Ambra Resources Group Inc. Announces Development of Northern Oil Gas Resources.Business Editors VANCOUVER, British Columbia--(BUSINESS WIRE)--May 23, 2001 Ambra Resources Group Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :ABRG) announces the development of Northern oil and gas reserves. The recent release of the National Energy Policy Development Group report by President George W. Bush calls for massive expansion of oil and gas drilling in the Arctic Arctic area of constant cold. [Geography: WB, A:600] See : Coldness (language, music) Arctic - A real-time functional language, used for music synthesis. ["Arctic: A Functional Language for Real-Time Control", R.B. Region and the transportation of existing oil and gas resources from Alaska. To facilitate the movement of oil and gas to the lower 48 States, a pipeline will have to be built from Alaska through the Yukon to hook up with pipelines in Alberta, Canada heading South or deliver Alaska gas via the Arctic Ocean Arctic Ocean, the smallest ocean, c.5,400,000 sq mi (13,986,000 sq km), located entirely within the Arctic Circle and occupying the region around the North Pole. to a proposed pipeline that would run down the MacKenzie River Mackenzie River River system, Northwest Territories, Canada. It flows northward from Great Slave Lake into the Beaufort Sea of the Arctic Ocean. Its basin, with an area of 697,000 sq mi (1,805,200 sq km), is the largest in Canada. Valley in the Northwest Territories Northwest Territories, territory (2001 pop. 37,360), 532,643 sq mi (1,379,028 sq km), NW Canada. The Northwest Territories lie W of Nunavut, N of lat. 60°N, and E of Yukon. . With a pipeline in place, exploration can continue in the Beaufort Sea Beaufort Sea (bō`fərt), part of the Arctic Ocean, N of Alaska and Canada, between Point Barrow, Alaska, and the Canadian Arctic Archipelago. The Mackenzie River flows into the sea, which is always covered with pack ice. where massive proven recoverable reserves of oil and gas exist. With a pipeline in place Ambra Resources agrees that the push to supply energy to the South will create the complete development of the energy rich North. Ambra has 3.745% working interest in a Well in the Beaufort Sea with partners Imperial Oil Resources, Gulf Canada Resources and Anderson Oil. This Well has proven recoverable reserves of over 100 Billion Cubic feet of Gas and proven recoverable reserves of over 8.9 Million Standard Barrels of Oil. This is a significant asset to Ambra and has tremendous long-term financial return. With the recent sale of Ambra's interest in Cessford, Alberta for $2.9 million, the company has sufficient funds for further opportunities in the Arctic Region. Further updates will be released as the new Energy Policy is put in place. By the Board of Directors, Ambra Resources Group Inc. |
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