On January 3, 2017, Camber entered into a Lease Acquisition and Participation Agreement (Acquisition) with a privately held, Houston, Texas-based oil and gas holding company (Partner) whereby the company acquired a leasehold position in the Permian Basin in Texas, consisting of 16,300 gross, 3,600 net, mineral acres in consideration for $1.43 million, and formed an area of mutual interest (the Jackrabbit project). Continued improvement in these rates should result in increased revenue and cash flow. Camber Energy Is Going Nowhere Fast | Markets Insider 2023-05-01 - Manuela Molina is succeeding Francisco Leon as California Resources Corp.s new CFO following Leons appointment to CEO. Camber purchased interests in oil and gas assets from private operators for $69 million late last year. Camber Energy Inc finance tips, CEI holds interests in active oil & gas properties in the onshore Gulf Coast region. On October 3, 2017, the trustee of those assets, for the benefit of the lender, sold these assets in public auction foreclosure sales which took place in Gonzales County and Karnes County, Texas. hedging contracts) during the quarter. CEI forecast, Camber Energy, Viking Reach New Agreement to Merge The Glasscock County, Texas properties produce oil and gas primarily from the Wolfberry, Cline and Fusselman formations and are all non-operated. Energy Going For over five years, we have provided a free service to a countless number of traders featuring only the best in the microcap arena. Camber Energy and Viking agreed to merge on February 3rd and then the COVID-19 pandemic swept across the nation. stock price predictions may be different due to the different analyzed time series. 0.138 USD . Not within a year. CEI stock future price, This article is not a solicitation or recommendation to buy, sell, or hold securities. If the New Acquisition closes successfully, Vikings subsidiary, Elysium Energy, LLC, will acquire, directly or indirectly through its own wholly-owned subsidiaries, working interests and overriding royalty interests in oil and gas properties in Texas(approximately 71 wells in 11 counties) andLouisiana(approximately 52 wells in 6 parishes), along with associated wells and equipment. wonder full post. The company's growth plan includes the development and enhancement of existing production, in addition to the drilling of new wells on its acreage. It also includes material acquisitions of leasehold or production in new areas. Also, its trailing-12-month EBITDA came in at a negative $5.15 million, while its free cash flow stood at a negative $2.09 million. energy Oil prices collapsed and lockdowns drove the US economy to halt. CEI - Camber Energy Inc Stock quote - CNNMoney.com Markets Additionally, the remaining leasehold and ownership of CATI was assigned to Arkose Lease Partners, L.L.C., a third party (Arkose), pursuant to an Assignment of Membership Interest (the Assignment), dated November 1, 2017, in exchange for Arkoses assumption of all plugging and abandonment liabilities of CATI of approximately $1.8 million. Camber Energy system. $3.2 million). At the moment, Camber Energy owns a 70% interest in the company and the latter was the buyer of that carbon-capture system license. Energy Camber Energy Flirts With NYSE American Delisting She began her career at Kantar IMRB, a leading market research and consumer consulting organization. With the proceeds from the sale, the Company paid the 1st lien holders, including Alan Dreeben (a former director of the Company), and 2nd lien holder Vantage, thus reducing its liabilities by $1,518,924 and paid NFP $662,072 to terminate the joint venture agreement. Viking also holds an exclusive license in Canada to a patented carbon-capture system. Check-in with Cambers President & CEO, James Doris, as he provides insight into the companys operations, structure and growth strategy. On September 4, 2020, Camber filed with the SEC, an amended Registration Statement on Form S-4, including a preliminary joint proxy statement relating to the planned merger, which addressed SEC comments that Camber had received on the original Form S-4 which was filed on June 4, 2020. However, given investor concerns related to the company's Form 10-K filing delinquency and the potential for the company to face NYSE delisting procedures, is it worth betting on the stock at the current price level? Camber Energy Remains a Promising Way to Play the Incorporated in Nevada in December 2003 under the name Panorama Investments Corp., the Company changed its name to Lucas Energy, Inc. effective June 9, 2006 and effective January 4, 2017, the Company changed its name to Camber Energy, Inc. Our proprietary rating system also evaluates each stock based on eight different categories. Currently there seems to be a trend where stocks in the Energy Mining, Quarrying, and Oil and Gas Extraction sector (s) have been popular in this period. This article is meant for informational and educational purposes only and does not provide investment advice. Furthermore, its ROE, ROA, and ROTC stood at negative 274.3%, 50.4%, and 13.8%, respectively. The net proceeds from the sale to the Company totaled $25,914. CEI holds interests in active oil & gas properties in the onshore Gulf Coast region. With 5% of the float short, we also expect a nice short squeeze to help make $1 and above an easy target. Based in Houston, Texas, Camber Energy (NYSE American: CEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil, natural gas and natural gas liquids in Texas and Louisiana. While there's a widely-held belief that three days a week in the office is the magic number, with a number of large companies adopting it, it's a fundamentally flawed approach. Of the company's floating shares,14.3% have been sold short. For more information, please visit the company's website at www.camber.energy. Contact InformationInvestors and Media:Tel. Camber Energy closes deal taking stake in Viking Energy In the past decade, Texas renewable energy and storage capacity surged by about 44,000 megawatts, according to the states grid operator. 1.350 A searchable database of oil and gas debt and equity offerings. In my opinion, Q3 2021 was Camber Energy Camber Energy is actively conducting workovers and subject to raising the balance of the funds due in connection with the October 2017 Purchase Agreement, which is subject to certain closing conditions described herein, the Company intends to drill wells, acquire producing/non producing properties at value prices and participate in joint On September 10th, Viking posted strong Q2 results. Camber Energy We are leveraging our expertise and relationships to build a diversified organization with profitable business segments to increase stakeholder value. ), which is headquartered in Houston, Tex., is focused on the acquisition, development, and sale of natural gas, crude oil, and natural gas liquids in the Cline shale and upper Wolfberry shale in Texas. Vantage was granted a second lien on the Jackrabbit property in connection with the financing. The wells are operated by Vikings subsidiary, Petrodome Operating, LLC, a licensed operator in Texas,Louisiana,andMississippi, and produce hydrocarbons from known reservoirs/sands in the on-shoreGulf Coastregion, including theHackberry, Yegua, Wilcox, Amphistegina, and Robira. Let's find out. Approximately $1,705,982 of such reduction was on account of scheduled principal payments made on or about June 30th and July 31st by Vikings subsidiaries under senior secured credit facilities, using cash on hand in the applicable subsidiary. Moreover, extinguishing the $18.9 million of debt improves the equity position of both companies. In order to develop the significant reserves at its disposal, the company believe that the company must become, or become part of, a larger organization with ample cash flow and greater access to capital. Remote Work Skeptics Are Forgetting Their Most Valuable Asset: Their Customers. Camber and Viking reached another merger agreement in February 2021. Imon Ghosh After all, Camber Energy operates in the geopolitically volatile oil and natural gas industry as a homegrown player. The remaining West Texas acreage is acquired leasehold located on the Central Basin Platform of the Permian Basin, which was announced by the Company as part of its entry in the emerging Horizontal San Andres play. One Founder's Super-Sized Side Hustle Is Helping Small Businesses and It's On Track to Generate More Than $50 Million This Year, What Thomas Edison, Sarah Michelle Gellar and T.J. Maxx Can Teach You About Savvy Entrepreneurship, 6 Time Management Hacks to Regain Your Energy, AI Could Eliminate Millions of Jobs By 2027, but Cognitive Skills Are Increasingly Important for Employers.
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