Cambridge Energy Corp. Readied Development of Proven Oil and Gas Reserves in Southern Louisiana.Business Editors COCOA, Fla.--(BUSINESS WIRE)--Jan. 17, 2001 Cambridge Cambridge, city, Canada Cambridge (kām`brĭj), city (1991 pop. 92,772), S Ont., Canada, on the Grand River, NW of Hamilton. It was formed in 1973 with the amalgamation of Galt, Hespeler, and Preston, all founded in the early 19th cent. Energy Corp. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CNGG), an oil and gas exploration and production company with producing properties in Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. and Indonesia,
today announced that it has completed its third party engineering and
development plan for its acquisition of oil property in Acadia Parish,
La.
The company estimates that it is adding 2.2 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 11.3 billion cubic feet (Bcf) of natural gas reserves, of which 1.7 million barrels and 1.8 Bcf of gas are proven reserves respectively. Management estimates as of year end these reserves to have a present value discounted at 10 percent of $15,876,449. Perry West, chairman and chief executive officer of Cambridge Energy, stated: "We are pleased with the addition of these reserves and are anxious to move forward with their development." 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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