Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

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

To: Bruce Bland who wrote (1143)	8/18/1999 9:32:00 AM
From: LaShark	Read Replies (1) \| Respond to of 1358

News VANCOUVER, British Columbia--(BUSINESS WIRE)--August 18, 1999-- Venture Oil and Gas, Ambra Resources Group's (OTC BB:ABRG) 50% owned partner, has acquired oil and gas leases on a deep gas project in South Louisiana. The leases are in a proven gas field that has substantial reserves below the depth of 18,000 feet. Expected recoveries after total development of the leases range between five hundred billion to one trillion cubic feet of gas plus an unestimated amount of condensate. Additional information on the project will be released when all participants in the project approve disclosure. State Lease 9800 No. 1 well in Bastian Bay Field, Plaquemines Parish, Louisiana, expects initial gas production of two million cubic feet per day within the next two weeks, with final rates increasing to two and a half million cubic feet per day. A twelve inch pipeline near the well location has been acquired to transport the production to the platform that will be used to process and market the gas. Changing to this line for product transportation saves significant fees and expenses associated with line costs, damages resulting from laying additional flow lines, and transportation costs. Production sales of gas are contracted for a flat rate price of $2.25/mcf with all sales in excess of $3.00/mcf accruing to Venture Oil and Gas. Preliminary estimates of 8 to 10 Billion cubic feet of gas reserves have been assigned to this well. 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