However, its trailing-12-month gross loss stood at $19,000, while its operating loss came in at $4.2 million. Your adding value on me and also support me to wrote more post on my blog. I always refer your site before writing. Viking is an independent exploration and production company focused on the acquisition and development of oil and natural gas properties in the Gulf Coast and Mid-Continent region. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. Additional details regarding the Initial Acquisition were included in Camber's and Viking's Current Reports on Form 8-K filed with the SEC on December 24, 2020 and December 28, 2020, respectively, and are available under "investors" - "SEC filings" at www.camber.energy and www.vikingenergygroup.com. Duke Energy says the capacity-sharing plan would cut operating costs, and those savings would go back to customers. 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. Louis G. Schott, Interim CEO of Camber, stated: Camber is extremely excited about the planned Merger. Effective December 4, 2017, Enerjex and the Company mutually agreed to terminate the Service Agreement. Camber Energy Inc real time quote is equal Camber Energy is engaged in the acquisition, development and sale of crude oil, natural gas and natural gas liquids from various known productive geological formations, including from the Hunton formation in Lincoln, Logan and Payne Counties, in central Oklahoma; the Cline shale and upper Wolfberry shale in Glasscock County, Texas; and recently in connection with its entry into the Horizontal San Andres play on the Central Basin Platform of the Permian Basin in West Texas announced on January 3, 2017. Camber Energy, Inc. (Camber) is a growth-oriented, diversified energy company. The two companies had previously drafted a merger agreement dated Aug. 31, 2020. In my opinion, Q3 2021 was Vantage was granted a second lien on the Jackrabbit property in connection with the financing. $3.2 million). WebHOUSTON, TX / ACCESSWIRE / May 24, 2021 / Camber Energy, Inc. (NYSE American:CEI) ("Camber" or the "Company"), an independent oil and gas company, We are pleased to have the unanimous support from the members of the board of directors of each company to take these next steps, and believe combining Camber's national stock exchange platform with Viking's diversified portfolio of innovative technologies and other important energy-related initiatives will be a significant benefit to all stakeholders and allow the organization to more efficiently execute its growth strategy, Doris said at the time. The Release, which was filed in various counties in Texas on January 22, 2018 and January 23, 2018, discharged approximately $5.8 million in principal and interest outstanding and owed to Rogers, according to Rogers. Specifically, the company prefer relatively shallow (less than 10,000 feet) formations that require horizontal drilling techniques and significant surface infrastructure management, and Camber Energy is currently evaluating several opportunities to expand its asset acreage. Insider Financial focuses solely on short-term high probability trade opportunities. This justifies the stock's relatively high 1.29 beta. Multiple local clean energy companies have landed rounds of $500 million or more recently. Your adding value on me and also support me to wrote more post on my blog. With 5% of the float short, we also expect a nice short squeeze to help make $1 and above an easy target. The company's growth plan includes the development and enhancement of existing production, in addition to the drilling of new wells on its acreage. In West Texas, the Company had 209 /2,253 (net / gross) acres. This site is funded and maintained by Fintel.io. Additionally, the Company and NFP jointly terminated their venture. Many penny stock investors are asking whats the story withCamber Energyafter the stock jumped 53% on Tuesday. Yes. Always do your own research and make your own investment decisions. Instead, what leaders need to focus on is how hybrid work arrangements will serve customer needs. Of the company's floating shares,14.3% have been sold short. Viking is an independent exploration and production company focused on the acquisition and development of oil and natural gas properties in theGulf Coastand Mid-Continent region. Prior to the default, CATI had not recorded interest due on the note based on its earlier agreements. Always do your own research and make your own investment decisions. The company's production sales totaled 158,555 barrels of oil equivalent, net to its interest, for the nine month period ended December 31, 2017. On July 17, 2017, Vantage provided $120,000 to the Company under the Vantage Note and on July 20, 2017, Vantage provided $30,000 to the Company under the Vantage Note. CEI stock price prediction, 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. ThanksYou can refer for more: Kotak Mahindra bank Blue Hat Interactive Entertainment (BHAT) Stock Forecast, AMC Entertainment Holdings Inc (AMC) Stock Forecast, Microsoft Corporation (MSFT) Stock Forecast, Meta Platforms Inc. 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While actively pursuing specific exploration and development activities in the Mid-Continent area, the company may not be able to close future acquisitions for a variety of reasons, new drilling opportunities may not be identified and any new drilling opportunities identified may not be successful if drilled. In addition, CEI reported a $9.750 net interest loss. Viking targets undervalued assets with realistic appreciation potential. A searchable database of oil and gas debt and equity offerings. Camber Energy, Inc. (Camber) is a growth-oriented, diversified energy company. Camber upped its stake in Viking in 2021, purchasing an additional 27.5 million Viking shares for $11 million. Its shares have jumped 68.4% in price over the past five days due to heavy discussion about it on Reddit and Twitter and the consequent bullishness of retail investors. 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. Are You Too Trusting? Constance Dierickx, Ph.D., says it's tempting to rely on others when you're under stress but it can be a big mistake. Many are speculating that it. At December 31, 2017, Cambers total estimated proved producing reserves were 5.98 million barrels of oil equivalent of which 3,383,500 barrels (Bbls) were crude oil and NGL (Bbls) reserves, and 15.6 billion cubic feet (Bcf) were natural gas reserves. (Source: Shutterstock). Vikings 2019 results, as well as its recent hedging activities, have already proved more favorable than expected. Income from operations was $1.00 million as compared to $2.31 million in Q-2, 2019. This article is meant for informational and educational purposes only and does not provide investment advice. In terms of Value grade, the company has an F, which is reflective of its premium valuation. Once that happens, shareholders can vote and the merger will be completed. Following several years of negotiations, Camber Energy and its majority-owned subsidiary Viking Energy Group amended an agreement to merge. CEI holds interests in active oil & gas properties in the onshore Gulf Coast region. To date, Camber and Viking have each satisfied nearly all of their respective conditions to closing the merger, provided that such merger remains subject to certain remaining conditions to closing, including, the effectiveness of the Form S-4, approval of the stockholders of each of Camber of Viking of the merger and certain of the other proposals set forth in the Joint Proxy, and approval of the NYSE American for the continued listing of Cambers common stock following the merger, which the parties anticipate requiring the combined company to re-meet the initial listing standards of the NYSE American. The company intend to expand its footprint in the Central Basin Platform and with a JV partner, begin drilling in this area during end 2018, funding permitting. By producing the water (dewatering), the pressure holding the hydrocarbon in place is lowered, the hydrocarbon expands, and transitions from a residual state to a mobile state, allowing for commercial production. Camber Energy, Inc., (CEI) a Nevada corporation, is an independent oil and natural gas company based in San Antonio, Texas. Data from Fintel.io shows short interest in Camber Energy stock jumped to 24.4 million shares from 6.1 million shares in September, giving the company a 23.5% Between Vikings operational performance, the combined security of the hedging program, and Cambers potential liquidity, we believe the merged company will be positioned for growth following the Merger.. The oil and gas resides in pore spaces of conventional subsurface rock formations and is held in place by the pressurized water. Information on assets, buyers and sellers, deal values, and more. appeared first on StockNews.com. Camber Energy Inc market prognosis, Will CEI price drop? HOUSTON, TX / ACCESSWIRE / January 14, 2021 / Camber Energy, Inc. (NYSE American:CEI) ("Camber" or the "Company") is pleased to announce the completion of another deal with its majority-owned subsidiary, Viking Energy Group, Inc. (VKIN) ("Viking"), pursuant to which Camber purchased $18.9 million worth of common stock of Viking. Your info is never shared. CEI shares fell $0.83 (-100.00%) in premarket trading Tuesday. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree. USD today. A Psychologist Reveals 3 Signs You Should Walk Away From Someone Fast. The Mid-Continent assets produce from a liquids-rich, gas reservoir known as the Hunton formation. On November 9, 2017, in connection with the sale of the Jackrabbit Acreage, the Company paid Vantage the full amount due on the Vantage Note of $150,000. Help us improve our free forecast service with share! However, its trailing-12-month gross loss stood at $19,000, while its operating loss came in at $4.2 million. In Central Oklahoma the Company had 13,567 / 55,247 (net / gross) acres, most of which was acquired pursuant to the Acquisition (defined under Liquidity and Going Concern Consideration). Camber Energy, (CEI) theunionjournal.com 2021 Stock market outlook: 'Markets are forward looking,' says Payne Capital president - The Union Yahoo Finance's Akiko Fujita and Zack Guzman speak with Ryan Payne, Payne Capital Management President, about today's market action and outlook. The company believe the market conditions driving it toward the need for a larger entity of greater size and financial mass are even more essential in the current environment. Net Loss was($17.67million), as compared to net income of $1.29 million in Q-2 2019, the majority of which is attributable to a change in the fair value of the Companys derivates (i.e. Current Assets were$9.21million, as compared to $7.84 million in Q-1 2019. change will be Camber plans to use the twenty-plus year technical evolution and knowledge of the Hunton to the San Andres formation of the Permian Basin to produce oil and gas through the dewatering process and expects to grow its initial 3,600-acre position moving forward, funding permitting. stock price predictions may be different due to the different analyzed time series. bad, high-risk 1-year investment option. Camber Energy Inc projections, 2023-05-01 - Manuela Molina is succeeding Francisco Leon as California Resources Corp.s new CFO following Leons appointment to CEO. Our aim is to acquire a majority interest in assets or entities with current revenue streams and realistic upside potential. Is Your Leadership Style More Steve Jobs or Elon Musk? In exchange for the shares of Viking, Camber agreed to issue 1,890 restricted shares of Camber's Series C Redeemable Convertible Preferred Stock to a noteholder of Viking resulting in the extinguishment of $18.9 million of debt at the Viking level. By comparison, fossil The company owns oil and gas leases in Texas, Louisiana, Mississippi and Kansas. Sep 7, 2021, This story originally appeared on StockNews. Camber purchased interests in oil and gas assets from private operators for $69 million late last year. Also, its trailing-12-month. Approximately 72% of Boe was proved producing. The Approximately 9% of this acreage is productive from the Cline and Wolfberry formations acquired pursuant to the Segundo transaction. Adjusted EBITDA was $3.31 million for the three-month period ended June 30, 2020, as compared to $4.62 million for the three-month period ended June 30, 2019. The Company maintains a 90% ownership position in the remaining 1,100 acres in the area. As of December 31, 2017, the Company had leasehold interests (working interests) covering approximately 13,776 net acres underlying a total of 56,436 gross acres in its two core regions, Central Oklahoma and West Texas. This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. The company seek to create a growth company capable of delivering on the long-expected conversion of reserves to production, continued long-term acreage development, and sustainable shareholder value. Camber and Viking reached another merger agreement in February 2021. Additional details regarding the Year End Transactions were included in Camber's and Viking's Current Reports on Form 8-K filed with the Securities and Exchange Commission ("SEC") on January 13, 2021, and are available under "investors" - "SEC filings" at www.camber.energy and www.vikingenergygroup.com. Many are speculating that its planned merger withViking Energy Group is finally going to happen. Enerjex will receive a fee of $150,000 per month for services rendered, plus any pre-approved out of pocket travel expenses. Rextag database of energy infrastructure assets. Enerjex will not be responsible for any field operations, including drilling, operating or maintaining any wells or leases, of the Company under the terms of the Service Agreement. How do did you get these results with a opening of 0.33 and close at 41? Read fore more: Google price forecast/ Predication, brijesh-patel Although an exclusive IP license agreement between its majority-owned subsidiary, Viking Energy Group, Inc., and ESG Clean Energy, LLC, for patenting a carbon capture system should bode well for the stock, several law firms have been investigating its subsidiary for alleged breaches of fiduciary duty and other violations of law. 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 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. In addition, CEI reported a $9.750 net interest loss. Furthermore, the company's net loss amounted to $13.24 million. And CEI's 26.65x trailing-12-month Price/Sales is 1,770% higher than the 1.43x industry average. WalletInvestor.com. This concept is now being used throughout the Mid-Continent to produce large quantities of oil and gas, and has recently been applied with increasing success to the San Andres formation in West Texas. Sign Up Now For Our 100% FREE Small Cap Reports. 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. Continued improvement in these rates should result in increased revenue and cash flow. As of the end of 2022, Camber owned approximately 60.9% of Vikings outstanding common shares, according to regulatory filings. As a simplified explanation, dewatering occurs in formations with high water saturations, greater than 50%. Is Camber Energy Inc price going up? First up, heres a little background info for those not familiar with the stock. The transaction included working interests in about 169 producing wells averaging around 2,000 net bbl/d of oil, as well as non-producing wells and proved, undeveloped locations.
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