ABRG, NEWS IS OUT! $240 million in oil & gas! Read below
-Ambra's Beaufort Sea Project Update & Clarification
VANCOUVER, British Columbia--(BUSINESS WIRE)--June 26, 1998--Publicly traded Ambra Resources Group Inc. (OTCBB: ABRG - news) would like to clarify the review by Citadel Engineering Ltd. of Calgary, Alberta, of its Beaufort Sea Project, which was announced on June 22, 1998.
A. The property had proven recoverable gas reserves of 108 Billion Cubic Feet and proven recoverable oil reserves of 8,976,000 Standard Barrels of Oil.
Ambra's working interest net reserves are 4.04 Billion Cubic Feet of Gas valued at $8.08 Million, and 336,000 Standard Barrels of Oil valued at $4.7 Million - for a total of $12.78 Million.
B. Seismic data indicates a structure closure of approximately 40 square kilometers with a gross potential reserve of 1.16 Trillion Cubic Feet and 160 Million Barrels of Oil.
Ambra's working interest net reserves are 34 Billion Cubic Feet valued at $68.0 Million and 4.7 Million Standard Barrels of Oil valued at $65.8 Million for a total of $133.8 Million.
C. The lands in which Ambra owns an interest comprise approximately 21.54 square kilometers containing gross potential reserves of 625 Billion Cubic Feet of Gas and 86 Million Standard Barrels of Oil.
Ambra's working net reserves are 23.4 Billion Cubic Feet of gas, valued at $46.8 Million, and 3.2 Million Standard Barrels of Oil valued at $44.8 Million for a total of $91.6 Million.
The Beaufort Sea Project will be a valuable asset for Ambra Resources Group, a natural resource exploration and development company strategically positioning itself with a strong portfolio in minerals, oil and gas interests.
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Contact:
John Hickey, 1-800-698-3377
or
Ambra Resources Group invites you to learn more about its
projects at its WEB Site address: www.ambraresources.com |
