SOURCE: Cambridge Resources

December 05, 2006 18:03 ET

Cambridge Resources Acquires 100% Lesser Slave Lake Exploration Inc. and Its Estimated Potential to Hold 1 Million Barrels of Oil Equivalent

CALGARY, AB--(Marketwire - December 5, 2006) - Cambridge Resources Corp. (PINKSHEETS: CBRP) announced today that it has signed a binding agreement to acquire 100% of Lesser Slave Lake Exploration Inc., which has an agreement for a 100% interest in a 10,770 acre property. Closing of the Acquisition is anticipated on or before December 20, 2006 subject to standard conditions precedent.

The property has the estimated potential to have over 1 million barrels in oil equivalent with high gravity oil in the Gilwood and natural gas in the Gething. The property is located on the southern shore of Lesser Slave Lake approximately 200 km North West of Edmonton Alberta. According to the company, the acquisition of Lesser Slave Lake Exploration is one of a series of acquisition planned by Cambridge, which aims to become a major producer within the next 5 years. The company plans to invest $3 million in a winter drilling program and expects to be producing by the following summer. The Lesser Slave Lake Exploration property was test drilled in the 1960s and now with the necessary infrastructure on the property, its potential can be fully developed.

"The closing of this acquisition is an important turning point for our company, one that will mark the change from an exploratory land owner to a significant producer," said Stan Ford P. Eng., President of Cambridge Resources Corporation. "The results of the high gravity oil drill stem test on a well on the boundary of the property and the natural gas potential in the Gething will build significant value for our shareholders," further added Mr. Ford.

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. Cambridge acquired Peace West Energy Corporation which leased a 55,400 acres property located near High Level in Northern Alberta. In September they successfully drilled seven Bluesky shallow gas wells. They have invested over $3,150,000 on the acquisition and drilling of the properties. The company has acquired the rights to explore a 1616-hectare property located in north eastern 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:
    President
    Cambridge Resources Inc.
    Tel (604) 687-5257