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

To: Chuca Marsh who wrote (1107)	7/8/1999 9:54:00 AM
From: Chris K.	Read Replies (1) \| Respond to of 1358

(BSNS WIRE) New Acquisitions of Significant Oil and Gas Production Proje New Acquisitions of Significant Oil and Gas Production Projects Completed by Ambra Resources Group Business/Energy Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--July 8, 1999--Ambra Resources Group Inc. (OTC BB:ABRG) and 50% owned partner, Venture Oil & Gas Inc., have entered into an agreement to undertake operations on the Red River Bayou Unit of Red River Parish, La. This 7,300 acre project consists of 127 wells of which 57 are oil production wells and 70 are water injection wells. The project will be implemented in several phases. In Phase One, remediation work will begin on five wells. After testing these wells for a period of time, additional wells will be remediated and placed back into production. Ambra will own a 75% working interest before payout and Venture will own a 25% bpo interest. After payout of each phase, the project will be owned 50% by each partner. It is expected that production from the first five wells will provide revenues for the project's full remediation and development. After completely remediating the Red River Bayou Unit, Venture and Ambra expect daily production of oil to range from 500 to 700 Barrels. Ambra Resources Group and Venture Oil & Gas have acquired State Lease "9798", well No.2 in Lake Washington Field, Plaquemines Parish, La. Remediation of this well is expected to be completed within three weeks. After initial testing, the companies expect daily oil production to range from 80 to 100 Barrels with approximately 300 Thousand cubic feet of gas per day. Ambra Resources and Venture Oil and Gas own a 75% working interest in this project. In Charenton Field, St. Mary's Parish, La., Ambra Resources and Venture O & G are negotiating to acquire working interests in five oil wells where three wells are presently producing 40 Barrels per day. The companies plan to rework three of the five wells. It is anticipated that new oil production will be in the range of 220 Barrels per day with approximate gas flows of 200 Thousand cubic feet of gas per day. This new acquisition is due to close in the next thirty days. Ambra Resources Group and 50% owned partner, Venture Oil and Gas have arranged the immediate laying of gas flow lines to connect the State Lease "9800" No. 1 Well, Bastian Bay Field in Plaquemines Parish, La., to existing pipelines and expect initial sales to occur within two weeks. Testing has indicated a flow rate of between 2.5 to 3.0 Million cubic feet of gas per day. The aggressive acquisition of surplus oil and gas production projects by Ambra Resources Group is designed to take advantage of the timely opportunities that presently exist in the petroleum industry. The company is pleased that it can implement its growth strategy to enhance shareholder value by these acquisitions and will continue to report news worthy developments on a timely basis. By the Board of Directors, John M. Hickey, President. --30--MJB/ho* CONTACT: Ambra Resources Group Inc., Vancouver Investor Relations, 800/698-3377 or 604/669-2723 ambraresources.com KEYWORD: LOUISIANA INTERNATIONAL CANADA INDUSTRY KEYWORD: OIL/GAS ENERGY MERGERS/ACQ Today's News On The Net - Business Wire's full file on the Internet with Hyperlinks to your home page. URL: businesswire.com * end of story *