25 July 2000 News (not on website yet)
Ambra Resources Group Inc. Announces the Completion of Phase 1 and 2 of the Cessford, Alberta Pipeline Construction
Tuesday, July 25, 2000 11:36 AM
VANCOUVER, British Columbia--(BUSINESS WIRE)--July 25, 2000--Ambra Resources Group Inc. (OTCBB:ABRG) President John Hickey is pleased to announce that Phase 1 of the construction represents a total of 8 miles of completed pipeline along with the hooking up of 6 producing wells.
Engineering reports estimate a total of 2.0 MM cfgd from these wells. Hickey added that Phase 2 of the construction represents 10 miles of completed pipeline and the hooking up of one producing well, which is being pressure tested this week and is estimated to produce 1 million cfgd. Hickey added that the operator has advised him that the construction of Phase 3, which represents another 5 miles of pipeline, is ahead of schedule and should be completed by Aug. 2000.
Ambra's 5 percent share of the AMEX Joint Venture and an added additional percentage of the pipeline gathering system will create a positive cash flow for the company over the life of the wells. In addition, revenue will be derived from other producers tapping into the pipeline system. Ambra supplied the financing in excess of $600,000 to complete this pipeline system and will receive all monthly installments of the net revenue until the full amount of the financing is recovered.