Ambra Resources Announces Start of Drilling Programs on Cessford and Montana Properties.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. , B.C.--(BUSINESS WIRE)--Aug. 13, 1998--Publicly traded 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. (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB: ABRG) has announced that drilling will begin on the twenty-three section Amex Joint Venture in the Cessford area of Alberta Alberta (ălbûr`tə), province (2001 pop. 2,974,807), 255,285 sq mi (661,188 sq km), including 6,485 sq mi (16,796 sq km) of water surface, W Canada. , Canada, on August 15, 1998. Ambra's five percent (5%) interest in this property is estimated by Citadel Engineering to have a discounted worth of $28,626,000. The Amex Joint Venture covers twenty-three square miles A square mil is a unit of area, equal to the area of a square with sides of length one mil. A mil is one thousandth of an international inch. This unit of area is usually used in specifying the area of the cross section of a wire or cable. , with twelve existing wells and over thirteen miles of pipeline. The first well will be a direct 640 acre offset to well 6-21-25-8 W4. This well was tested in 1997 for natural gas of 1.3 billion cubic feet per day from a depth of 970 metres in the Glauconitic Sands. The new well has been located at 6-15-25-8 W4 and was determined an excellent site based on extensive geologic 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. , seismic, and production data. Drilling in the East Winnett Junction at Ambra's Montana Project will begin in early September 1998. Ambra increased participation in this project to 75% and began a fast track drilling program when the radiometrics seismic survey indicated a large pool of oil in geologic formations A geologic formation is a formally named rock stratum or geological unit. Formations are Lithostratigraphic units which are defined by primary lithology. The concept of formally defined layers or strata is central to the geologic discipline of stratigraphy. like those of the highly productive Winnett Junction Field. The project consists of 2,698 acres with the potential for additional wells on the site or on adjacent, optioned acreage. The first well will be drilled to an approximate depth of 2,900 feet into the Tyler Sands which have an average production of 400,000 barrels at the Winnett Junction Field. Anticipated drilling time for this well is about one week. The company will announce exact drilling dates when ongoing site preparation is completed. Ambra management is extremely excited about drilling this target and adding strong cash flow to the company in the near future. Ambra Resources Group is a natural resource exploration and development company strategically positioning itself with a strong portfolio in minerals, oil and gas interests. Ambra Resources Group invites you to learn more about its projects at: www.ambraresources.com
CONTACT: John Hickey at 1-800-698-3377
|
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion