updated 9/29/2010 8:45:41 AM ET 2010-09-29T12:45:41

CARLSBAD, Calif., Sept. 29, 2010 (GLOBE NEWSWIRE) -- Management of Alaska Pacific Energy Corp. ("APEC" or the "Company") (OTCBB:ASKE), a publicly traded oil and gas exploration and technology company, is pleased to announce that effective September 27, 2010, a Consulting Agreement has been executed with Belmont Venture Capital, of Toronto, Canada. Belmont is an experienced public and investor relations company with combined staff experience of more than 50 years and expertise in assisting emerging growth companies such as APEC. See their website at www.thejuniorstocks.com

APEC has also received the audited financial statements of Engineering Technology Inc. ('Entec"), which management is now reviewing as a part of its due diligence process.

As announced in early June 2010, the Company has entered into a purchase agreement to acquire all the outstanding shares and assets of Entec, a Calgary-based private company. The due diligence process, however has taken longer than expected and the acquisition, which was initially expected to close by August 31, 2010 has been extended to close on October 31, 2010.

In addition to the extension, the Company and Entec signed an Amended Share Purchase and Sale Agreement (the "Amended Agreement") (See Form 8-K filed September 22, 2010). Pursuant to the terms of the Amended Agreement, Entec and the Company will cancel the 15,000,000 restricted common shares issued to Entec as part of the March 18, 2010 License Agreement and the Company will issue Entec a convertible debenture comprised of 27 million shares, which include the 15 million shares of the Company's common stock that were previously issued to Entec under the License Agreement and the 12 million shares that were to be issued under the Purchase Agreement.

Management of APEC is also is working closely with their Canadian securities law firm, toward the completion of a prospectus which will be filed with the Canadian National Stock Exchange (CNSX). Upon acceptance by the CNSX, Alaska Pacific Energy Corp. stock will be eligible to trade on the CNSX Exchange, significantly increasing our exposure to the Canadian financial community.

Due to our major focus on the oil and gas industry, APEC has decided to concentrate our time and resources on evaluating new opportunities and developing the significant potential presented by our involvement with Entec, and the oil and gas industry in general. As a result, the Company has decided to terminate our interest in the Quebec Molybdenum claims.

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). For more information, visit http://alaskapacificenergy.com/ .

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.

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