ABRG IS GOING TO REBOUND, NEWS OUT ON THEIR WEB-SITE:
NEWS RELEASE
AMBRA RESOURCES
GROUP INC.
#610-800 WEST PENDER
STREET
Vancouver, B.C. Canada V6C 2V6
April 15, 1998
Symbol ABRG.BB
VANCOUVER, B.C. CANADA - JUNE 24, 1998 - publicly traded
AMBRA RESOURCES GROUP INC. symbol ABRG.BB would
like to announce:
THE BEAUFORT SEA PROJECT UPDATE &
CLARIFICATION
The Company would like to update and clarify the review by Citadel
Engineering Ltd. of Calgary of the Beaufort Sea Project as released in the
June 22, 1998 News Release:
1.Proven Recoverable Gas Reserves of 108 Billions Cubic Feet and
Proven Recoverable Oil Reserves of 8,976,000 Standard Barrels of
Oil.
(a) Ambra's Working Interest Net Reserves are
4.04 Billions Cubic Feet valued at $8.08 Million
and 336,000 Standard Barrels of Oil valued at
$4.7 Million for a total of $12.78 Million.
B. Seismic data indicates a structure closure of approximately 40
KM2 with a gross potential reserve of 1.16 Trillion Cubic Feet and
160 Million Standard Barrels of Oil.
(b) Ambra's Working Interest Net Reserves are
34 Billions Cubic Feet valued at $68.0 Million
and 4.7 Million Standard Barrels of Oil valued at
$65.8 Million for a total of $133.8 Million.
C. The lands in which Ambra owns an interest comprise of 21.54
KM2 containing gross potential reserves of 625 Billions Cubic Feet
of gas and 86 Million Standard Barrels of Oil.
(c) Ambra's Working Interest Net Reserves are
23.4 Billions Cubic Feet of Gas valued at $46.8
Million and 3.2 Million Standard Barrels of Oil
valued at $44.8 Million for a total of $91.6
Million.
We hope that this updated news release helps to clarify this very valuable
Gas & Oil Asset. If you have any further questions, please call toll free at
1(800)698-3377, or visit our Web Site: www.ambraresources.com
By the Board of Directors
AMBRA RESOURCES GROUP INC.
John M. Hickey
President
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