MIAMI, FL -- (Marketwire) -- 03/05/13 -- 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.
Alaska Pacific Energy Corp.
Most Popular Stories
- Obama Administration Releases Proposal to Regulate For-Profit Colleges
- Elizabeth Vargas' Husband Marc Cohn Addresses Rumors
- Keurig Adds Peet's coffee, Alters Starbucks deal
- Quiznos Files for Chapter 11
- Vybz Kartel Convicted of Murder
- U.S. Consumer Sentiment Falls in Early March
- SoCalGas Reaches Record Spend on Diversity Suppliers
- U.S. to Relinquish Gov't Control Over Internet
- Is Malaysian Airlines Flight 370 in Andaman Sea?
- Koch Brothers Step up Anti-Obamacare Campaign