Alaska Pacific Energy (APE) announced earlier this week that it is moving closer to a deal for drilling acreage in McMullen County, Texas. Experts estimate there are more than 25 Billion barrels and 150 trillion cubic feet of natural gas in the Eagle Ford Shale Pay Zone. The geology of the region suggests there may be more than one layer of payout opportunities in formations that are found both above and below the Eagle Ford, and Alaska Pacific Energy is eager for profits.
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. 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…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. Alaska Pacific is also exploring drilling opportunities in West Texas as well as Oklahoma and Kansas. APE expects the price of crude oil to remain near the one hundred dollars per barrel mark for, "quite a while" and for its shareholders to profit from the Texas shale for many years.