Cambridge Energy Corporation Announces Closing Date and Terms of Acquisition of West Texas Properties
LAFAYETTE, La., Mar 18, 2002 (BUSINESS WIRE) -- Cambridge Energy Corporation
(OTCBB: CNGG), an oil & gas exploration and production company with producing
properties in Louisiana, today announced the closing date for its acquisition of
oil and gas properties in Western Texas is Thursday, March 21, 2002.
Under the terms of the acquisition, Cambridge will purchase the assets from
Southwin Financial, Ltd. for $7,178,523 in Cambridge Class AA Preferred shares.
These preferred shares are convertible into common stock of Cambridge at a
conversion rate of $3.00 per share.
Perry West, Chairman and CEO of Cambridge Energy stated, "We are thrilled with
the acquisition of this property which adds significantly to our asset base and
expands our operations into West Texas, an expansion we believe will translate
into significant revenue and profits for the company."
Michael Childers of Southwin Financial stated, "We are very excited about the
closing of our first transaction with Cambridge. This closing marks the
beginning of a planned series of acquisitions that we will be pursuing with
Cambridge. We are committed to helping the company grow while preserving their
capital structure. Our focus is on Cambridge's potential valuations after these
acquisitions."
As previously announced, Cambridge entered into a definitive agreement for the
acquisition of oil and gas properties in Western Texas with significant proven,
probable, and exploratory reserves. The total value of proven reserves of this
first part of the acquisition is $40,830,402.
The acquisition is the first transaction in an ongoing partnership with a
well-established Texas oil and gas company, which will precipitate further
proven reserve acquisition opportunities. This property represents a 50-well
drilling program for Cambridge Energy Corporation on the proven Caballos
structure. Discoveries and field developments by other companies in the area
include Exxon, Tennaco, Shell, Unocal, Fina and Texas Pacific Oil Company.
This press release includes forward-looking statements that are made pursuant to
the "safe harbor" provisions of the ..//..
CONTACT: Cambridge Energy
and
Cambridge Energy Corporation Appoints CFO
Cambridge Energy Corporation Appoints CFO
LAFAYETTE, La., Mar 12, 2002 (BUSINESS WIRE) -- Cambridge Energy Corporation
(OTCBB: CNGG), an oil & gas exploration and production company with producing
properties in Louisiana, today announced the appointment of James Blankenship as
the Company's Chief Financial Officer.
Jim Blankenship brings to Cambridge Energy more than 35 years of industry
experience. He began his career by serving as Internal Auditor for Standard Oil
Company of Indiana. After, he served as Controller of Aztec Oil and Gas Company,
Controller and CFO of Cabot Corporation, Chief Financial Officer of Soltex Oil &
Gas Company, and CFO of Verado Energy Corporation.
In addition, Blankenship brings extensive hands-on experience specifically with
oil and gas operations in Texas and the Gulf Coast.
Jim Blankenship commented, "I am truly excited about joining the Cambridge team.
The Company has great potential and I am committed to assisting in the
realization of its financial goals."
Perry West, Chairman and CEO of Cambridge Energy, stated, "We are delighted to
have Jim on board. The Company has embarked on an aggressive growth campaign,
which has increased the complexity of its financial picture. With his expansive
experience in the industry and overall proven ability as a CFO, we are confident
that Jim will be able to keep the Company on track while it steadily progresses
forward."
This press release includes forward-looking statements that are made pursuant to
the "safe harbor" provisions of ..//..//..
CONTACT: Cambridge Energy Corporation
Paul Lovito, 954/346-5799 ext. 11
www.cambridgeenergy.com
or
Magnum Financial Group, LLC (Investor Relations Contact)
Michael S. Manahan, 213/488-0443
mike@magnumfinancial.com
and
This is the best part the NEW REVENUES above will be added in to the near $2 Million Annualized Total Must be BY NOW double that since thse Aug 01 numbers in this older NR:
Cambridge Energy Reports Annual Revenue Increase of 177 Percent
Cambridge Energy Reports Annual Revenue Increase of 177 Percent
COCOA, Fla., Aug 28, 2001 (BUSINESS WIRE) -- Cambridge Energy Corp. (OTCBB:CNGG)
(OTCBB:CNGGE), an oil & gas exploration and production company with producing
properties in Louisiana and Indonesia, announced results for its fiscal year
ended March 31, 2001.
Revenues for the year ended March 31, 2001, were $2,976,931, an increase of 177
percent, as compared with revenues of $1,693,003 for the prior year. The company
recorded a net loss for the year of $1,842,617, or $0.10 per basic and diluted
share, vs. a net loss of $533,306, or $0.04 per basic and diluted share recorded
for the prior year.
Revenue growth was driven by increased international production coupled with
higher average selling prices for oil. The net loss increased due to the company
electing to take several one-time charges for investment banking fees,
consulting fees and prepaid drilling costs that amounted to $1,070,000.
Adjusting for these one-time charges, the company would have incurred a net loss
of $772,617.
Commenting on the results, Perry West, chairman and chief executive officer of
Cambridge Energy, stated: "I am pleased with our progress towards executing our
business plan. We had another tremendous increase in revenues compared to last
year. Additionally, we continue to move towards our goal of having a sustainable
profit level."
West added, "Now that we have satisfied reporting requirements for the filing of
our audited annual statements, we expect to file the quarterly statement for the
period ended June 30, 2001, within the next few weeks."
Further information can be found at the company's Web site:
http://www.cambridgeenergy.com.
and
TheSUBWAY.com Announces Investment Opinion: Acquisitions
TheSUBWAY.com Announces Investment Opinion: Acquisitions
WESTON, Fla., Mar 1, 2002 (BUSINESS WIRE) -- Keep an eye on Cambridge Energy
Corporation (OTCBB:CNGG). CNGG is new to TheSUBWAY.com and could be a huge
market gainer in the short term.
..//..
Continued in TheSUBWAY.com's daily commentary at
http://www.TheSUBWAY.com
All material herein was prepared by Capital Research Group, Inc. (CRG) based
upon information believed to be reliable. The information contained herein is
not guaranteed by CRG to be accurate, and should not be considered to be
all-inclusive. The companies that are discussed in this opinion have not
approved the statements made in this opinion. This opinion contains
forward-looking statements that involve risks and uncertainties. This material
is for informational purposes only and should not be construed as an offer or
solicitation of an offer to buy or sell securities. CRG is not a licensed
broker, broker dealer, market maker, investment banker, investment advisor,
analyst or underwriter. Please consult a broker before purchasing or selling any
securities viewed on
http://www.thesubway.com or mentioned herein. CRG has been
compensated by third party shareholders or with cash from the company on behalf
of one or more of the companies mentioned in this opinion. (two hundred thousand
shares of cngg) CRG intends to sell its shares. CRG has sold approximately forty
thousand cngg shares to date. CRG may sell its shares for less than the target
price given in this opinion. CRG's affiliates, officers, directors and employees
may also have bought or may buy the shares discussed in this opinion and may
profit in the event those shares rise in value. CRG will not advise as to when
it decides to sell and does not and will not offer any opinion as to when others
should sell; each investor must make that decision based on his or her judgment
of the market.
CONTACT: Capital Research Group Inc., Weston
Charles T. Tamburello, 954/217-9555
Fax: 954/389-5756
Email: chuck@TheSubway.com
Chucka- I Chuck ( Charles ) Marshall am a subcontractor in Public Relations Consulations to CRG, Inc a/k/a TheSubway.com
chucalo@aol.com
PS Next post on the filings I bet.
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