Here:Vancouver, B.C. Canada V6C 2V6
April 14, 1999
Symbol ABRG.BB
OIL DRILLING IN PETROLEUM COUNTY, MONTANA TO BEGIN APRIL 18. AMBRA RESOURCES INCREASES ITS PARTICIPATION
VANCOUVER, British Columbia--(BUSINESS WIRE)--APRIL14, 1999--Ambra Resources Group, Inc.(OTC:BB-ABRG - news), and Promax Energy Inc. (PMY.VSE) will begin exploratory oil drilling on April 18, 1999. The projects operator, Promax Energy Inc, will drill the first well on the East Winnett Junction oil reservoir property in Petroleum County, Montana to an approximate depth of 2,900 feet into the Tyler Sands.
Due to the exceptional probability for a successful drilling operation on this project, Ambra Resources Group Inc has increased its working interest by an additional 5% to 55% Before Pay Out and to 30% After Pay Out for the balance of the life of the well(s). Three previously drilled wells on the Winnett Junction property initially averaged 270 barrels per day each for a total of 959,000 barrels up to 1995 and are still in production.
When production of the first oil well begins, the Operator will move the drilling rig and equipment to begin work on a second well within the same structure.
The East Winnett Junction Oil 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, has the potential to dramatically increase the company's cash flow for 1999. Drilling and production from the Cessford Project will continue on the additional authorized wells during 1999.
Results of the East Winnett Junction drilling program will be released upon completion.
Contact: Ambra Resources Group Inc. Investor Relations, 800/698-3377 or 604/669-2723. WEB SITE OF AMBRA RESOURCES GROUP, INC. ambraresources.com
By the Board of Directors,
AMBRA RESOURCES GROUP INC.
John M. Hickey
President
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