ABRG- VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 12,
1999--Ambra Resources Group (OTC BB:ABRG) and 50% owned partner,
Venture Oil & Gas Inc., have acquired a 492 acre oil and gas project
located in McNeil Ranch Field of South Texas, Duvall County.
An initial test well of 7400 feet will be drilled in the Yegua
formation by Samedan Oil Corporation of Houston to offset two
producing wells. The two wells are completed in a basal Yegua
formation (Y-1 or Bazan sand) and are producing a combined three
million cubic feet of gas and 120 barrels of condensate per day. The
wells have been producing for over two years and have accumulated
production of two billion cubic feet of gas and 80,000 barrels of
condensate. Drilling operations are scheduled for October and November
of this year.
In the Coalton Field project of Okmulgee County, Okla., Roy
Number 1 Well was perforated and acidized in the Middle Gilcrease
formation and will be flow rate tested and the new production will be
hooked to the sales line in August. Indicated sales production is 350
to 500 thousand cubic of gas per day. Using the lower production
figure and $2/mcf, Ambra's gross monthly revenue from this well will
be $7875.00. Additional drilling of shallow formations are planned in
order to further increase production.
The Companies also report that the additional geological data
obtained on the Kings Ridge Field of LaFouche Parish, La., indicates
an additional 600,000 to 1,000,000 barrels of oil can be recovered
through drilling of more wells after the initial remediation of
existing wells is completed. The project is expected to produce 900
mcf of gas per day and 300 barrels of oil per day after remediation.
Acquisition of the 1,350 acre, 5 well Kings Ridge project in LaFourche
Parish, La., is expected to close within two weeks.
By the Board of Directors, John M. Hickey, President.
--30--MJB/ho*
CONTACT: Ambra Resources Group Inc., Vancouver
Investor Relations, 800/698-3377 or 604/669-2723
ambraresources.com |
