Cambridge Energy Corp. Announces Acquisition of Its Donner Field in Southeastern Louisiana.Business Editors COCOA, Fla.--(BUSINESS WIRE)--Jan. 10, 2001 Cambridge Energy Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CNGG), an oil and gas exploration and production company with producing properties in Louisiana and Indonesia, today announced that it has completed its acquisition of an oil and gas property in Terrebonne Parish, La. Based upon management's review of engineering reports, management believes the company has added 1.2 million barrels of recoverable oil reserves Oil reserves refer to portions of oil in place that are claimed to be recoverable under economic constraints. Oil in the ground is not a "reserve" unless it is claimed to be economically recoverable, since as the oil is extracted, the cost of recovery increases incrementally and 3.2 billion cubic feet (BCF BCF Billion Cubic Feet BCF Bioconcentration Factor BCF British Chess Federation BCF British Coatings Federation BCF Breast Cancer Fund BCF Bank Credit Facility BCF Bulked Continuous Filament BCF British Cycling Federation BCF Boeing Converted Freighter ) of gas reserves, of which 692,000 barrels and 1.84 BCF of gas are proven reserves. The company believes the property has an approximate net present value discounted at 10% of $13,826,165. Perry West, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Cambridge Energy, stated: "The completion of this significant acquisition continues our aggressive strategy of acquiring properties with proven reserves. This acquisition demonstrates our continued commitment to increasing the flow of revenues and profits to the company, while creating value for our shareholders." About Cambridge Energy Cambridge Energy Corp. is engaged in the acquisition, development and operation of producing oil and natural gas properties with proven reserves. Further information can be found at the company's Web site: http://www.cambridgeenergy.com. This news release includes forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are made pursuant to the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. While these statements are made to convey to the public the company's progress, business opportunities, and growth prospects, readers are cautioned that such forward-looking statements represent management's opinion. Whereas management believes such representations to be true and accurate based on information and data available to the company at this time, actual results may differ materially from those described. The company's operations and business prospects are always subject to risk and uncertainties. Important factors that may cause actual results to differ are set forth in the company's periodic filings with the U.S. Securities and Exchange Commission. |
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