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Gold/Mining/Energy : Daily News
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To: Kent C. who wrote (542)6/25/1998 10:27:00 AM
From: Money Maker (MM)  Read Replies (1) of 746
 
ABRG-June 24, 1998

ambraresources.com

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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