SOURCE: Cambridge Resources

January 03, 2007 13:51 ET

Cambridge Resources to Acquire American Pride Energy

NEW YORK, NY -- (MARKET WIRE) -- January 3, 2007 -- Cambridge Resources Corporation (PINKSHEETS: CBRP) (FRANKFURT: M3F) announced today that it has signed a letter of intent to acquire American Pride Energy Inc.

According to the company, American Pride Energy will be acquired for 110,000,000 restricted common shares, whereby the total issued and outstanding common shares will be 180,000,000 common shares. The company expects to enter into a definitive agreement by January 10, 2007 and close the transaction by January 17, 2007.

"We are glad to announce this letter of intent to acquire American Pride Energy Inc., a fast growing oil & gas company," said Sylvain Amyot, President of Cambridge Resources Corporation. "The original plan was to execute this transaction into another public company, but now that the transaction with Basics Minerals has been rescinded due to alleged irregularities, we were able to quickly move forward with this significant property," further added Mr. Amyot.

The acquisitions of Basics Minerals and Lesser Slave Lake Exploration were terminated. Stan Ford is not and was never confirmed as a member of the board of directors or as an officer of the company due to alleged irregularities with several issues concerning the Janvier properties as well as the use of funds.

About Cambridge Resources Corporation

Cambridge Resources Corporation is a publicly traded Oil & Gas company, which seeks to acquire North American Oil and Gas producing properties.

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:
    Jean-Francois Amyot
    Lead Corporate Finance Advisor
    Tel 514-448-6710