Ambra Resources 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-- 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. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : ABRG) has increased its participation in the East Winnett Junction Oil Project with Starrock Resources Inc. to 75%, after a review of the Radiometrics Seismic Survey indicated a large pool of oil capable of producing two million barrels. Ambra has maintained a five percent interest in the prospect through the Amex Joint Venture. The 2698 acre East Winnett Prospect will be test drilled beginning in September September: see month. . Ambra will earn 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. , and 37.5% after payout. Ambra has earned a 37.5% working interest in all additional land acquisitions concurrent with the US $50K acquisition cost. When other properties within a one mile radius of existing leases are acquired, Ambra will have the right to participate for 37.5% at original cost. Ambra's enthusiasm regarding this venture has placed drilling and permitting on the fast track in order to take full advantage of the opportunity to participate in a major oil and gas discovery which would bring cash flow to the company. Ambra's project is in a similar 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. formation and only 3 miles from the oil field at Winnett Junction. The potential exists for additional wells on the acreage or for further acquisitions. Ambra will announce drilling dates in the near future. The East Winnett Junction Project adds another valuable asset to Ambra Resources Group, 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 its WEB Site address: www.ambraresources.com CONTACT: Ambra Resources Group, Vancouver John Hickey, 1-800-698-3377 |
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