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

To: alan holman who wrote (1190)	9/23/1999 10:08:00 AM
From: jba	Read Replies (1) \| Respond to of 1358

(BSNS WIRE) Oil & Gas Project Status Report of Ambra Resources Group Inc Oil & Gas Project Status Report of Ambra Resources Group Inc. and 50% Owned Partner, Venture Oil & Gas Inc. for September, 1999. Business Editors/Energy Writers VANCOUVER, British Columbia--(BUSINESS WIRE)--Sept. 23, 1999-- Ambra Resources Group (OTC BB: ABRG) reports on the status of selected oil and gas projects in which the company has an interest. RED RIVER BULL BAYOU UNIT, La. The 7,300 acre Red River Bull Bayou Unit in Red River Parish, La., was favorably reviewed by the participants and Phase 1 operations to remediate the first five of fifty-seven oil wells is expected to be approved next week. Phase 1 production for the first five wells is expected to be between 60 and 75 barrels of oil per day. BASTIAN BAY FIELD, La. State Lease "9800" No. 1 Well, Bastian Bay Field in Plaquemines Parish, La., was successfully hooked-up to the production platform. Since last week, a barge with a crane has been operating on the 12" pipeline site to locate the tie-in, which was found to be in two feet of sand. A crane is presently lifting the pipeline for the tie in. A new permit will be required which should be issued in seven to ten days. LAKE WASHINGTON FIELD, La. Acquisition of the State Lease "9798" well No. 2 in Lake Washington Field, Plaquemines Parish, La. has been completed and an agreement has been made to purchase a barge which will be used in the remediation operations. Arrangements have been made with the Coiled Tubing Unit to receive a bid for these operations. This project is estimated to have total recoveries of 100,000 barrels of oil and 200 million cubic feet of gas after remediation. CHARENTON FIELD, La. In Charenton Field, St. Mary's Parish, La., arrangements were made to repair saltwater flow lines and to lay a gas flow line for use in operating some production facilities. After completion of this work, the unidraulic unit on the Paramount No. 1 well will be repaired and the formation will be treated to remove blockage in order to return several wells to production. Recoverable oil reserves are estimated at 320,000 barrels with 300,000 barrels of undeveloped reserves to be drilled. SOUTH BARATARIA FIELD, La. Since acquiring the S. Barataria Field well located in Jefferson Parish, La, the production has been 25 barrels of oil per day and over 100 mcf of gas per day. Negotiations are being finalized to complete the gas hookup. The project is expected to produce 1,000 mcf and 50 barrels of oil per day. KINGS RIDGE FIELD, La. Final acquisition of the King's Ridge Field Project in LaFouche Parish, Louisiana is awaiting approval to secure the plugging of the wells and removal of the production barge. At that time, the conversion of a well to saltwater disposal and laying of flow lines will begin. Production minimums of 300 barrels of oil per day and about 800 mcf of gas per day are expected initially. Additional geologic information obtained on this field indicates additional resources of 600,000 to 1,000,000 barrels of oil could be recovered from new drilling of this project in the future. By the Board of Directors, John M. Hickey, President. --30--LM/na* CONTACT: Ambra Resources Group Inc., Vancouver Investor Relations, 800/698-3377 or 604/669-2723 ambraresources.com KEYWORD: TEXAS LOUISIANA INTERNATIONAL CANADA INDUSTRY KEYWORD: ENERGY OIL/GAS 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 *