Cambridge Energy Corporation Enters Into Letter of Intent to Acquire Producing Oil & Gas Properties in Southern Louisiana.Business Editors LAFAYETTE, La.--(BUSINESS WIRE)--Feb. 28, 2002 Cambridge Energy Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CNGG), an oil & gas exploration and production company with producing properties in Louisiana, announced today that it has signed a letter of intent to acquire producing oil and gas properties in Southern Louisiana. The signing of the letter of intent is Cambridge's first transaction with this Southern Louisiana local company. The eventual acquisition would include the operations of six wells with current production of approximately $1.5 million annually. The acquisition is subject to completion of satisfactory due diligence Research; analysis; your homework. This term has caught on in all industries, because it sounds so "wired." Who would want to do analysis or research when they can do due diligence. See wired. and the signing of a definitive agreement. However, based upon review of engineering reports, management estimates the property to have in excess of a PV10 (present value at a 10% discount) value of $9 million in proven, developed reserves. 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 signing of this letter of intent represents yet another significant step in our aggressive campaign to acquire properties with proven reserves." This press 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 Acts 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. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion