Cambridge Energy Acquires Property Next to Gas Field.

LAFAYETTE, La.--(BUSINESS WIRE)--Aug. 31, 1998--Cambridge Energy Corp. (OTC BB:CNGG), announced Monday the acquisition of 117 acres adjacent to its natural gas field in Terrebone Parish, La.

This acreage is next to properties on which Cambridge drilled and brought on line its 12,500' foot gas well in February of 1998. Company CEO, Perry West said, "The addition of this property is an important step in Cambridge Energy's growth strategy to expand its Louisiana natural gas operations."

Cambridge Energy is involved in the development and operation of oil and gas properties with proven reserves, and currently operates natural gas and crude oil properties primarily in Southern Louisiana. The company's strategy is to focus its activities in areas where major oil and gas producing companies have reduced their exploration efforts and moved offshore in search of larger reserves. Considerable oil and gas reserves, in proven fields, remain behind to be developed by independent oil companies capable of extracting these reserves at lower risk and lower costs than in unproven field exploration.

Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995: The statements contained herein are not historical facts and are forward looking statements that involve certain risks and uncertainties including but not limited to risks as associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effects of economic conditions and other uncertainties which are detailed in the company's 15c2-11 disclosure statements.

    CONTACT:  Cambridge Energy Corp.
               Jonathan Bates, 888/285-5677
               or
               Continental Capital & Equity Corp.
               John R. Manion, 407/682-2001