Ambra Acquires Major Montana Oil Project.VANCOUVER Vancouver, city, Canada Vancouver, city (1991 pop. 471,844), SW British Columbia, Canada, on Burrard Inlet of the Strait of Georgia, opposite Vancouver Island and just N of the Wash. border. , British Columbia--(BUSINESS WIRE)--July 22, 1998-- Ambra A subsidiary of the IBM PC Company that sold PCs as "IBM clones" via direct mail under the Ambra name. Although only a year in business, Ambra was shut down by IBM in 1994, claiming it caused too much confusion in the marketplace. Resources Group Inc. Petroleum Division successfully increased its' participation in the East Winnett Junction The point at which two elements make contact. In a transistor, a junction is the point where an N-type material makes contact with a P-type material. Oil Project with Starrock Resources Inc. to 75% after a review of the Radiometrics Seismic Survey indicated a large pool of oil which could produce a possible two million barrels. Previously, Ambra had maintained a five percent interest in the prospect through the Amex Joint Venture but when surveys indicated a more targeted drilling program, the company exercised the opportunity for an increased participation. The East Winnett Oil and Gas prospect consists of 2,698 acres and will be test drilled beginning in September September: see month. as drilling equipment is now being moved onsite for the operator, Starrock Resources to begin work. Ambra earns 75% working interest in the spacing unit drilled before payout pay·out n. 1. The act or an instance of paying out. 2. A percentage of corporate earnings that is paid as dividends to shareholders. . After payout Ambra's working interest in the spacing unit drilled will be reduced to 37.5%. Further, Ambra has earned 37.5% working interest in all additional land acquisitions concurrent At the same time. It implies that multiple processes are taking place simultaneously. See concurrent operation. with the US $50K acquisition cost. When other land within one mile of existing leases is acquired, Ambra will have the right to participate for 37.50% at original cost. Drilling and permitting have been put on a fast track program to take full advantage of this outstanding opportunity. Ambra is extremely excited about this venture as research indicates the potential exists to add a strong cash flow to the Company. It is also possible that this first well could result in a major oil and gas discovery similar to the oil field at Winnett Junction which is 3 miles from the East Winnett location and in like geological ge·ol·o·gy n. pl. ge·ol·o·gies 1. The scientific study of the origin, history, and structure of the earth. 2. The structure of a specific region of the earth's crust. 3. A book on geology. formations. The potential exists for additional wells on the acreage or on additional acquisitions. The Company will announce drilling dates in the near future. Ambra would like to express its appreciation to all shareholders for their continued, enthusiastic support in our efforts to maximize shareholder value. Please direct any questions to 800/698-3377 or e-mail us through our Web Site: www.ambraresources.com. By the Board of Directors Ambra Resources Group Inc. John M. Hickey President
CONTACT: Ambra Resources Group Inc., Vancouver
John M. Hickey, 800/698-3377
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