SOURCE: Cambridge Resources

January 04, 2007 17:18 ET

Cambridge Resources Provides Update on the Acquisition of American Pride Energy Inc.

NEW YORK, NY--(Marketwire - January 4, 2007) - Cambridge Resources Corporation (PINKSHEETS: CBRP) (FRANKFURT: M3F) provided an update today on the acquisition of American Pride Energy Inc.

Cambridge Resources Corporation will acquire 100% of America Pride Energy Inc. for 110,000,000 restricted common shares, whereby the total issued and outstanding common shares of the company on a fully diluted basis will be 180,000,000 common shares.

The company plans to enter into a definitive agreement by January 10, 2007 and close the acquisition by or before January 17, 2007.

American Pride Energy Inc. is an oil and gas junior producer located in Kansas City where its properties have estimated 5,000,000 barrels in recoverable reserves once the required financing concluded; the company expects production to grow to 182,500 barrels of oil per year and 219,000 MCF of gas per year. The company projects to generate approximately USD $40 million in Revenue and USD $32 million in Profit within the next 5 years.

Cambridge Resources Corporation also announced yesterday that it had rescinded the transaction with Basics Minerals and will not close the acquisition of Lesser Slave Lake Exploration Inc. and or Peace West due to allege irregularities with the description of the Janvier property as well as the use of funds. Furthermore, the company announced that Sylvain Amyot will remain President and sole Director of the corporation until the closing of the acquisition of American Pride Energy Inc. and that Stan Ford and David Shaw had not been legally appointed and do not serve on the board of directors of the corporation nor as officers and therefore the press release of December 12, 2006, December 5, 2006, November 22, 2006 and November 1, 2006 are and were erroneous. It is important to note that neither Stan Ford and or David Shaw and or shareholders of Basics Minerals, Peace West, and Lesser Slave Lake are shareholders of Cambridge Resources Corporation.

Although the company rescinded the transaction with Basics Minerals, Peace West Energy and Lesser Slave Lake Exploration, it remains open to pursue future acquisition in the oil sands and shallow gas properties as it is the company's objective to grow by the development of its existing properties (American Pride Energy) and to acquire additional properties that will yield significant shareholder value.

About Cambridge Resources Corporation

Cambridge Resources Corporation is a publicly traded Oil & Gas company, which seeks to acquire North American Oil and Gas producing properties.

Important Information About Forward-Looking Statements

All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates," "believes," "could," "expects," "intends," "may," "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.

A number of factors may affect our future results and may cause those results to differ materially from those indicated in any forward-looking statements made by us or on our behalf. Such factors include our limited operating history; our need for significant capital to finance internal growth as well as strategic acquisitions; our ability to attract and retain key employees and strategic partners; our ability to achieve and maintain profitability; fluctuations in the trading price and volume of our stock; competition from other providers of similar products and services; and other unanticipated future events and conditions.

Contact Information

  • Contact:
    Mr. Jean-Francois Amyot
    Lead Corporate Finance Advisor
    Tel. 514-448-6710