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Gold/Mining/Energy : ABRG (formerly AMBY) any news? -- Ignore unavailable to you. Want to Upgrade?

To: Lute who wrote (1078)	6/8/1999 9:48:00 AM
From: Jacalyn Deaner	Read Replies (3) \| Respond to of 1358

Tuesday June 8, 9:30 am Eastern Time Company Press Release Project Acquisition and Production Update for Ambra Resources Group and Venture Oil and Gas Inc. VANCOUVER, British Columbia--(BUSINESS WIRE)--June 8, 1999--Ambra Resources Group Inc. and (OTC BB:ABRG) 50% owned partner, Venture Oil & Gas Inc., have agreed to purchase gas and oil projects in the Arkoma Basin area of Oklahoma. This area of Eastern Oklahoma has a history of successful oil and gas production. Venture Oil and Gas Inc. has purchased a 90% working interest in the Roy Number One well which is situated in the East Henryetta Field, of the Arkoma Basin Okmulgee County, Okla. This shut-in gas well was completed in the Lower Cromwell formation at an approximate depth of 2220 feet and is scheduled for remediation work by Venture O & G. The well has eight more zones which electric log analysis have shown to be capable of production. The well is expected to be dually completed with minimum production in the Lower Cromwell formation of 100 mcfg per day and in the Upper and Lower Booch sands with estimated production of 500 to 1000 mcfg per day. The companies anticipate this transaction will close within two weeks and remediation work to begin within the next thirty days. After recompletion work on the Roy Number One well is final, two additional gas wells in the area, which are under purchase contracts, are expected to close and to undergo remediation. The wells are located in the Oktaha Field of Muskogee County and in the Greasy Creek Field of Hughes County, Okla. In Plaquemines Parish Louisiana, State Lease 9800 No. 1 well has successfully tested at approximately 3000 mcfgpd and the operator expects to finish connecting to the sales line within the next thirty days. In the Lake Washington Field of Plaquemines Parish, Ambra and Venture have reached an agreement to acquire State Lease 9798, well No. 1. This agreement specifies a before payout working interest of 75% for Ambra and an after payout working interest of 50%. Due to Ambra's 50% ownership of Venture Oil and Gas, the effective ownership of Ambra is 62.5% for this well. Ambra will furnish funds to remediate the well. The oil well is a known producer and is expected to yield between 60 and 100 bopd plus 300 mcfg per day. By the Board of Directors, John M. Hickey, President. Contact: Ambra Resources Group Inc. Investor Relations, 800/698-3377 or 604/669-2723 www.ambraresources.com