Alaska Pacific Energy Corp Issues Letter of Intent to Purchase
Eagle Ford Shale Drill Site in McMullen County, Texas
MIAMI, April 16, 2013 /PRNewswire/ -- Alaska
Pacific Energy Corp. (OTC PINK: ASKE) announced yesterday morning
that it has issued a letter of intent to purchase 100% of the
mineral rights on 40 acres in McMullen
County Texas. The closing of the transaction is contingent
upon final due diligence which is occurring now. The value of the
purchase is found in the Eagle Ford Shale Payzone in addition to
the fact that the transaction would give the Company 100% of the
Oil and Gas Rights to all depths on the property. The proposed
transaction is subject to a lease of a 77% working interest to a
substantial oil company that has made several wells in the area. If
this 'other' company does not drill on the property by the end of
the year, they lose the lease and the Company (Alaska Pacific) can then either re-lease the
working interest to another oil company or the Company could drill
the wells for themselves.
Either way the company is in a position to earn substantial
revenues and profits from the property. If the Company simply
retains the Overriding Royalty of 23%, the Company would not be
required to burden any of the drilling, completion or any other
development costs. If the Company develops the property itself it
would be responsible for the burden of the costs of the development
but it would receive 100% of the royalties from any production on
the property.
"As I have mentioned before, we have funders that are willing to
get involved with deals for a piece of the deal, contingent upon
the merits of the deal." Said Alaska Pacific Energy Corp. CEO
Dominick Falso. "And this deal looks
outstanding. Keep in mind that we have not received our final
geology or due diligence docs yet but several large players have
been drilling and completing wells all around us. I do not want to
give any specifics until we tie the deal up but this one
acquisition could produce hundreds of thousands of dollars per
month in revenues in exchange for an investment of less than half a
million dollars...We will release a little more information later
in the week…I am very excited."
The Company has also been looking at other oil and gas
opportunities both in Texas and
other states and hopes to be making offers on at least two
additional opportunities in the near future.
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. 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 (web site under revision; not
totally up to date.)
info@alaskapacificenergy.com
SOURCE Alaska Pacific Energy Corp.