SALT LAKE CITY, June 30, 2004 (PRIMEZONE) -- Publicly traded Omega Ventures Group Inc. (OTCBB:APXR) announces continuation of work program at Manahuilla Creek Gas Well.
The operator, P.B. Energy Partners, has informed all participants in the Manahuilla Creek gas well, BB Gayle no. 1 in Goliad County, Texas, that the work program will proceed the week of July 5th, 2004.
The engineer will complete a dipole shear sonic log of the well that will allow a direct tie of the well to existing 2-D seismic lines and pinpoint the exact location of the gas. It is anticipated that this will take approximately one week.
Apex Resources Group Inc. owns a 2.5% working interest (W.I) in the well and 1.875% net revenue interest (NRI) upon completion.
Beaufort Sea Update
TransCanada Corporation announced recently that it has filed an application under the Alaska Stranded Gas Development Act. The company will now proceed with processing its application with the State of Alaska for a right-of-way across State lands for the Alaska Highway pipeline project.
This pipeline will eventually hook up with a new pipeline to be built down the Mackenzie Delta and enable producers to transmit gas from the Beaufort Sea.
Apex owns a 3.475% working interest in the Beaufort Sea well, Esso Pex Home, et al. Itiyok I-27, consisting of 640 acres.
During 1982 and 1983, a consortium of companies participated in drilling, casing and testing the area to a depth of 12,980 feet. A review of the well data and geological prognosis indicates that the area would contain proven recoverable gas reserves of 108 Bscf and proven recoverable oil reserves of 8,976 MSTB.
By the Board of Directors Apex Resources Group Inc. Investor Relations- Roger Reynolds 136 East South Temple, Suite 1600 Salt Lake City, UT, 84111 Tel: 801-363-2599 Email: ContactUs@ApexResourcesGroup.com www.ApexResourcesGroup.com
The foregoing contains forward looking statements. For this purpose any statements contained in this document that are not statements of historical fact may be deemed to be forward looking statements. Without limiting the foregoing, such words as "may", "will", "believes", "anticipates", "estimates", "continue", or comparable terminology intends to identify forward looking statements. These statements by their nature involve substantial risks and uncertainties and actual results may differ materially depending upon a variety of factors, including but not limited to, the successful negotiation and execution of the definitive acquisition agreement and receipt of certain exhibits and schedules requested by Apex Resources Group Inc.