To all:Oil Exploration: Drilling to Begin in Petroleum County, Montana by Ambra-Starrock Joint Venture
Business Wire - March 10, 1999 10:45
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 10, 1999-- Ambra Resources Group Inc. (OTC BB:ABRG) and Starrock Resources Ltd. are finalizing site preparations to begin drilling the East Winnett Junction oil reservoir target in March 1999. Work crews have arrived onsite and equipment is being placed and installed to set the drilling rig for operations to begin later this month. The required permitting to drill on the property has been filed and the first well has final authorization.
This first well will be drilled to an approximate depth of 2,900 feet into the Tyler Sands in the East Winnett Junction Field. Anticipated drilling time for this first well is ten days. The company will announce exact drilling dates when ongoing site preparation is completed.
The East Winnett Junction project is located in Petroleum County, Mont., and is in close proximity to producing oil projects. The area is known for substantial historical production. The 2,698 acres acquired by Ambra and Starrock Resources were originally part of a larger Joint Venture project that included ten oil exploration companies.
Ambra Resource's net interest in the original project was restructured to expedite drilling on this specific property when seismic survey data indicated a large pool of oil existed on the East Winnett Junction Property. Ambra formed a fast track plan and a new exploration joint venture with Starrock Resources Ltd. Ambra Resources has a 50% working interest Before Pay Out and a 25% working interest After Pay Out in the East Winnett Junction Oil Project. The company exercised its right to develop the 2,698 acres for this project and also obtained rights to acquire additional acreage adjacent to the project. The East Winnett Junction Project has excellent production potential. This project, coupled with the successful gas production obtained by Ambra from six of its first seven wells on the Amex Joint Venture in Alberta, would greatly increase the company's cash flow for 1999.
By the Board of Directors, John M. Hickey, President
CONTACT: Ambra Resources Group Inc., Vancouver
Investor Relations, 800/698-3377 or 604/669-2723
ambraresources.com
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