$3.2 million). We are leveraging our expertise and relationships to build a diversified organization with profitable business segments to increase stakeholder value. 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. 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). The oil and gas resides in pore spaces of conventional subsurface rock formations and is held in place by the pressurized water. 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. We wrote this article ourselves and it expresses our own opinions. 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. We'll be in your inbox every morning Monday-Saturday with all the days top business news, inspiring stories, best advice and exclusive reporting from Entrepreneur. This article is not a solicitation or recommendation to buy, sell, or hold securities. Includes modified extension pages (usually configuration pages). Vantage was granted a second lien on the Jackrabbit property in connection with the financing. 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. Camber Energy Inc market prognosis, The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree. The company disclosed that it could not file the report due to delays in putting together the financial information required to be reviewed by the auditor and finalizing the accounting of certain transactions. 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. CEI's trailing-12-month revenue came in at $264,160 . CEI forecast, 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. Of the 92 stocks in the C-rated Energy Oil & Gas industry, CEI is ranked last. 2023-05-01 - Heres a roundup of the latest E&P headlines, including a new subsea tieback beginning production in the Norwegian Sea, new contract awards and an updated agreement regarding oil spill preparedness offshore Alaska. Independent oil and natural gas company Camber Energy, Inc. (CEI), which is headquartered in Houston, Tex., is focused on the acquisition, development, and sale This acreage, part of the Companys Jackrabbit acreage, targeted the San Andres formation in the Permian Basin. The consideration for the Initial Tranche of funding was the assignment to Vantage of all of the Companys rights and ownership in its wholly-owned subsidiary Camber Permian II, LLC (Camber Permian) which included leaseholds and potential participation rights. Once that happens, shareholders can vote and the merger will be completed. , wonder full post. Effective December 4, 2017, Enerjex and the Company mutually agreed to terminate the Service Agreement. 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. 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. 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. Disclosure: We have no position in NYSEMKT:CEI, OTCMKTS:VKIN, or any of the securities mentioned. Through its majority-owned subsidiary, Viking Energy Group, Inc., Camber owns interests in oil and natural gas assets in the Gulf Coast and Mid-Continent regions. How do did you get these results with a opening of 0.33 and close at 41? Here's what could influence CEI's performance in the near term: Last month, CEI announced the acquisition of a 60.5% interest in Simson-Maxwell Ltd., a leading manufacturer and supplier of industrial engines and other energy solutions, through its majority-owned subsidiary. Camber Energy, Inc., (CEI) a Nevada corporation, is an independent oil and natural gas company based in San Antonio, Texas. If you follow a company closely and would like to share your knowledge, we would love your contributions. 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. Doris will serve as president and CEO of the combined company following the merger, per the new agreement. 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 Will CEI price drop? hedging contracts) during the quarter. Camber will remain the sole publicly traded company following the combination, according to the agreement between the two Houston-based firms. Not within a year. Beyond the grades I've highlighted, one can check out additional CEI ratings for Sentiment, Growth, and Momentum here. 1.350 On December 15, 2017, CATI entered into a Release of Mortgage, Deed of Trust, Assignment, Security Agreement, Financing Statement and Fixture Filing (the Release) with Rogers. Many are speculating that its planned merger withViking Energy Group is finally going to happen. Before the run-up in oil prices Viking was a classic dead Many are speculating that it. Prices for top E&P stocks and commodities. Learn about theses six powerful time management strategies you can implement in a hybrid or remote workplace. 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. 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. Constance Dierickx, Ph.D., says it's tempting to rely on others when you're under stress but it can be a big mistake. 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.. CEI holds interests in active oil & gas properties in the onshore Gulf Coast region. 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. 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. 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). Your adding value on me and also support me to wrote more post on my blog. appeared first on StockNews.com. When will CEI stock price go down? This transaction did not close and the letter of intent was terminated. Income from operations was $1.00 million as compared to $2.31 million in Q-2, 2019. While commodity prices have rebounded from their lows and service costs have declined, the drilling of new wells continues to require constant economic viability evaluation. 2023 Hart Energy. 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. The assets are expected to generate $55 million in annual gross revenue, the company said. HOUSTON, TX / ACCESSWIRE / January 14, 2021 / Camber Energy, Inc. (NYSE American:CEI) (" Camber " or the " Company ") is pleased to announce the 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. 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. 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. She began her career at Kantar IMRB, a leading market research and consumer consulting organization. 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. CEI holds interests in active oil & gas properties in the onshore Gulf Coast region. 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 Register Now and start editing! Thus, we think it is best avoided now. WebFind real-time CEI - Camber Energy Inc stock quotes, company profile, news and forecasts from CNN Business. The two companies had previously drafted a merger agreement dated Aug. 31, 2020. 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. 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. CEI stock price predictions 2023, Will CEI stock price rise? Imon Ghosh Louis G. Schott, Interim CEO of Camber, stated: Camber is extremely excited about the planned Merger. Under an amended merger agreement dated April 18, a subsidiary of Camber will merge with and into Viking, with Viking surviving as a wholly owned subsidiary of Camber. These properties include interests in four different fields, of which one is operated by Camber and the other three are non-operated. Among the lessons below: the brilliance of a "treasure hunt merchandising philosophy.". Asian paint share price target, brijesh-patel Reproduction in whole or in part, in any form or medium without express written permission is prohibited. The net proceeds from the sale to the Company totaled $25,914. Insider Financial is not an investment advisor and does not provide investment advice. On September 10th, Viking posted strong Q2 results. Question Box: Here are the highlights: Viking shareholders are on board with the merger. 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. Camber and Viking reached another merger agreement in February 2021. Adjusted EBITDA for the six-month period ending June 30, 2020, was $10.05 million, as compared to $10.34 million for the six-month period ending June 30, 2019. Camber Energy is trading in a confirmed downtrend with the most recent lower low made on Oct. 6 at 86 cents and the most recent lower high of $2.45 made on Oct. 8. Independent oil and natural gas company Camber Energy, Inc. (. 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. Camber Energy Inc technical analysis, Information on assets, buyers and sellers, deal values, and more. No Spam. Continued improvement in these rates should result in increased revenue and cash flow. 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. The Glasscock County, Texas properties produce oil and gas primarily from the Wolfberry, Cline and Fusselman formations and are all non-operated. Insider Financial focuses solely on short-term high probability trade opportunities. Is Camber Energy Inc price going up? 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 companies did not provide an estimated closing date. Approximately 72% of Boe was proved producing. Many penny stock investors are asking whats the story withCamber Energyafter the stock jumped 53% on Tuesday. The Mid-Continent assets produce from a liquids-rich, gas reservoir known as the Hunton formation. Moreover, extinguishing the $18.9 million of debt improves the equity position of both companies. According to our analysis, this can happen. change will be And CEI's 26.65x trailing-12-month Price/Sales is 1,770% higher than the 1.43x industry average. First up, heres a little background info for those not familiar with the stock. Furthermore, the company's poor cash balance and negative profit margin are not in sync with its stock's current valuation. I can't understand about google price goes 000. This reflects the stock's negative ROE and cash flow from operations. Is CEI stock price going to drop? Approximately 97% of the barrel of oil equivalent (Boe) was proved producing. CEI stock future price, 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. $39 Million in Transactions Closed Since Dec. 23/20. 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). Production rates should increase as well from new production which is expected to ramp up in early 2018, subsequent to the completion of drilling activities the company plan to complete in early 2018, funding permitting. 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. 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. How Does Camber Energy (CEI) Stack Up Against its Peers? Also, its 4.94 trailing-12-month Price/Book multiple compares with the 1.48 industry average. 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. In my opinion, Q3 2021 was CEI expected stock price. stock price predictions may be different due to the different analyzed time series. In this article, we take a look at Camber Energy and the risk/reward opportunity. Our alerts consist of Nasdaq, NYSE and high quality OTC companies that are capable of delivering outsized gains to you today, not a year from now. Through its majority-owned subsidiary, Viking Energy Group, Inc. (Viking), or Term Box: 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 ventures with industry partners with the goal of enhancing production and cash flow. can be a Camber will remain the sole publicly traded company following the combination, according to the agreement between the two Houston-based firms. Best Camber Energy Inc forecast, 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, Always do your own research and make your own investment decisions. 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. Current Assets were$9.21million, as compared to $7.84 million in Q-1 2019. In August, Viking reduced its overall debt by approximately $7,808,661. Sign Up Now For Our 100% FREE Small Cap Reports. All rights reserved. In the past decade, Texas renewable energy and storage capacity surged by about 44,000 megawatts, according to the states grid operator. Will CEI price go up? The company's third initiative for growth is the acquisition of production and acreage near its existing operations. Many penny stock investors are asking whats the story withCamber Energyafter the stock jumped 53% on Tuesday. Once online, the project will have an estimated capacity of around 43 million gallons of renewable diesel annually. 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. 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. 2023-05-01 - Manuela Molina is succeeding Francisco Leon as California Resources Corp.s new CFO following Leons appointment to CEO. How will Camber Energy Inc stock price increase? Camber plans to work diligently to grow its operations by considering strategic acquisitions that are near the region or location of its current assets, offer attractive production and cash flow returns, and/or conform to the Companys technical proficiencies. After closing a long-awaited deal, a Houston-based energy company's outgoing CEO reflects on how he got the deal to the finish line and the significance of 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. 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. Note: Because of the historical price data of CEI (with very high volatility), the technical analysis and stock price prediction may be unrealistic! Historical 1.350 USD to The company's trailing-12-month gross profit margin and cash from operations are negative 0.5% and $2.09 million, respectively. Closing yesterday's session at $0.83, the stock is trading 73.3% below its 52-week price high of $3.10. Once Camber has cleared comments from the SEC on the Form S-4, the parties plan to promptly move forward with setting the record dates for their special meetings to seek stockholder approvals for the merger and other items set forth in the joint proxy statement/prospectus included in the Form S-4. 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. With 5% of the float short, we also expect a nice short squeeze to help make $1 and above an easy target. When will Camber Energy Inc price drop? We should be hearing from the SEC any day now that the Form S-4 cleared. Our proprietary rating system also evaluates each stock based on eight different categories. ), 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. Entrepreneur and its related marks are registered trademarks of Entrepreneur Media Inc. On March 20, Camber announced it had addressed legacy accounting issues that allowed the company to resume negotiations on the merger. The ratio between the gross and net production varies due to varied working interests and net revenue interests in each well. This article is meant for informational and educational purposes only and does not provide investment advice.