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(COMTEX) B: Acquisitions and Update Report for Oil and Gas Projects o
B: Acquisitions and Update Report for Oil and Gas Projects of Ambra Resources
Group
VANCOUVER, British Columbia, Jul 12, 1999 (BUSINESS WIRE via COMTEX)
-- Ambra Resources Group Inc. (OTC BB:ABRG) and 50% owned partner,
Venture Oil & Gas Inc., have entered into an agreement to undertake
operations on the Red River Bayou Unit of Red River Parish, Louisiana.
This 7,300 acre project consists of 127 wells of which 57 are oil
production wells and 70 are water injection wells. The project will be
implemented in several phases. In Phase One, remediation work will
begin on five wells. After testing these wells for a period of time,
additional wells will be remediated and placed back into production.
Ambra will own a 75% working interest before payout and Venture will
own a 25% bpo interest. After payout of each phase, the project will be
owned 50% by each partner. Since Ambra owns 50% of Venture Oil & Gas
Inc, the effective ownership by Ambra will be 75%. After completely
remediating the Red River Bayou Unit, Venture and Ambra expect daily
production of oil to range from 500 to 700 barrels.
Ambra Resources Group and Venture Oil & Gas have acquired State Lease
"9798", well No. 2 in Lake Washington Field, Plaquemines Parish,
Louisiana. Remediation of this well is expected to be completed within
three weeks. After initial testing, the companies expect daily oil
production to range from 80 to 100 barrels with approximately 300
thousand cubic feet of gas per day. Ambra Resources and Venture Oil and
Gas own a 75% working interest in this project.
In Charenton Field, St. Mary's Parish Louisiana, Ambra Resources and
Venture O & G are negotiating to acquire working interests in five oil
wells where three wells are presently producing 40 barrels per day. The
companies plan to rework three of the five wells. It is anticipated
that new oil production will be in the range of 220 barrels per day
with approximate gas flows of 200 thousand cubic feet of gas per day.
This new acquisition is due to close in the next thirty days.
Ambra Resources Group and Venture Oil and Gas have arranged the
immediate laying of gas flow lines to connect the State Lease "9800"
No. 1 Well, Bastian Bay Field in Plaquemines Parish Louisiana to
existing pipelines and expect initial sales to occur within two weeks.
Testing has indicated a flow rate of between 2.5 to 3.0 million cubic
feet of gas per day from this remediation project.
The aggressive acquisition of surplus oil and gas production projects
by Ambra Resources Group is designed to take advantage of the timely
opportunities that presently exist in the petroleum industry. The
company is pleased that it can implement its growth strategy to enhance
shareholder value by these acquisitions and will continue to report
newsworthy developments on a timely basis.
By the Board of Directors, John M. Hickey, President.
Copyright (C) 1999 Business Wire. All rights reserved.
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CONTACT: Ambra Resources Group Inc., Vancouver
Investor Relations, 800/698-3377 or 604/669-2723
ambraresources.com
WEB PAGE: businesswire.com
GEOGRAPHY: LOUISIANA INTERNATIONAL CANADA
INDUSTRY CODE: OIL/GAS
ENERGY
MERGERS/ACQ
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