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

To: LaShark who wrote (1141)	8/12/1999 9:58:00 AM
From: Chris K.	Respond to of 1358

Some more GOOD news !! (BSNS WIRE) New Acquisition, New Production and Project Expansion Announ New Acquisition, New Production and Project Expansion Announced by Ambra Resources Group Business/Energy Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--Aug. 12, 1999--Ambra Resources Group (OTC BB:ABRG) and 50% owned partner, Venture Oil & Gas Inc., have acquired a 492 acre oil and gas project located in McNeil Ranch Field of South Texas, Duvall County. An initial test well of 7400 feet will be drilled in the Yegua formation by Samedan Oil Corporation of Houston to offset two producing wells. The two wells are completed in a basal Yegua formation (Y-1 or Bazan sand) and are producing a combined three million cubic feet of gas and 120 barrels of condensate per day. The wells have been producing for over two years and have accumulated production of two billion cubic feet of gas and 80,000 barrels of condensate. Drilling operations are scheduled for October and November of this year. In the Coalton Field project of Okmulgee County, Okla., Roy Number 1 Well was perforated and acidized in the Middle Gilcrease formation and will be flow rate tested and the new production will be hooked to the sales line in August. Indicated sales production is 350 to 500 thousand cubic of gas per day. Using the lower production figure and $2/mcf, Ambra's gross monthly revenue from this well will be $7875.00. Additional drilling of shallow formations are planned in order to further increase production. The Companies also report that the additional geological data obtained on the Kings Ridge Field of LaFouche Parish, La., indicates an additional 600,000 to 1,000,000 barrels of oil can be recovered through drilling of more wells after the initial remediation of existing wells is completed. The project is expected to produce 900 mcf of gas per day and 300 barrels of oil per day after remediation. Acquisition of the 1,350 acre, 5 well Kings Ridge project in LaFourche Parish, La., is expected to close within two weeks. 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: TEXAS LOUISIANA OKLAHOMA 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 *

To: LaShark who wrote (1141)	8/13/1999 2:00:00 PM
From: Bruce Bland	Read Replies (1) \| Respond to of 1358

As oil sectors have just recently been making a comeback-This may be further incentive to consider ABRG as an investment/trade opportunity as ABRG in their PR's are making progress in acquistions and exploration. Newbies can still (again) get in near support for a speculative opportunity in the oil and gas industry. I add to my portfolio every time we dip back to the low .04's. (REUTERS) FOCUS-Oil hits $21, highest for almost two years FOCUS-Oil hits $21, highest for almost two years (updates with Brent at $21) LONDON, Aug 13 (Reuters) - Oil prices rallied to a 22-month peak of $21 a barrel on Friday, buoyed by Nigerian supply disruption, declines in U.S. oil stockpiles and OPEC output restraint. London September futures for Britain's Brent crude touched the psychological $21 level, its highest since October 9, 1997, before dropping back to $20.88 for a 39 cent gain. The price of oil is more than double the historic lows touched at the turn of the year following disciplined reductions in supply under a market rescue accord by the Organisation of the Petroleum Exporting Countries. Dealers said data this week from the United States showing falling inventories of crude and petroleum products had underlined the success of OPEC producers in tackling a glut which early this year dragged Brent below $10 a barrel. Crude oil stocks in the United States, the world's largest consumer, now are six percent lower than a year ago while gasoline inventories are four percent smaller. The price drew more immediate strength on Friday from news that oil major Texaco declared force majeure on some Nigerian oil exports, meaning it cannot guarantee meeting all of its sales commitments, due to community unrest in the Niger Delta. Output curbs implemented by OPEC after a meeting in the Hague in March are expected to erase excess inventories entirely in coming months. Nevertheless, traders are concerned that prices may be due for a reverse after the heavy gains of recent weeks. "Scepticism has emerged about future price trends which we attribute to concern that OPEC will raise its production at the September 22 meeting," said banker Merrill Lynch. "We continue to believe that this will not occur and that OPEC will reaffirm its commitment to the Hague agreement," the bank said in a note to clients. On Monday, Venezuelan Energy and Mines Minister Ali Rodriguez said he did not expect any change in OPEC's production policy when the group meets next month. The cartel has agreed to maintain supply curbs for a year until the end of March which may a leave a shortfall in supplies during winter months. The Paris-based International Energy Agency said this week that world oil demand was expected to accelerate next year, while only marginal extra supplies would emerge from non-OPEC producers. It said a recovery in Asian economies would help double global demand growth from 900,000 barrels a day this year to 1.8 million bpd in 2000. It expected only 660,000 bpd of extra non-OPEC supply. MORE * end of story *