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Alaska Pacific Energy Corp Issues Letter of Intent to Purchase Eagle Ford Shale Drill Site in McMullen County, Texas
Alaska Pacific Energy Corp Issues Letter of Intent to Purchase Eagle Ford Shale Drill Site in McMullen County, Texas.
About this update from Alaska Pacific Energy Corp.
[{"type":"text","content":"\n\n\n\n\n\n\n\nAlaska Pacific Energy Corp Issues Letter of Intent to Purchase Eagle Ford Shale Drill Site in McMullen County, Texas\n\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:\"0in\";\n}\n\n\n\n\n\n\n\n\n\n\nAlaska Pacific Energy Corp Issues Letter of Intent to Purchase Eagle Ford Shale Drill Site in McMullen County, Texas\n\nPR Newswire\n\nMIAMI, April 16, 2013\n\n\n\n\n\n\n\nMIAMI, 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.\n\n\nEither 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. \n\n\n\"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 ...