Effective December 4, 2017, Enerjex and the Company mutually agreed to terminate the Service Agreement. We are not receiving compensation for it. How Does Camber Energy (CEI) Stack Up Against its Peers? Our aim is to acquire a majority interest in assets or entities with current revenue streams and realistic upside potential. bad, high-risk 1-year investment option. 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. 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 . While CEI has been taking steps to complete the accounting to file the Form 10-K, if it fails to cure the filing delinquency within the given cure period, NYSE could suspend and delist it. can be a Camber Energy $39 Million in Transactions Closed Since Dec. 23/20. #Camberenergy - Twitter Search / Twitter This transaction did not close and the letter of intent was terminated. Also, it has an F grade for Stability. The Mid-Continent assets produce from a liquids-rich, gas reservoir known as the Hunton formation. Approximately 97% of the Central Oklahoma acreage is held by production (HBP). 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. Camber Energy Inc real time quote is equal This justifies the stock's relatively high 1.29 beta. 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 index on US Stock Market : At Walletinvestor.com we predict future values with technical analysis for wide 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. came in at a negative $5.15 million, while its free cash flow stood at a negative $2.09 million. 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. 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 also holds an exclusive license in Canada to a patented carbon-capture system. Camber Energy has recently made significant strides in improving production from its existing fields where its barrel of oil equivalent per day rates have risen from 850 barrels of oil equivalent per day (Boe/d) in September 2016, its first month of operating the Oklahoma property, to a December 2016 rate of 1,054 Boe/d. future. Furthermore, the company's net loss amounted to $13.24 million. Independent oil and natural gas company Camber Energy, Inc. (CEI), which is headquartered in Houston, Tex., is focused on the acquisition, development, and sale Yes. WebFind real-time CEI - Camber Energy Inc stock quotes, company profile, news and forecasts from CNN Business. 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 The purchase price totaled CAD3.99 million (approx. Camber upped its stake in Viking in 2021, purchasing an additional 27.5 million Viking shares for $11 million. The biggest On March 20, Camber announced it had addressed legacy accounting issues that allowed the company to resume negotiations on the merger. Before the run-up in oil prices Viking was a classic dead Thus, we think it is best avoided now. At the moment, Camber Energy owns a 70% interest in the company and the latter was the buyer of that carbon-capture system license. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media Inc. Historical Through its majority-owned subsidiary, Viking Energy Group, Inc. (Viking), or subsidiaries of Viking, Camber provides custom energy & power solutions to commercial and industrial clients in North America and owns interests in oil and natural gas assets in the United States. 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. No Spam. Camber Energy to Acquire Private Companies Oil Wells for $69 Million. 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. 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. Also, its 4.94 trailing-12-month Price/Book multiple compares with the 1.48 industry average. Imon Ghosh With 5% of the float short, we also expect a nice short squeeze to help make $1 and above an easy target. The Glasscock County, Texas properties produce oil and gas primarily from the Wolfberry, Cline and Fusselman formations and are all non-operated. Enerjex will receive a fee of $150,000 per month for services rendered, plus any pre-approved out of pocket travel expenses. 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% Let's find out. Viking has a market capitalization of approximately $87 million, according to Yahoo Finance data; Camber has a market cap of about $33 million as of April 20. Multiple local clean energy companies have landed rounds of $500 million or more recently. 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. In the past decade, Texas renewable energy and storage capacity surged by about 44,000 megawatts, according to the states grid operator. 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 Camber Energy, Inc. Extinguishes $18.9M of Total Debt - Yahoo Unsubscribe anytime. Is Your Leadership Style More Steve Jobs or Elon Musk? Here are the highlights: Viking shareholders are on board with the merger. 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. Sign Up Now For Our 100% FREE Small Cap Reports. 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. When will CEI price fall? Your info is never shared. 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. Is Camber Energy a Buy Under $1? | Entrepreneur Camber Energy Imon is an investment analyst and journalist with an enthusiasm for financial research and writing. Camber Energy Inc projections, The company operate and invest in areas that are known to be productive, with a reasonably established production history, in order to decrease geological and exploratory risk. 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). 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. 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. Camber Energy Inc (CEI) Stock Price Today, News, Quotes, Camber Energy, Inc. (Camber) is a growth-oriented, diversified energy company. This article is meant for informational and educational purposes only and does not provide investment advice. WebOVERVIEW. 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. Your adding value on me and also support me to wrote more post on my blog. Camber Energy Remains a Promising Way to Play the Aside from its deal with Viking, Camber has pursued other M&A in recent months. appeared first on StockNews.com. The Company intends to enter into an agreement with a joint venture partner within the (AMI) with the plan to initiate a drilling program on this acreage, targeting the San Andres formation, during the first half of 2018, subject to the transaction closing by year end. 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. WebCamber Energy, Inc. (Camber) is a growth-oriented, diversified energy company. Remember, this was a stock that was trading over $8 at this time last year. Of the company's floating shares,14.3% have been sold short. Read fore more: Google price forecast/ Predication, brijesh-patel Prices for top E&P stocks and commodities. For more information, please visit the company's website at www.camber.energy. Camber believes that it has certain advantages in initiating a development program in the San Andres. Camber Energy, Viking Reach New Agreement to Merge Camber Energy Probability Of Bankruptcy - (NYSE MKT:CEI) Your blog is to good for my knowledge. Of the 92 stocks in the C-rated Energy Oil & Gas industry, CEI is ranked last. The effective date of the Release was December 15, 2017. 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 The company's primary value drivers are its reserves which must be developed to unlock their full potential. Sep 7, 2021, This story originally appeared on StockNews. Prior to the default, CATI had not recorded interest due on the note based on its earlier agreements. Beyond the grades I've highlighted, one can check out additional CEI ratings for Sentiment, Growth, and Momentum here. 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 Constance Dierickx, Ph.D., says it's tempting to rely on others when you're under stress but it can be a big mistake. 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. 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. 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. The assets are expected to generate $55 million in annual gross revenue, the company said. We are not receiving compensation for it. Vantage was granted a second lien on the Jackrabbit property in connection with the financing. In addition, CEI reported a $9.750 net interest loss. WalletInvestor.com. We intend that all forward-looking statements be subject to the safe-harbor provisions. Camber purchased interests in oil and gas assets from private operators for $69 million late last year. Many penny stock investors are asking whats the story withCamber Energyafter the stock jumped 53% on Tuesday. Is CEI stock price going to drop? Get our PREMIUM Forecast Now, from ONLY $7.49! The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree. Viking targets undervalued assets with realistic appreciation potential. CEI has an F grade for Quality. A new report by the World Economic Forum found that nearly 2% of current roles could disappear by 2027. 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). 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. 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. 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. Here's Why. See above. This balanced approach can expedite growth while reducing dependence on any particular division. Subscribe for free to our newsletters for the latest energy news. 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. $3.2 million). About - Camber Energy Also refer for more: Coal India share price target. With the closing of the Acquisition in October 2016, the Company acquired over 13,000 net acres in producing fields located primarily in the Mid-Continent region of Oklahoma including Payne, Lincoln and Logan Counties, along with a small amount of interest in production located in Glasscock County, Texas. Learn about theses six powerful time management strategies you can implement in a hybrid or remote workplace. 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. CEI has an overall F rating, which translates to a Strong Sell in our. 2023-04-30 - A bevy of projects in the Middle East promises a boom in future revenues for SLB, Baker Hughes and Halliburton. One of the requirements is a $1 minimum share price for 30 days. Camber Energy has steered the Company to a strategic path leveraging on its expanding technical and operational dewatering expertise. CEI expected stock price.
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