The value of the purchase will add 100% of the oil and gas rights on the property in the Eagle Ford Shale Payzone.
The transaction is subject to a lease of a 77% working interest to the oil company, which has established many wells in the area.
Alaska will drill the wells or will transfer the working interest to another oil company, if the other company does not drill on the property by the end of 2013.
Alaska Pacific Energy CEO Dominick Falso said that the company has funders to get involved with deals, depending upon the merits of the deal.
"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, " Falso added.
