we do not see the price of oil dropping any time soon...if ever.
Our job is to make the right deal...and I believe we are on track
to do just that."
The company has also been having discussions with property and
mineral rights owners in Canada regarding mining prospects and will
report on any developments in this arena as they occur. "There are
so many metal properties available up there (British Columbia) that
we do not expect to be making any definitive decisions any time
soon," said Mr. Falso. "We will keep everyone posted...again, main
objective is to become profitable...and by doing so increase and
support shareholder value... This is a very exciting time at the
company."
Safe Harbor Statement: This release includes "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934 that are based upon assumptions that in the future may
prove not to have been accurate and are subject to significant
risks and uncertainties, including statements as to the future
performance of the company and the risks and uncertainties detailed
from time to time in reports filed by the company with the
Securities and Exchange Commission and or elsewhere. Although the
company believes that the expectations reflected in its
forward-looking statements are reasonable, it can give no assurance
that such expectations or any of its forward-looking statements
will prove to be correct. Factors that could cause results to
differ include, but are not limited to, the company's ability to
raise necessary financing, retention of key personnel, timely
delivery of inventory from the company's contract manufacturers,
timely product development, product acceptance, and the impact of
competitive services and products, in addition to general economic
risks and uncertainties.
CONTACT: Alaska Pacific Energy Corp. Dominick Falso President
(954) 793-0657 www.alaskapacificenergy.com
info@Alasksapacificenergy.com
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