Ambra Resources Group Inc. Announces Major Progress in Cessford, Alberta Joint Venture Drilling Program
VANCOUVER, British Columbia--(BUSINESS WIRE)--Nov. 16, 2000--Ambra Resources Group Inc. (OTCBB:ABRG) owns a 5.8% working interest with partners in a Joint Venture Oil & Gas program in the Cessford area of Alberta, Canada.
The Joint Venture controls or owns 219 sections (over 140,000 acres) of Oil and Gas leases with high percent working interests and has a gas gathering system in place totaling over 60 miles. When Ambra Management toured this massive project in late October there were 17 Wells producing of a planned 36 Wells to be completed during this current work program.
The following illustrates the estimated dollar value based on $7.14 (CDN) per thousand cubic feet of gas.
*T GAS NET GAS UNDISCOUNTED DISCOUNTED MMSCF/a MMSCF DOLLAR VALUE DOLLAR VALUE
10% 12% 15%
$ $ $ $
Proven & 1,179 862 5,677,644 3,055,921 2,807,817 2,515,904 Producing Wells
Proven & Developed 1,207 913 5,833,565 2,707,551 2,430,570 2,104,166 Non-Producing Wells
Probable 1,750 1,392 8,403,768 3,080,849 2,659,053 2,179,874 Reserve Wells
Land --- --- 249,647 249,647 249,647 249,647
Total 4,136 3,227 20,164,624 9,093,968 8,147,087 7,049,591
(a) Million Cubic Feet
Current Monthly revenues from the sale of gas are being converted to the continuing production work program of hooking-up additional Wells.
A Planned three or four month hiatus during the early new year will result in monthly Revenue Cheques to be issued to Ambra in order to shore up finances for the 2001 work program. With each additional Well being hooked-up monthly revenue will increase. With the price of gas over $5.00 MCF USD and expected to rise due to winter demands, this puts Ambra in an excellent revenue position. The declining Canadian dollar further enhances the projected revenues.
By the Board of Directors, Ambra Resources Group Inc.
CONTACT: Ambra Resources Group Inc., Vancouver
Investor Relations, 800/698-3377 or 604/669-2723
ambraresources.com
or
Information Technology Division, Princeton, N.J.
Steven J. Weiss, 609/452-5617 |
