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Gold/Mining/Energy : ABRG (formerly AMBY) any news?
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To: LORD ERNIE who wrote (1337)10/25/2000 10:57:03 AM
From: SCOOBEY-DO  Read Replies (1) of 1358
 
Ambra Announces Further Expansion of Its Cessford, Alberta Energy Program

VANCOUVER, BRITISH COLUMBIA-Ambra Resources Group Inc. (OTCBB:ABRG) announces that operating partner Promax Energy Inc. has announced the completion of its second booster compressor and the tie-in of five new Wells to bring the total producing Wells to seventeen.

There are a total of 49 Wells capable of production and the Operator is continuing to drill/case and hook up these Wells on a timely basis. Based on a recent Engineering Report the amount of gas producing, developed and non-producing and probable additional reserves represent 67.06 billion cubic feet of gas. In dollar value, Ambra's 5.8% working interest represents $28,000,000 net in undiscounted terms and $11,500,000 discounted at 12%.

This is a significant return on Ambra's total investment in the Cessford project.

Today Ambra and Promax Energy management will be taking a hands-on tour of the Cessford gas plant, pipeline and Wells to determine the viability of further expansion of its operations. Reports of this tour and analysis will be forthcoming.

By the Board of Directors, Ambra Resources Group Inc.

FOR FURTHER INFORMATION PLEASE CONTACT:

Ambra Resources Group Inc.
Investor Relations
(800) 698-3377 or (604) 669-2723
ambraresources.com
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