Ambra Resources Group Inc. 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 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 to a proposed pipeline that would run down the MacKenzie River Valley in the Northwest Territories.
With a pipeline in place, exploration can continue in the Beaufort Sea 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.