SOURCE: Cambridge Resources

February 15, 2007 10:23 ET

Cambridge Resources Signs Definitive Acquisition Agreement With American Pride Energy

NEW YORK, NY--(Marketwire - February 15, 2007) - Cambridge Resources Corporation (PINKSHEETS: CBRP) (FRANKFURT: M3F) announced today that it had signed a definitive acquisition agreement for 100% of American Pride Energy Inc.

According to the definitive acquisition agreement, Cambridge Resources Corporation will acquire 100% of American Pride Energy Inc. for 110,000,000 restricted common shares, which includes a provision for a US $10 million in financing upon closing and another pending acquisition, whereby the total issued and outstanding common shares of the company on a fully diluted basis will be 180,000,000 common shares.

The definitive acquisition agreement and required financing is expected to close on or before June 15, 2007.

The company further announced that it has terminated its corporate finance agreement with Midland Baring Capital Inc. The company is in the process of selecting its corporate finance advisory and investment banking group.

In addition, Cambridge Resources along with American Pride Energy have attempted to negotiate a new transaction to enable the acquisition of Peace West and Lesser Slave Lake Exploration, but were unsuccessful. The owners of Peace West and Lesser Slave Lake Exploration have provided an irrevocable termination of the previously announced acquisitions based on failure to close as intended by the agreements and subsequently the companies. Cambridge Resources and the owners of Peace West and Lesser Slave Lake have provided each other with a complete and full release and discharge.

Cambridge Resources Corporation will continue to seek and acquire producing oil and gas companies throughout North America and the world.

About American Pride Energy Inc.

American Pride Energy Inc. is a junior oil and gas producer located in Kansas City; its properties have an estimated 5,000,000 barrels in recoverable reserves and once the required financing is 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 US $40 million in Revenue and US $32 million in profit within the next 5 years.

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