Cambridge Energy Announces Funding of the Beginning of its 20 Well 98'-99' Drilling Program.

LAFAYETTE, La.--(BUSINESS WIRE)--July 22, 1998--Cambridge Energy Corp. (OTC BB:CNGG), an independent oil and gas exploration and development company, announced Wednesday the closing of a production payment facility with Houston based Domain Energy Finance Corp., a subsidiary of Domain Energy Corp., (DXD), a New York Stock Exchange listed company.

This non-recourse production payment facility which is in excess of $700,000 provides initial funding for Cambridge to begin its 20 well 98'-99' drilling program on its properties; providing for re-entry and rework of wells in the company's West Lake Arthur field and of a second field on a new property which the company has not yet announced. The company's 98'-99' programs include both new gas and oil wells and rework of wells from 5200' to 13,000' with total authorization for expenditures in excess of $20,000,000. Cambridge currently operates all of its own properties.

Perry Douglas West, chairman of Cambridge Energy, in announcing the beginning of the program said, "We are very excited with the launching of this program which puts us on track to achieve our targeted growth rate for fiscal 1999 in both revenue and earnings."

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 in domestic areas where major oil and gas producing companies have reduced their exploration efforts and moved offshore and overseas in search of larger reserves. Considerable oil and gas in proven fields remain to be exploited by well-managed, 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