FIELD ACTIVITIES / Ambra discovers 3 wells
Three New Gas Discovery Wells Reported by Ambra Resources
Group
Cessford Area Oil and Gas Leases Alberta, Canada
VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 9, 1998-- Ambra Resources Group (Nasdaq:ABRG - news), Petroleum Division has successfully completed three gas discovery wells on the Amex Joint Venture property in Cessford, Alberta, Canada. New gas production from these wells will double Ambra's output to three million C.F.D. The company's 5 percent net interest in the joint venture will add approximately $6,300 per month in revenues over the 20+ year expected life of the wells.
Ambra Resources Group will continue to develop the 23 square mile Cessford property which is known for its oil and gas production. Additional high priority targets will be drilled and results reported as they develop.
East Winnett Oil and Gas Lease
Montana, USA
Successes from the Cessford gas wells will allow Ambra to move forward with dedicating substantial efforts and financial resources to complete additional oil drilling in Montana. All of the required permits and licenses to drill the East Winnett tank stock oil reservoir have been received by Ambra and the drilling rig will begin operations on Oct. 21, 1998. This highly prospective target was put on a fast track drilling program recently when radiometrics and seismic studies indicated a large pool of oil existed on the property. This resource was identified to be like other reserves in the vicinity which have produced over two million barrels of oil. Ambra has increased its participation in the 2,698 acre E.Winnett prospect to 75 percent for the initial payback period and 37.5 percent over the project's production life. The company has also optioned additional adjoining acreage for further drilling and development of the resource.
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Contact:
Ambra Resources Group Inc., Vancouver
Investor Relations, 800/698-3377 or 604/669-2723
ambraresources.com
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