The cure period on the Rogers Loan expired on September 11, 2017, and as of such date, all principal, interest and unpaid costs thereunder were immediately due and payable (which totaled approximately $9.4 million as of the date of acceleration which amount included $2.1 million of default interest). Camber will remain the sole publicly traded company following the combination, according to the agreement between the two Houston-based firms. 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. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. 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 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. We have no business relationship with any company whose stock is mentioned in this article. Includes modified extension pages (usually configuration pages). The companies did not provide an estimated closing date. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media Inc. Bad Weather Won't Ruin Your Vacation Anymore , Retirees Are Earning Up to $20,000 Per Month With. Thus, we think it is best avoided now. On September 10th, Viking posted strong Q2 results. And CEI's 26.65x trailing-12-month Price/Sales is 1,770% higher than the 1.43x industry average. WebHOUSTON, TX / ACCESSWIRE / May 24, 2021 / Camber Energy, Inc. (NYSE American:CEI) ("Camber" or the "Company"), an independent oil and gas company, This justifies the stock's relatively high 1.29 beta. Sep 7, 2021, This story originally appeared on StockNews. Your blog is to good for my knowledge. Not within a year. 2023-05-01 - CEO Darren Woods discusses Exxon Mobils expansion plans in the Lower 48 and managing the energy transition in Hart Energys The OGInterview. As the company consider producing properties, the company plan to prioritize those with cash flow returns near its current assets that can substantially improve its bottom line. Following several years of negotiations, Camber Energy and its majority-owned subsidiary Viking Energy Group have finally inked an agreement to merge. In January, Camber agreed to acquire a 100% interest in companies developing a renewable diesel processing plant. The Camber Energy stock price may drop from Pursuant to the Release, the Company completed a transaction in which CATI provided Rogers, pursuant to an Assignment of Overriding Royalty Interest (the Royalty Assignment), with an overriding royalty (equal to 0.01 of 8/8ths of all oil and gas) on CATIs remaining leasehold and Rogers released CATI from all remaining indebtedness owed. 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 Glasscock County, Texas properties produce oil and gas primarily from the Wolfberry, Cline and Fusselman formations and are all non-operated. The goal is to re-meet the initial listing standards of the NYSE American. 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. As a simplified explanation, dewatering occurs in formations with high water saturations, greater than 50%. WebOVERVIEW. Furthermore, its ROE, ROA, and ROTC stood at negative 274.3%, 50.4%, and 13.8%, respectively. Remember, this was a stock that was trading over $8 at this time last year. 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. With the stock perking up, we expect the $1 price to be exceeded as momentum players pile into Camber Energy. The Company maintains a 90% ownership position in the remaining 1,100 acres in the area. What Happened In Camber Energy Stock (CEI)? Camber Energy, Inc., (CEI) a Nevada corporation, is an independent oil and natural gas company based in San Antonio, Texas. 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. 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. CEI - Camber Energy Inc Stock quote - CNNMoney.com Markets Through its majority-owned subsidiary, Viking Energy Group, Inc. (Viking), or How do did you get these results with a opening of 0.33 and close at 41? James Doris, President & CEO of the two companies commented, "This transaction further strengthens the relationship between Camber and Viking and moves us one step closer toward a full combination of the two entities. Currently trading at less than $1, shares of diversified energy and power solutions company Camber Energy have been rallying thanks to recent social m By But those plans were terminated that December after Camber purchased a 51% stake in Viking for $10.9 million in cash and the cancelation of a $9.2 million loan. WebAccording to present data Camber Energy's CEI shares and potentially its market environment have been in a bullish cycle in the last 12 months (if exists). Prior to the default, CATI had not recorded interest due on the note based on its earlier agreements. Leaders are starting to outline when they will show results. The wells are operated by Vikings subsidiary, Petrodome Operating, LLC, a licensed operator in Texas,Louisiana,andMississippi, and produce hydrocarbons from known reservoirs/sands in the on-shoreGulf Coastregion, including theHackberry, Yegua, Wilcox, Amphistegina, and Robira. Camber Energy Takes A Giant Step Forward To Becoming A Much Larger Company By Finalizing Acquisition Of Viking Energy ($CEI) Published: April 27, 2023 at 5:42 a.m. 281.404.4387 (ext.3)E. ir@camber.energy, View source version on accesswire.com: https://www.accesswire.com/624268/Camber-Energy-Inc-Extinguishes-189M-of-Total-Debt, https://www.accesswire.com/624268/Camber-Energy-Inc-Extinguishes-189M-of-Total-Debt, Asia Stocks Rise on Hong Kong; Traders Wait on Fed: Markets Wrap, Factbox-Long-serving Qantas executive Vanessa Hudson named as next CEO, Oil Holds Loss Amid Concerns Over Chinese Demand, Banking Woes, Japan, South Korea hold first finance leaders' meeting in 7 years, Milken Latest: Saudis Look to Diversify Economy Beyond Just Oil. Following several years of negotiations, Camber Energy and its majority-owned subsidiary Viking Energy Group amended an agreement to merge. Camber believes that it has certain advantages in initiating a development program in the San Andres. WebCamber Energy, Inc., an independent oil and natural gas company, engages in the acquisition, development, and sale of crude oil, natural gas, and natural gas liquids in 2023-04-30 - A bevy of projects in the Middle East promises a boom in future revenues for SLB, Baker Hughes and Halliburton. Unsubscribe anytime. In the past decade, Texas renewable energy and storage capacity surged by about 44,000 megawatts, according to the states grid operator. Of the company's floating shares,14.3% have been sold short. CEI prediction, 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. For over five years, we have provided a free service to a countless number of traders featuring only the best in the microcap arena. On November 9, 2017, the Company (through its subsidiary, Camber Permian LLC) and NFP Energy LLC (NFP), its joint venture partner, sold oil and gas properties totaling approximately 2,452 acres in Gaines County, Texas, to Fortuna Resources Permian, LLC (Fortuna), for $1,000 per acre or an aggregate of $2,206,718 payable to the Company (with $245,213 payable to NFP), pursuant to the terms of a letter agreement (the Sale Agreement) and an Assignment, Bill of Sale and Conveyance to Fortuna, both dated November 9, 2017 and effective November 1, 2017. CEI's trailing-12-month revenue came in at $264,160 . The two companies had previously drafted a merger agreement dated Aug. 31, 2020. When will CEI stock price go down? Through one of its subsidiaries, Ichor Energy, LLC, Viking owns a working interest in approximately 58 conventional, producing oil and gas wells inTexasandLouisiana and an interest in more than 30 Salt Water Disposal Wells. CEI holds interests in active oil & gas properties in the onshore Gulf Coast region. However, the collapse in energy prices and the COVID-19 pandemic have wreaked havoc on its business plans, including the planned merger with Viking. This acreage, part of the Companys Jackrabbit acreage, targeted the San Andres formation in the Permian Basin. This reflects the stock's negative ROE and cash flow from operations. 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). 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? Below you will find the stock price predictions for 2023, 2024. On May 24, 2021, Viking reported that Camber Energys first quarter ended March 31, 2021 earnings per share (EPS) of -$0.13 under generally accepted 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. Viking issued 53,219,677 common shares in connection with the debt conversions. Income from operations was $1.00 million as compared to $2.31 million in Q-2, 2019. Many penny stock investors are asking whats the story withCamber Energyafter the stock jumped 53% on Tuesday. While CEI's shares have been rallying based on retail traders' interest, news related to the company's delay in filing its Form 10-K and the NYSE's monitoring of the delays have raised investors' concerns about the stock. Let's find out. Approximately 72% of Boe was proved producing. Viking targets undervalued assets with realistic appreciation potential. The monthly fee may be reduced to the extent the Company retains employees to perform certain of the functions contemplated to be performed by Enerjex. The CEI shares fell $0.83 (-100.00%) in premarket trading Tuesday. Camber Energy, Viking Reach New Agreement to Merge, Meritorious Awards for Engineering Innovation (MEAs), Meritorious Awards for Engineering Innovation (MEA), TotalEnergies Eager to Dip into Suriname Oil Pool, California Resources Appoints New CFO Molina, Molecular Transformation: Exxon Mobil Tackles the Energy Transition, SLB, Baker Hughes, Halliburton Primed for Middle East Boom. selection of stocks like Camber Energy Inc. The oil and gas resides in pore spaces of conventional subsurface rock formations and is held in place by the pressurized water. The company's trailing-12-month gross profit margin and cash from operations are negative 0.5% and $2.09 million, respectively. 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. This transaction did not close and the letter of intent was terminated. Camber Energy's efforts to go green could fuel the next big move for CEI stock April 5, 2022 By Louis Navellier and the InvestorPlace Research Staff Apr 5, Once that happens, shareholders can vote and the merger will be completed. Camber has assessed its portfolio of opportunities and is currently performing workovers on acquired wells while assessing additional opportunities to acquire temporarily abandoned or underproducing assets in the MidContentent and Central Basin Platform, funding permitting. Also refer for more: Coal India share price target. The San Andres formation, the target of its most recent purchase, is found at relatively shallow depths (4,500) and has similar attributes to the Companys dewatering Hunton play in Oklahoma. Camber Energy Inc finance tips, Since closing the acquisition of the Segundo Hunton dewatering assets in August 2016, the Company has sought an opportunity to expand its dewatering expertise to another productive formation. A searchable database of oil and gas debt and equity offerings. Imon is an investment analyst and journalist with an enthusiasm for financial research and writing. The prediction says for February 2019. Reproduction in whole or in part, in any form or medium without express written permission is prohibited. Beyond the grades I've highlighted, one can check out additional CEI ratings for Sentiment, Growth, and Momentum, While CEI has an overall F rating in our proprietary rating system, one might want to consider taking a look at its industry peers, SilverBow Resorces, Inc. (, One Company Will Pay You to Enjoy It Rain or Shine, Scheme That Caused Her to Lose Her Home of 3 Decades, 15 Best Entrepreneurial Conferences You Need to Attend, Here's How to Tell And Why It Matters. 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.. Read fore more: Google price forecast/ Predication, brijesh-patel * Our share forecasts and predictions are made by, Cryptocurrency News, Crypto, Stock, Forex Predictions, Forecasts & Charts 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. Duke Energy says the capacity-sharing plan would cut operating costs, and those savings would go back to customers. Will Camber Energy Inc stock price fall? On May 1, 2017, the Company entered into a service agreement (the Service Agreement), with Enerjex Resources (Enerjex) to outsource the management of its back-office functions for a fixed monthly fee. $39 Million in Transactions Closed Since Dec. 23/20. Instead, what leaders need to focus on is how hybrid work arrangements will serve customer needs. $3.2 million). On March 20, Camber announced it had addressed legacy accounting issues that allowed the company to resume negotiations on the merger. Independent oil and natural gas company Camber Energy, Inc. (CEI), 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. Yes. In addition, the Company owns 1,000 net acres and operations in the emerging Horizontal San Andres play in the Central Basin Platform area of the Permian Basin (as described in greater detail below). The company's San Andres initiative is a prime example of it moving into a new area where the required expertise fits its technical capabilities. Based in Houston, Texas, Camber Energy (NYSE American: CEI) is a growth-oriented, independent oil and gas company engaged in the development of Camber, a diversified energy player with non-operated oil and gas interests and other investments, has worked to combine with Viking, a commercial and industrial energy and power services provider, since at least 2020, having already owned a majority stake. We intend that all forward-looking statements be subject to the safe-harbor provisions. Insider Financial is not an investment advisor and does not provide investment advice. Disclosure: We have no position in NYSEMKT:CEI, OTCMKTS:VKIN, or any of the securities mentioned. Camber Energy Inc market prognosis, 2023-05-01 - TotalEnergies CEO Patrick Pouyann says the company has been eying a low oil-to-gas ratio in Suriname in order to have an efficient development. Broadly, Camber is targeting acquisitions in the southwest United States, inclusive of Oklahoma, Texas and New Mexico, which represent a vast array of oil and gas deposits. 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. Cambers income comes from Viking Energy Group, a small oil-and-gas driller it bought in early 2021. wrote this article ourselves and it expresses our own opinions. When will CEI price fall? Insider Financial focuses solely on short-term high probability trade opportunities. This site is funded and maintained by Fintel.io. In August, Viking reduced its overall debt by approximately $7,808,661. Always do your own research and make your own investment decisions. Camber operations are all crude oil and natural gas exploration and production related. Any statements that are not historical facts contained in this press release are "forward-looking statements", which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Aside from its deal with Viking, Camber has pursued other M&A in recent months. 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. In terms of trailing-12-month EV/Sales, the stock is currently trading at 332.17x, which is significantly higher than the 2.75x industry average. Many are speculating that it. If the closing of the merger occurs (the Closing), the Viking equity holders prior to the merger will own approximately 80% of Cambers fully-diluted common stock immediately after the merger, and the Camber equity holders prior to the merger shall own approximately 20% of Cambers fully-diluted common stock immediately after the merger. In May, CEI was notified by the NYSE American that it failed to file its Form 10-K in a timely manner for the nine months ended December 31, 2020, and therefore was not in compliance with the Exchange's listing standards. WebBased in Houston, Texas, Camber Energy (NYSE American:CEI) is a growth-oriented energy company. However, its trailing-12-month gross loss stood at $19,000, while its operating loss came in at $4.2 million. She began her career at Kantar IMRB, a leading market research and consumer consulting organization. Under the terms of the Service Agreement, Enerjex will be responsible for performing all back-office services for the Company, including all data entry and bookkeeping, financial reporting, management reporting, reserve reporting, SEC compliance, audits, filings, and any other services required to maintain the Companys good standing with all local, state, and federal laws. Camber will remain the sole publicly traded company following the combination, according to the agreement between the two Houston-based firms. The Company entered into a nonbinding letter of intent in November 2017, to acquire a 95% net working interest position in 3,220 net acres in Yoakum County, Texas, within a 6,000 acre area of mutual interest (AMI) in the Permian Basin. Among the lessons below: the brilliance of a "treasure hunt merchandising philosophy.". A Psychologist Reveals 3 Signs You Should Walk Away From Someone Fast. WebFind real-time CEI - Camber Energy Inc stock quotes, company profile, news and forecasts from CNN Business. If you are looking for stocks with good return, Camber Energy Inc stock Is CEI stock price going to drop? See above. Camber Energy has steered the Company to a strategic path leveraging on its expanding technical and operational dewatering expertise. With the closing of its asset acquisition in August 2016, the Company acquired estimated proved reserves of 6.3 million Boe, of which 0.2 million Bbls were crude oil reserves, 14.8 billion Bcf were natural gas reserves and 3.7 million Bbls were natural gas liquids. As of December 31, 2017, Camber was producing an average of approximately 869 net barrels of oil equivalent per day (Boepd) from over 100 active well bores. WalletInvestor.com. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. The companies are now awaiting further comments on Form S-4 from the SEC, which the parties anticipate being minor if any are received at all, and/or approval of the SEC to move forward with finalizing the Form S-4. The company's third initiative for growth is the acquisition of production and acreage near its existing operations. Viking targets undervalued assets with realistic appreciation potential. change will be Camber Energy Inc projections, ), 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. Sen. Eric Schmitt, R-Mo., says Republicans will hold Energy Secretary Jennifer Granholm's "feet to the fire" after committing that "no money" will flow to In terms of Value grade, the company has an F, which is reflective of its premium valuation. Best Camber Energy Inc forecast, The post Is Camber Energy a Buy Under $1? wonder full post. On August 2, 2017, and effective June 13, 2017, the Company entered into an agreement with Vantage Fund, LLC (Vantage and the Vantage Agreement), pursuant to which Vantage agreed to provide up to $6 million of funding to the Company, in the sole discretion of Vantage, with $400,000 provided in the initial tranche (the Initial Tranche). USD today. As of the end of 2022, Camber owned approximately 60.9% of Vikings outstanding common shares, according to regulatory filings. Is Camber Energy Inc a profitable investment? hedging contracts) during the quarter. 1.350 USD to - Try Now Risk-Free - Money-back guarantee! index on US Stock Market : At Walletinvestor.com we predict future values with technical analysis for wide Year-to-date, CEI has declined -10.11%, versus a 21.98% rise in the benchmark S&P 500 index during the same period. Are You Too Trusting? Measures such as return on equity, liquidity and stock multiples have led it to conclude that the market, in general, views small-cap and mid-cap exploration and production companies as having greater potential than microcaps. 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.
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