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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Kerm Yerman who wrote (12978)	10/23/1998 4:25:00 AM
From: Kerm Yerman	Read Replies (10) \| Respond to of 15196

FIELD ACTIVITIES / Four New Gas Discovery Wells Reported by Ambra Resources Group; Expands Production Cessford Area Oil and Gas Project Alberta, Canada VANCOUVER, British Columbia--(BUSINESS WIRE)--Oct. 22, 1998-- Ambra Resources Group (Nasdaq:ABRG), Petroleum Division has successfully completed four new gas discovery wells on the Amex Joint Venture property in Cessford Alberta, Canada. Ambra's share of production revenue from the 23 square mile Amex JV is expected to exceed $10,000 per month over the life of the new wells. The company's pro rata production of 4.7 million C.F.D. continues to increase. Strong, sustained gas flows have resulted in enhanced production by cleaning line facilities and by further expanding certain production zones. Earnings from Ambra Resource's 5% net interest in the first four discovery wells will allow the company to develop additional production by continuing to drill the 80 or more permitted and planned wells on the project's acreage. Other high priority oil and gas targets will be drilled and results will be reported as they develop. East Winnett Oil and Gas Lease Montana, USA All required permits and licenses to drill the East Winnett tank stock oil reservoir have been received by the operator. Operations have been placed on hold while manpower and equipment is being successfully used on the Cessford property. The knowledge and experience gained by working on the Cessford project makes continued drilling of this resource the most favorable strategy for the company at this time. Ambra Resources Group expects to mobilize the necessary equipment to begin drilling on the East Winnett Oil Project when the requirements of the Cessford property change from gas well drilling to construction of additional pipeline gathering system lines. This change in operations would free up equipment and manpower for drilling to be undertaken on the Montana property. The highly prospective, East Winnett Oil target was put on a Fast Track Development Program recently when Radiometrics and Seismic studies indicated a large pool of oil existed on the property. This resource was identified to be like other reserves in the vicinity which have produced over two million barrels of oil. Ambra has increased its participation in the 2,698 acre E.Winnett prospect to 75% for the initial payback period and 37.5% over the project's production life. The company has also optioned additional adjoining acreage for further drilling and development of the resource.