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Thursday March 23, 1:01 pm Eastern Time

Company Press Release

Ambra Resources Group Inc. Opens New Information Technology Division Offices in Princeton, New Jersey
Reports New Petroleum Division Project Values
VANCOUVER, British Columbia--(BUSINESS WIRE)--March 23, 2000-- Ambra Resources Group (OTCBB:ABRG - news) is pleased to report on the company`s continuing efforts to create shareholder value by asset acquisition in the Information Technology arena and by optimizing the company`s inventory of petroleum projects.


Ambra Resources Group has appointed Steven J. Weiss as director of Business Development and Corporate Communications for the company`s I.T. Division. The company has opened new I.T. Division offices in Princeton, New Jersey in order to manage and market the extensive listing of domain names it obtained with the acquisition of a 60% equity interest in The First Domain Name Company, Inc., http://www.firstdomainnamecompany.com. Mr. Weiss will direct his efforts towards making The First Domain Name Company the premier online marketer of registered domain names. Ambra`s I.T. division will provide full service internet reseller services for domain names and web site development for businesses. The company has also retained the services of experienced web masters to complete the web portals and to launch its new online businesses for The Real McCoy and for Office Managers.net. The Real McCoy provides internet marketing of products which are ``the original`` versions of their respective lines. Office Managers is an online marketing portal for office supplies and business services: http://www.officemanagers.net.

Ambra`s Information Technology Division is currently reviewing additional online businesses for development and acquisition and will continue an aggressive program of asset growth in order to create investor value.


The recent price increases in oil and gas has added value to the inventory of quality production properties owned by Ambra Resources Group. The company`s 3.745% interest in the 640 acre Beaufort Sea Project which is managed by Exxon, has a present day appraisal of $20,852,000. The Beaufort Sea Project is estimated to contain gross potential reserves of 1.16 trillion cubic feet of gas and 160 million barrels of oil within a structure closure of approximately 40 square kilometers. The area in which Ambra owns an interest comprises 21.54 square kilometers containing gross potential reserves of 625 billion cubic feet of gas and 86 million barrels of oil.

Ambra Resources Group has agreed to acquire additional working interests in the 23 square mile Cessford, Alberta, Canada Amex Joint Venture. The operator, Promax Energy (CDNX:PMY - news) will expand the pipeline gathering system to include additional production beyond the first six wells that obtained economic production in 1999. This expansion will effectively double the acreage served by the pipeline and will increase Ambra`s gas revenues from the project. Ambra`s increased participation will include the additional acreage to be served by the expanded pipeline system. After finalization of the contract, Ambra`s interest will be 5% for the entire Cessford project including revenues from the expanded pipeline system.

Due to the current high valuations of certain project interests owned by Ambra Resources, the company plans to sell some of the interests that have appreciated due to increases in oil and gas prices. This will enable the company to optimize production for the retained projects thereby achieving greater oil and gas production at current price levels. Ambra and 50% owned partner, Venture Oil and Gas estimate their potential production from this new allocation of resources to be approximately 344 barrels of oil per day and 1,331 mcf of gas per day. The combined revenue potential from oil and gas production under this new allocation is projected to be approximately $2.5 million per year over the life of the wells for the retained eight project inventory.

Ambra`s Plaquemines Parish project, State Lease ``9800`` No. 1, Bastian Bay Field Prospect has met all requirements of the Coastal Management Division of the Department of Natural Resources and it is expected that a permit will be issued in seven days which will allow construction of the pipeline to be completed. Ambra anticipates final pipeline connection will result in delivery of 2,000 to 2,500 mcf of gas per day.

By the Board of Directors, Ambra Resources Group, Inc.

(Voluntary Disclosure: Position- Long; ST Rating- Strong Buy; LT Rating- Strong Buy)

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