Ambra Resources Group Inc. Annual Update
VANCOUVER, British Columbia--(BUSINESS WIRE)--Dec. 20, 2000-- Ambra Resources Group Inc. (OTCBB:ABRG).
AMBRA PETROLEUM DIVISION
CESSFORD, ALBERTA CANADA
Ambra 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 has cased and is completing 43 Wells in its 2000 drilling program in Cessford. All Wells indicate potential commercial gas production from multiple zones. There are currently 17 Wells hooked up and producing and there are plans for many additional Wells during 2001 fiscal Year.
BEAUFORT SEA EXPLORATION
Ambra has a 3.745% working interest in a Well in the massive Oil & Gas reserves of the Beaufort Sea. With present fuel shortage and rising costs in North America, the long term potential of this partnership with Imperial Oil Resources, Anderson Oil and Gulf Canada Resources is enormous in economic terms.
VENTURE OIL & GAS INC.
Ambra's 75% owned partner Venture Oil & Gas Inc. has leases in Louisiana that will be worked to completion during 2001.
Bastion Bay Field, Plaquemines Parish State lease No. 1 Well is completed. Hookup of the gathering system is on hold due to an existing legal matter which should be resolved shortly. This Well is estimated to produce over 2 million cubic feet of gas per day. The ownership of this Well is 6.25%.
Charenton Field, St. Mary's Parish will be the next target work project and is expected to produce 100+ barrels of oil per day and over 200 thousand cubic feet of gas per day. The ownership of this Well is 25%.
Cameron Meadows Field, Cameron Parish is expected to produce over 60 barrels of oil per day and 150 thousand cubic feet of gas per day. The ownership of this Well is 34%.
Barataria, S. Field is expected to produce over 50 barrels of oil per day and 1 million cubic feet of gas per day. The ownership of this Well is 20%.
Lake Washington Field, Plaquemines Parish is expected to produce over 75 barrels of oil per day and 500 thousand cubic feet of gas per day. The ownership of this Well is 50%.
Further news will be released upon completion of each of the listed projects during 2001.
AMBRA LAND DIVISION
Ambra Land Division owns two large acreage Ocean front properties with houses at the Abbecombec Ocean Village Resort. This resort is located on the shore of Clam Bay 40 miles north east of Halifax, Nova Scotia Canada. One house is rented and the other has been completely renovated and will be rented early in the New Year. These lots were purchased for $120,00.00 in 1995 and have recently been evaluated at $200,000.00, which is a solid asset to the Company.
AMBRA MINING DIVISION
Ambra Mining Division owns Claims in the Sicker Volcanic Belt of the Cowichan Valley on Vancouver Island, British Columbia. They consist of Marathon, Marathon I and Marathon II as well as the Krystal Ann Claims: Krystal Ann I, Krystal Ann II and Krystal Ann III.
During the spring of 1997, the Company drilled seven holes on the Marathon claims and the 5th hole produced .368 oz/gold per ton at 165 feet depth in the area of the Paula Vein. In the Fall of 1997 the Marathon Claims work program consisted of IP testing (induced polarization) which consisted of cutting 4 - 0.5 KM lines in a northwest direction across and perpendicular to the Paula Vein. Over a dozen anomalies were pinpointed by these tests and have allowed the geologist to pick key drilling sites in an effort to fine the direction of the Paula Vein.
With the market decline in Gold from 1998 to the present, Ambra put a major focus on the Oil and Gas sector and is currently pursuing this path. In the future, as Gold recovers and makes it viable to further pursue drilling on the Marathon Claims, the Company will develop a work program. The Claims are fully paid and registered until varying dates in 2004 and 2005.
AMBRA INFORMATION TECHNOLOGY DIVISION.
During 2000, the Company purchased two web sites and started one to register and sell Domain names. The intent is to become a force in the secondary Domain market. First Domain Name Company Inc. (FDNCI.com) now has a structured web site with over 1300 names registered and owned by the Company and a further 3200 names registered and owned by other similar Companies and will be sold by FDNCI.com on a percentage basis.
The focus on this site for 2001 is to implement an array of online marketing strategies to promote the site and the service it provides. News updates will be released when these strategies are implemented and sales of Domain names are being completed.
The web site Office Managers.net is an online marketing portal for Office and Business supplies and services. The site is currently under construction and future development plans will be announced in the New Year.
The Real McCoy.net web site in the future will provide Internet marketing of products that are "ORIGINAL" versions of their respective lines. Further development of this site will begin in 2001.
SUMMARY
Ambra Resources Group Inc. is a fully reporting Resource Company and all Financials have been filed.
The fundamentals of the Company at this time are solid. Three of the four divisions are working and have tremendous growth potential for the future.
The Board of Directors would like to thank all shareholders for their continued support and wish you all a very Happy Holiday Season and a Prosperous New Year.
By the Board of Directors, Ambra Resources Group Inc.
John M. Hickey President
CONTACT: Ambra Resources Group Inc.
Investor Relations, 800/698-3377 or 604/669-2723
ambraresources.com |
