ABRG good news out.
(BSNS WIRE) Ambra Resources Group Inc. Opens New Information Technology Div
Ambra Resources Group Inc. Opens New Information Technology Division Offices in
Princeton, New Jersey; Reports New Petroleum Division Project Values
Business Editors/Energy Writers
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 23, 2000--
Ambra Resources Group (OTCBB:ABRG) is pleased to report on the
company's continuing efforts to create shareholder value by asset
acquisition in the Information Technology arena and by optimizing the
company's inventory of petroleum projects.
INFORMATION TECHNOLOGY DIVISION:
Ambra Resources Group has appointed Steven J. Weiss as director of
Business Development and Corporate Communications for the company's
I.T. Division. The company has opened new I.T. Division offices in
Princeton, New Jersey in order to manage and market the extensive
listing of domain names it obtained with the acquisition of a 60%
equity interest in The First Domain Name Company, Inc.,
firstdomainnamecompany.com. Mr. Weiss will direct his
efforts towards making The First Domain Name Company the premier
online marketer of registered domain names. Ambra's I.T. division will
provide full service internet reseller services for domain names and
web site development for businesses. The company has also retained the
services of experienced web masters to complete the web portals and to
launch its new online businesses for The Real McCoy and for Office
Managers.net. The Real McCoy provides internet marketing of products
which are "the original" versions of their respective lines. Office
Managers is an online marketing portal for office supplies and
business services: officemanagers.net.
Ambra's Information Technology Division is currently reviewing
additional online businesses for development and acquisition and will
continue an aggressive program of asset growth in order to create
investor value.
PETROLEUM DIVISION:
The recent price increases in oil and gas has added value to the
inventory of quality production properties owned by Ambra Resources
Group. The company's 3.745% interest in the 640 acre Beaufort Sea
Project which is managed by Exxon, has a present day appraisal of
$20,852,000. The Beaufort Sea Project is estimated to contain gross
potential reserves of 1.16 trillion cubic feet of gas and 160 million
barrels of oil within a structure closure of approximately 40 square
kilometers. The area in which Ambra owns an interest comprises 21.54
square kilometers containing gross potential reserves of 625 billion
cubic feet of gas and 86 million barrels of oil.
Ambra Resources Group has agreed to acquire additional working
interests in the 23 square mile Cessford, Alberta, Canada Amex Joint
Venture. The operator, Promax Energy (CDNX:PMY) will expand the
pipeline gathering system to include additional production beyond the
first six wells that obtained economic production in 1999. This
expansion will effectively double the acreage served by the pipeline
and will increase Ambra's gas revenues from the project. Ambra's
increased participation will include the additional acreage to be
served by the expanded pipeline system. After finalization of the
contract, Ambra's interest will be 5% for the entire Cessford project
including revenues from the expanded pipeline system.
Due to the current high valuations of certain project interests
owned by Ambra Resources, the company plans to sell some of the
interests that have appreciated due to increases in oil and gas
prices. This will enable the company to optimize production for the
retained projects thereby achieving greater oil and gas production at
current price levels. Ambra and 50% owned partner, Venture Oil and Gas
estimate their potential production from this new allocation of
resources to be approximately 344 barrels of oil per day and 1,331 mcf
of gas per day. The combined revenue potential from oil and gas
production under this new allocation is projected to be approximately
$2.5 million per year over the life of the wells for the retained
eight project inventory.
Ambra's Plaquemines Parish project, State Lease "9800" No. 1,
Bastian Bay Field Prospect has met all requirements of the Coastal
Management Division of the Department of Natural Resources and it is
expected that a permit will be issued in seven days which will allow
construction of the pipeline to be completed. Ambra anticipates final
pipeline connection will result in delivery of 2,000 to 2,500 mcf of
gas per day.
By the Board of Directors, Ambra Resources Group, Inc.
--30--JMP/na*
CONTACT: Ambra Resources Group Inc., Vancouver
Investor Relations, 800/698-3377 or 604/669-2723
ambraresources.com
or
Information Technology Division
Steven J. Weiss, 609/452-5617
KEYWORD: NEW JERSEY INTERNATIONAL CANADA
INDUSTRY KEYWORD: ENERGY OIL/GAS INTERNET
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
URL: businesswire.com
*** end of story ***
*** end of story *** |
