SOURCE: Cambridge Resources Corporation

March 06, 2007 10:01 ET

Cambridge Resources Releases G.A. Engineering's Independent Evaluation Report of the American Pride Energy Properties; Valued at USD $409 Million

NEW YORK, NY -- (MARKET WIRE) -- March 6, 2007 -- Cambridge Resources Corporation (PINKSHEETS: CBRP) (FRANKFURT: M3F) released the completed independent evaluation report by G.A. Engineering with total value of USD $409 million.

According to the independent report, the value determined is based on the probable and recoverable reserves as well as current production and the fair market value of the equipment. The independent report evaluated the following American Pride Energy properties :

--  McGary Adams
--  Jack McLain
--  Sacred Heart Parrish
--  Peak Clements
--  Asher
--  Dixon: (data not complete and not included in the report)
--  Pain Creek
--  Benoist
--  McClosky
--  Rosiclare
--  Kansas Gas Properties (data not complete and not included in the
--  TOTAL EVALUATION: USD $409,011,819
The independent report does not currently include the Dixon property nor does it include the Kansas Gas properties. A revised report will be issued to reflect all properties once the data on the Dixon and the Kansas gas properties are completed and analyzed.

"The independent evaluation on the American Pride Energy Properties is beyond our expectation. The evaluation represents $2.27 of property value per share considering the total issued and outstanding on a fully diluted basis. Even if someone wanted to be extra conservative and were to discount the evaluation by 90%, it still represents $0.23 per share," said Mr. Felitsky, President and CEO of Cambridge Resources Corporation. "Now it is our turn and that of our team of experienced professionals to assure that value on the report is transformed into value in the hands of our shareholders. We will do whatever is in our power to counter the short sellers and or any other negative market forces," further added Mr. Felitsky.

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.

About G.A. Engineering

G.A. Engineering is a Petroleum Engineering firm based in Tulsa, Oklahoma. The company and its principal engineers have over 37 years of domestic experience in drilling, completions and reservoir evaluations. G.A. Engineering prepared the evaluation report for American Pride Energy Inc. during the month of February released in March. G.A. Engineering or employees have no direct or indirect, nor expect to receive any interest in the properties and or any securities with respect to this project. The evaluation report provided by G.A. Engineering is totally independent.

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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