Cambridge Energy Reaches $7.5 Million Agreement With Huxridge N.V.

LAFAYETTE, La.--(BUSINESS WIRE)--March 1, 1999--Cambridge Energy Corp. (OTC BB:CNGG) announced Monday a $7.5 million drilling participation agreement with Huxridge N.V.

This Agreement provides for participation by Huxridge N.V. in Cambridge Energy's 16 well domestic drilling and workover program. Eight properties currently owned by Cambridge on shore in Southern Louisiana have been identified as part of this program.

Cambridge Energy is involved in the development and operation of oil and gas properties with proven reserves, and currently owns and operates natural gas and crude oil properties. The company's strategy is to focus its activities in areas, both in the U.S. and internationally, where major oil and gas producing companies have reduced their exploration efforts and moved offshore in search of larger reserves. Considerable oil and gas reserves, in proven fields, remain behind to be developed by independent oil companies capable of extracting these reserves at lower risk and lower cost than in unproven field exploration.

Safe Harbor Statements under the Private Securities Litigation Reform Act of 1995: The statements contained herein are not historical facts and are forward looking statements that involve certain risks and uncertainties including but not limited to risks as associated with the uncertainty of future financial results, regulatory approval processes, the impact of competitive products or pricing, technological changes, the effects of economic conditions and other uncertainties which are detailed in the company's 15c2-11 disclosure statements.