Alaska Pacific Energy Corp. Announces Progress on Key Business Development Initiatives

CARLSBAD, Calif., Aug. 4 /PRNewswire-FirstCall/ -- Alaska Pacific Energy Corp. (OTC Bulletin Board: ASKE), a publicly traded oil and gas exploration and technology company today announced progress on two key business development initiatives aimed at increasing the Company's exposure to international markets and securing key personnel.

"Our pending acquisition of Engineering Technology, Inc. has resulted in several, exciting business development opportunities for Alaska Pacific Energy," said Jim King, Chairman and President of Alaska Pacific Energy Corp. "We intend on diligently evaluating and pursuing a number of opportunities aimed at raising awareness, forging strategic partnerships, and generating revenue for the Company."

Alaska Pacific Energy Corp., along with Engineering Technology, Inc. ("Entec") is in the final stages of organizing a meeting with executives from 10 international companies that are interested in Entec's technological solutions for oil and gas exploration, mining de-gasification, and civil infrastructure construction. These companies are also interested in the oil and gas investment opportunities through the Company's Canadian subsidiary, Alaska Pacific Energy (Canada) Ltd. The meeting is expected to take place in August 2010.

The Company has also identified two key individuals to join its Energy Procurement, Evaluation and Acquisition team. These two individuals are accomplished oil and gas professionals, and we expect to add them to our team by the end of 2010, in anticipation of the Company's pending acquisition of Entec, and initial $18 million financing.

"We are all very excited about the pending acquisition of Entec by Alaska Pacific Energy Corp.," said Grant Jameson, President and Chief Executive Officer of Entec. "APEC's years of experience in oil and gas exploration and asset development, coupled with Entec's wide range of technology solutions will allow both companies to achieve certain key goals including expanding our global footprint, generating higher revenue, and creating additional value for shareholders."

About Alaska Pacific Energy Corp.

Alaska Pacific Energy Corp. (APEC) is an emerging company that is pursuing the acquisition, exploration, and development of opportunities within the Alberta Oil Sands along with complimentary conventional (described as typical rock formations targeted as suitable for oil and gas recovery) and non-conventional (described as rock formations historically difficult for oil and gas recovery i.e. shales and other 'tight' formations) oil and gas properties in North America.  Founded in 2005, APEC is a public company listed on the OTC Bulletin Board in the USA (OTCBB: ASKE).

Forward-Looking Statements

Statements, which are not historical facts, are forward-looking statements. The Company, through its management makes forward-looking public statements concerning its expected future operations, performance and other developments. Such forward-looking statements are necessary estimates reflecting the Company's best judgment based upon current information and involve a number of risks and uncertainties, and there can be no assurance that other factors will not affect the accuracy of such forward-looking statements. It is impossible to identify all such factors, factors which could cause actual results to differ materially from those estimated by the Company. They include, but are not limited to, government regulation, managing and maintaining growth, the effect of adverse publicity, litigation, competition and other factors which may be identified from time to time in the Company's public announcements.

SOURCE Alaska Pacific Energy Corp.

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