Ambra Resources Group Inc. Announces Successful Completion of Well Drilling and Hookup to the New Pipeline in Cessford, Alberta.
VANCOUVER, B.C.--(BUSINESS WIRE)--Oct. 10, 2000--Ambra Resources Group Inc. (OTCBB:ABRG) announces that the Operator, Promax Energy Inc. has completed the hookup of 2 Wells to the new three phase pipeline gathering system in the Cessford Alberta Area.
Ambra's 5.8% working interest will produce a positive cash flow.
Promax Energy plans to drill up to 36 Wells in the Cessford area by year end and to date has drilled and cased 9 Wells and all have significant multizone gas potential. Further news will be released on completion of these Wells and completion of an Engineering Report of daily gas flows and anticipated revenues.
Ambra participated in the pipeline gathering system by the infusion of $644,000 or 33.03% of the total cost. Upon completion, the pipeline was sold to Promax Energy and Ambra received $711,000 as its percentage share of the total selling price.
Also, Promax has added an additional 20 miles of tie-ins to the gathering system and has installed a booster compressor at the east end of Phase III in order to further facilitate maximum deliveries from shallow Wells in the Cessford area. The operator is also installing a booster compressor at an existing compressor site and plans to install a dehydration tower and choke plant. These systems combined will increase capacity in excess of 20 million cubic feet of gas per day.
Plaquemines Parish, Louisiana Update
Venture Oil & Gas has confirmation that the Operator has begun work on the final stage of the hook-up of Well # 1 State Lease 9800. Completion is expected within one week. Daily delivery and revenue forecasts will be forthcoming.
Beaufort Sea Exploration
Recent news that a pipeline is being planned to tap into the massive oil and gas reserves in the far North puts Ambra in an enviable position because of its 3.745% working interest in a Well with partners Imperial Oil, Petro Canada, Andersen Oil and Gulf Oil.
By the Board of Directors, Ambra Resources Group Inc.
CONTACT: Ambra Resources Group Inc.
Investor Relations, 800/698-3377
or
604/669-2723
ambraresources.com |
