uccessful Fracturing Further Expands New Production for
Ambra Resources At Cessford, Alberta Gas Project
BusinessWire
Tuesday February 23 11:14am
VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb.
23, 1999-- Ambra Resources Group (OTC BB:ABRG) Ambra
Resources Group has achieved economic gas production from
six of the first seven gas wells in which the company participates
through the Amex Joint Venture in Cessford, Alberta.
Additionally, well 6-20-25-8-W4M has undergone new
fracturing in the Lower Manville Zone by the project's operator
Starrock Resources Ltd. The process was highly successful and
resulted in increasing the well's gas flow from 2.9 Million cubic
feet per day to above 4.5 Million cubic feet per day.
Potential production of Gas from the Amex Joint Venture
project continues to increase. The company now participates in
six producing gas wells and can participate in the development
of over eighty additional, permitted wells on the 23 square mile
Amex JV property.
New fracturing is a highly cost effective method of obtaining
increased production for Ambra Resources and the company's
5% net interest will result in approximately $16,500 of cash flow
per month.
Further reactivation of additional existing wells and continued
new fracturing of known producing zones will be also be
accomplished. The new pipeline gathering system that is under
construction will further enhance production revenues as each
completed well is added to the pipeline. The Amex Joint
Venture is providing the company with an increasing potential
for major oil and gas discoveries as the exploration and
production process continues to finance its own development. In
the process of completing the remaining eighty wells, significant
potential exists for a major new discovery in this highly
prospective mineral field.
DRILLING SCHEDULE FOR THE MONTANA OIL
RESERVOIR
Ambra Resources and Starrock Resources Ltd, the operator,
expect drilling to begin on the East Winnett Junction Field within
the month of March when final permitting for 1999 is completed
and the drilling rig is delivered for setup. This first well will be
drilled to an approximate depth of 2,900 feet where radiometric
seismic surveys indicate the presence of a large pool of oil. The
drilling plan will target a potential resource of two million barrels
of oil which is indicated to exist in geologic formations like those
of the nearby producing Winnett Junction Field. Ambra
Resources and the operator, Starrock Resources, each have a
50% net interest in the East Winnett Junction project.
For further information, contact: Ambra Resources Group, Inc.,
Investor Relations, Phone: 800/698 3377 or 604/669 2723.
Email can be sent through the company web site which is
located at: ambraresources.com.
By the Board of Directors, John M. Hickey, President.
DRILLING SCHEDULE FOR THE MONTANA OIL RESERVOIR
Contact:
Ambra Resources Group, Inc.
Investor Relations, 800/698 3377 or 604/669 2723
ambraresources.com
I hope this is good enough news to see a lotttttttt of movement is this baby.
Regards to all Norma |
