Cambridge Energy Corp. Enters Into Negotiations to Acquire a Company Holding a Concession Off the Coast of South America.

Business Editors

COCOA, Fla.--(BUSINESS WIRE)--May 25, 2000

Cambridge Energy Corp. (OTCBB:CNGG), an oil & gas exploration and development company with producing properties in Louisiana and Indonesia, announced today that it has entered into negotiations to acquire a company that holds a significant hydrocarbon exploration concession off the coast of South America.

Terms of the negotiations prevent Cambridge Energy from disclosing the target company and specific details on the concession until both parties execute a definitive agreement. However, after reviewing the seismic data, management believes that the concession held by the target company contains large turbidite fan formations.

Perry West, chairman and CEO of Cambridge Energy, stated: "We are excited about the possibilities this potential acquisition brings to us. Formations such as those resident on the concession held by the target company have proven quite successful in yielding `big oil' plays across the globe, including plays off the coasts of Brazil and West Africa. In fact, a majority of the world's massive oil discoveries, including all giant discoveries in the 1990s, have been found in these types of formations."

West added, "Though preliminary in nature, entering these acquisition negotiations represents another milestone in our plan to increase the flow of revenues, profits and value to our shareholders."

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 oil reserves of 16.8-17.8 million barrels and 50-60 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 Act 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.