SOURCE: Cambridge Resources

April 04, 2007 09:00 ET

Cambridge Resources Signs USD $25 Million Financing Agreement

NEW YORK, NY -- (MARKET WIRE) -- April 4, 2007 -- Cambridge Resources Corporation (PINKSHEETS: CBRP) today announced it has signed a financing agreement with a private investment group for a total of up to USD $25,800,000 which is composed of an initial $2,000,000 investment and a series of Warrants exercisable over a period of 60 months, whereby once exercised, represents a total investment of $25,800,000 into CBRP.

Cambridge Resources will immediately close the acquisition of American Pride Energy Inc. and its oil and gas properties independently valued at USD $409 million. The initial funding will be utilized to close the acquisition and enable the company to begin the work necessary to make operational four existing wells.

"This is a very significant time in our company's history; we are extremely pleased with our new financing partners and the agreed terms and conditions," said Tony Felitsky, President of Cambridge Resources Corporation. "We are going to immediately begin the re-entry and re-work of our existing wells, and start generating revenue and profits in the short term," further added Mr. Felitsky.

The company expects to release further information regarding the private investment group and the intended use of proceeds from the financing as the transaction advances towards the closing. The investment is subject to the completion of the due-diligence and is scheduled to close on or before June 28, 2007.

About American Pride Energy Inc.

American Pride Energy Inc. is an oil and gas junior producer located in Kansas City, where its properties have estimated 5,000,000 barrels of 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 approximately USD $40 million in Revenue and USD $32 million in Profit within the next 5 years.

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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