SOURCE: Cambridge Resources

March 01, 2007 09:28 ET

Cambridge Resources Receives Independent Preliminary Engineering Report on American Pride Energy With an Estimated Value of USD$90 Million

NEW YORK, NY -- (MARKET WIRE) -- March 1, 2007 -- Cambridge Resources Corporation (PINKSHEETS: CBRP) (FRANKFURT: M3F) announced today that it has received a preliminary engineering evaluation report from GA Engineering, which values some of the properties at USD $90 Million, representing a value of $0.50 per share.

According to the independent preliminary report, only certain properties were surveyed and upon receipt of the complete independent evaluation report, expected by March 7, 2007, the evaluation figure on all properties could be established between USD $180 Million to $250 Million, representing a net present value per share of $1.00 to $1.39 per share.

"We are very happy with the preliminary independent report, which was delivered much faster than anticipated," said Tony Felitsky, President and CEO of Cambridge Resources Corp. "Our team of independent experts and our experienced management team will enable us to build a highly successful company here and abroad," further added Mr. Felitsky.

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

About Cambridge Resources

Cambridge Resources Corp. is a junior oil and gas producer located in Kansas City and 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 USD $40 million in Revenue and USD $32 million in Profit within the next 5 years and further exceed these projections with the acquisition of further proven reserves in North America and around the world.

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.

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