Cambridge Energy Corp. Completes Bridge Financing; Private Transaction Serves as Stepping Stone to Future Financing and Property Acquisitions.

Business Editors

COCOA, Fla.--(BUSINESS WIRE)--July 31, 2000

Cambridge Energy Corp. (OTC BB:CNGG), an oil & gas exploration and production company with producing properties in Louisiana and Indonesia, announced that it has completed the last of a three-part private financing transaction in the total amount of $630,000, providing the company the capital necessary to continue executing its corporate strategy of acquiring producing properties with proven reserves.

Terms of the financing are not available.

Perry West, chairman and CEO of Cambridge Energy, stated: "We are pleased to have our growth strategy validated by the investment community with this bridge financing. It goes hand in hand with our previously announced financing activities, as well as marking the first step of our 12-month plan that calls for raising a total of $15 million to $20 million to ramp-up and aggressively expand our existing operations. In the near-term, we will be able to put this capital to work on some of our existing wells and properties, enhancing both revenues and cash flow on a go-forward basis."

Commenting further, West stated: "More importantly, this financing provides us the increased flexibility necessary to accelerate certain transactions available to us that will enable us to increase both our proven oil and gas reserves and revenues, building on our successful property acquisition and development efforts of the past few years."

About Cambridge Energy

Cambridge Energy is engaged in the acquisition, development and operation of producing oil and natural gas properties with proven reserves. To date, the company has acquired properties in Louisiana and Indonesia with proven oils reserves of 16.8 million to 17.8 million barrels and 50 billion to 60 billion cubic feet of natural gas reserves. Further information can be found at the company's Web site: http://www.cambridgeenergy.com.

This news release includes forward-looking statements that are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Acts 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.