MIAMI, Feb. 27, 2013 /PRNewswire/ -- Alaska Pacific Energy Corp. (PINKSHEETS: ASKE) announced earlier this week that it is moving closer to a deal for drilling acreage in McMullen County, Texas. The acreage being considered appears to be able to provide an outstanding pay from the Eagle Ford Shale Pay Zone. Experts have estimated over 25 Billion Barrels of oil and 150 trillion cubic feet of natural gas in the Eagle Ford Shale Pay Zone. The company is in the process of accessing additional geology on the actual tracts that they are considering. There are also stacked payout opportunities in formations that are found both above and below the Eagle Ford. This is a very exciting time at the company.
Company President, Dominick Falso said, "I have spent quite a bit of time investigating various opportunities in a variety of areas. The Eagle Ford Shale Play has been booming for the past few years but we feel, and so do many others, that this boom should last for years to come. Our goals include exchanging restricted shares for drilling rights or even partnering up with current lease owners…again bring restricted common stock to the table. This gives us a year from the a date that we acquire a lease to develop it to production…the theory being that the oil and or gas production will help fortify the company, financially and otherwise… ."
"We have been working very hard since taking over in December," Mr. Falso continued. "We still have a few items that need attention…for instance our website is still not up to date…we expect that to be fixed soon…and we are working on becoming a listed or transparent company again…listed on OTC as a QB Company…however the main objective is to become profitable…and by doing so increase and support shareholder value… ."
The South Texas opportunities are not the only ones being examined. The company is also exploring drilling opportunities in West Texas as well as Oklahoma and Kansas. The company expects that the price of crude oil will remain in the one hundred dollars per barrel for quite a while. Accordingly the company is developing plans to be able to acquire leases, develop them and get to market at a substantial profit which should have a positive impact on shareholder value. The company will continue to keep shareholders informed of its progress.
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.
SOURCE Alaska Pacific Energy Corp.