|Cambridge Energy Reports Annual Revenues Triple, Fourth Quarter Profitable|
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COCOA, Fla.--Aug. 7, 2000--Cambridge Energy Corporation (OTCBB:CNGG), an oil & gas exploration and production company with producing properties in Louisiana and Indonesia, announced results for its fiscal year ended March 31, 2000.
Revenues for the fourth quarter ended March 31, 2000, were $757,961, an increase of 206% as compared to revenues of $247,555 for the same period a year ago. For the fourth quarter, the company earned $225,571, or $0.02 per basic and diluted share, compared to a net loss of $852,106, or $0.09 per basic and diluted share, recorded for the prior year period.
Revenues for the year ended March 31, 2000, were $1,732,417, an increase of 208% as compared to revenues of $562,026 for the prior year. The company recorded a net loss for the year of $421,673, or $0.04 per basic and diluted share, a decrease of 67% when compared to net loss of $1,270,322, or $0.13 per basic and diluted share recorded for the prior year.
Revenue growth was driven by increased domestic and international production coupled with higher average selling prices for both oil and natural gas. Contributing to the 67% reduction in net loss was a significant reduction in the company's general and administrative expenses from $1,494,120 in fiscal 1999 to $953,190 in fiscal 2000.
Commenting on the results, Perry West, Chairman and CEO of Cambridge Energy stated, "We believe the results of our most recent quarter and fiscal year periods demonstrate our commitment to increasing shareholder value. Our quarterly revenues grew both sequentially and when compared with the fourth quarter of last year. Additionally, we were able to achieve a significant reduction in our net loss due to increased cost reduction efforts."
Commenting further, West added, "Going forward, the increased flexibility provided by our recent fund raising activities should enable us to increase our proven oil and gas reserves and positively impact both our top and bottom line results over the coming quarters. For the longer term, as we execute on our 12-month plan of raising $15-$20 million we will be able to significantly expand our operations and property acquisition activities, which have the potential to significantly increase the scale of our operations, delivering further value to our shareholders."
Further information can be found at the company's Web site: cambridgeenergy.com.
This press release includes forward-looking statements that are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Reform Acts 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.
Cambridge Energy Corporation
Jonathan Bates, 888/285-5677
Magnum Financial Group, LLC
Michael Manahan, 213/488-0443
This information is supplied by Magnum Financial Group, LLC ("Magnum"). Information or opinions are presented solely for informative purposes, and are not intended nor should be construed as investment advice. Opinions stated may be solely that of Magnum or the indicated sources, and not necessarily those of the featured company. Magnum provides investor relations services for a select number of companies. Magnum currently provides comprehensive investor relations services for Cambridge Energy and receives compensation in the form of 435,000 shares of the Company's common stock. Officers, directors, or employees of Magnum, members of their families, and financial analysts mentioned, may hold a position or may from time to time trade in the CNGG stock for their own account.