Ambra Resources Group Inc. Makes Announcement.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)--Aug. 12, 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. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ABRG) would like to announce, DRILLING ANNOUNCEMENTS: Cessford and Montana Montana (mŏntăn`ə), Rocky Mt. state in the NW United States. It is bounded by North Dakota and South Dakota (E), Wyoming (S), Idaho (W), and the Canadian provinces of British Columbia, Alberta, and Saskatchewan (N). Projects 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 Ambra Resources Group Inc. Petroleum Division announces that continuing exploration on the twenty-three section Amex Joint Venture property in the Cessford area of Alberta, Canada will begin new drilling on August 15, 1998. Ambra Resources five percent (5%) interest in Amex JV has been estimated by Citadel Engineering to have a discounted present 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. and had twelve existing wells with over thirteen miles of pipeline. The first well of the 1998 drilling program 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 million cubic feet per day from a depth of 970 metres in the Glauconitic Sands. The new well has been located as 6-15-25-8 W4 and was determined to be 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. Montana Project, East Winnett Junction, Montana, USA Ambra's Fast Track drilling program for the Montana Project is on schedule and work is in progress to drill the East Winnett Junction oil target in early September 1998. Ambra Resources increased its participation in this project to 75% and began a fast track Drill program when a review of 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. Presently, the project consists of 2,698 acres with the potential for additional wells on the site or on adjacent, optioned acreage. This 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 of oil 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 as our research data indicates a large pool of oil which could produce a possible 2,000,000 barrels of oil and thereby add strong cash flow to the company in the near future. Ambra Resources Group Inc. welcomes investor inquiries and wishes to express its appreciation to our loyal shareholders for their continued support in the company's efforts to maximize shareholder value. Please direct any questions to Ambra's corporate offices by calling 800/698-3377 or e-mail Ambra Resources through the Web Site located at www.ambraresources.com.
CONTACT: Ambra Resources Group Inc., Vancouver
John M. Hickey, 800/698-3377
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