SOURCE: Cambridge Resources

November 01, 2006 19:00 ET

Cambridge Resources Signs Agreement to Acquire Peace West Energy

CALGARY, AB--(Marketwire - November 1, 2006) - Cambridge Resources Inc. (PINKSHEETS: CBRP) announced today that it has signed a binding agreement through a wholly owned Canadian subsidiary to acquire (the "Acquisition") 100% of the outstanding shares of Peace West Energy Corporation ("Peace West") of Calgary, Alberta. Closing of the Acquisition is anticipated on or before November 10, 2006 subject to standard conditions precedent.

Peace West leased 55,400 acres property located near High Level in Northern Alberta. In September they drilled and capped seven Bluesky shallow gas wells. They have invested over $3,150,000 on the acquisition and drilling of the properties. Under the Alberta Government well spacing rules, Peace West can drill up to 170 wells on the property. The property lies adjacent to major shallow gas developments. Peace West is preparing the engineering and budget for a major drilling program for this winter.

"We have been working with Peace West's management throughout the drilling of the first 7 wells and the synergies between our groups are truly unique and we look forward to a closer working relationship," said Stan Ford, President of Cambridge Resources Inc.

About Cambridge Resources Inc.

Cambridge Resources Inc. is an oil and gas exploration and junior producer located in Calgary, Alberta, Canada. Cambridge Resources is publicly traded company on the Over-the-Counter market under the Ticker symbol: CBRP. The company has acquired the rights to explore a 2256-hectare property located in northeastern Alberta within the boundaries of the massive Albertan tar sands deposit. The property is surrounded by producing shallow natural gas wells and plans to complete an engineering study and then carry out a seismic study this coming winter.

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:

    Stan Ford
    President
    Cambridge Resources Inc.
    Tel (604) 687-5257