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You have to run apxchpwd.sql from APEX install as sysdba.
I'm a new user to APEX. I need to reset the adminstrator password as I have to create a workspace. Nobody has a clue about the admin/user password as it was not used for quite some time.How do I go about resetting/recovering the admin password />
Do you know the Internal/Admin password? If yes, then login as Internal/Admin , select the Workspace and user and change the password.
If you do not know the Internal/Admin password you can reset it by running apxchpwd.sql from the Apex installables folder.