ASKE – Alaska Pacific Energy Corp Issues Letter of Intent to Purchase Eagle Ford Shale Drill Site in McMullen County, Texas
Posted on 16. Apr, 2013 by DDonlin
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.
(PublicWire.com News Release) VIASPACE Inc. (OTC Bulletin Board: VSPC), and its renewable energy subsidiary VIASPACE Green Energy Inc. (OTC Bulletin Board: VGREF), announced today that they have signed a Memorandum of Understanding with PT Provident Agro of Jakarta Indonesia with the goal to use Giant King(TM) Grass as feedstock for a large scale pellet mill to manufacture a minimum of 300,000 metric tonnes per year of pellets for the export market, primarily in Europe.
Provident Agro owns extensive oil palm plantations and land in Sumatra, Kalimantan and Sulawesi, Indonesia with a total land bank of 150,000 hectares (370,000 acres) producing more than 23,500 tons of crude palm oil each year. Provident Agro is owned 50% by the Saratoga Group and 50% by Provident Capital Indonesia. The Saratoga group, headed by Edwin Soeryadjaya, Ernst & Young’s Indonesian Entrepreneur of the Year in 2010, has extensive holdings in energy and natural resources including coal and palm plantations. Saratoga and Provident Capital Indonesia also own a network of cell phone towers in Indonesia.
Under the Memorandum of Understanding, Provident Agro will initially plant a 25 acre test plot in Indonesia using Giant King Grass seedlings provided under contract by VIASPACE. Details of the business relationship were not provided. Provident Agro has signed a Nondisclosure and Non-Circumvention Agreement with VIASPACE, and has visited the Giant King Grass plantation in China as part of its due diligence.
Giant King Grass is a very high yield, nonfood, low carbon energy crop that can be burned in electric power plants to replace coal. The carbon dioxide released when Giant King Grass is burned is reabsorbed by the next crop growing 120 days later. With only minor modifications, many existing power plants can burn up to 25% Giant King Grass pellets instead of coal, thus reducing their carbon emissions by 25% and meeting their emissions targets for the next 10 to 20 years while preserving their large capital investment. New power plants can burn up to 100% Giant King Grass.
Bloomberg reported on December 3, 2010, “The highest-priced coal in two years is making wood pellets a viable fuel alternative for U.K. power producers, heralding a doubling of electricity generation from biomass in the next three years…Benchmark coal for delivery next month in Northwest Europe has climbed 40 percent this year to close at $116.25 a metric ton yesterday, thehighestsince Oct. 24, 2008, according to data compiled by Bloomberg from broker prices. Pellets have fallen 0.7 percent this year to 126.30 euros ($167) a ton, according to APX-Endex, an Amsterdam-based exchange thatplansto begin trading of wood contracts on its system by mid-2011…Power companies are turning to biomass as the profit from coal-based electricity generation slides.”
(VSPC.OB) VIASPACE Inc Signs Memorandum Of Understanding With PT Provident Agro
Giant King Grass is a dedicated and sustainably grown energy crop that provides an attractive alternative to wood pellets which are being criticized for diverting wood waste from current applications in the pulp & paper, plywood, veneer and engineered wood products industries
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