Camber has plans to file a preliminary registration statement for the proposed deal with the U.S. Securities and Exchange Commission as the next step in the merger process. Is Camber Energy Inc a profitable investment? Camber and Viking reached another merger agreement in February 2021. First up, heres a little background info for those not familiar with the stock. 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. About - Camber Energy 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. 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 upped its stake in Viking in 2021, purchasing an additional 27.5 million Viking shares for $11 million. Based in Houston, Texas, Camber Energy (NYSE American: CEI) is a growth-oriented, independent oil and gas company engaged in the development of In addition, the company will evaluate the property to determine whether it conforms to its experience and technical expertise. This acreage, part of the Companys Jackrabbit acreage, targeted the San Andres formation in the Permian Basin. 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. 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. Camber Energy and Viking agreed to merge on February 3rd and then the COVID-19 pandemic swept across the nation. Instead, what leaders need to focus on is how hybrid work arrangements will serve customer needs. * Our share forecasts and predictions are made by, Cryptocurrency News, Crypto, Stock, Forex Predictions, Forecasts & Charts Includes modified extension pages (usually configuration pages). Our proprietary rating system also evaluates each stock based on eight different categories. The two companies had previously drafted a merger agreement dated Aug. 31, 2020. 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. CEI expected stock price. Insider Financial is not an investment advisor and does not provide investment advice. CEI has an F grade for Quality. Camber operations are all crude oil and natural gas exploration and production related. 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. Help us improve our free forecast service with share! The company owns oil and gas leases in Texas, Louisiana, Mississippi and Kansas. future. We are not receiving compensation for it. By pursuing adjacent or nearby properties, the company plan to expand its acreage footprint and capitalize on cost efficiencies. The company's trailing-12-month gross profit margin and cash from operations are negative 0.5% and $2.09 million, respectively. Enerjex will receive a fee of $150,000 per month for services rendered, plus any pre-approved out of pocket travel expenses. 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. 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. 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 Multiple local clean energy companies have landed rounds of $500 million or more recently. Remote Work Skeptics Are Forgetting Their Most Valuable Asset: Their Customers. Reproduction in whole or in part, in any form or medium without express written permission is prohibited. For over five years, we have provided a free service to a countless number of traders featuring only the best in the microcap arena. No Spam. 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. 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. 0.138 USD . The Mid-Continent assets produce from a liquids-rich, gas reservoir known as the Hunton formation. 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. In West Texas, the Company had 209 /2,253 (net / gross) acres. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Camber Energy Probability Of Bankruptcy - (NYSE MKT:CEI) Camber will remain the sole publicly traded company following the combination, according to the agreement between the two Houston-based firms. 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? We should be hearing from the SEC any day now that the Form S-4 cleared. 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. brijesh-patel Is Camber Energy a Buy Under $1? | Entrepreneur CEI stock price predictions 2023, ), 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. 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. can be a Additionally, the Company and NFP jointly terminated their venture. Note: Because of the historical price data of CEI (with very high volatility), the technical analysis and stock price prediction may be unrealistic! It has been more than three weeks since the NYSE American Exchange sent Camber Energy (NYSEAMERICAN: CEI) a letter saying that it wasnt compliant with the In addition, CEI reported a $9.750 net interest loss. In terms of Value grade, the company has an F, which is reflective of its premium valuation. In the past decade, Texas renewable energy and storage capacity surged by about 44,000 megawatts, according to the states grid operator. CEI - Camber Energy Inc Stock quote - CNNMoney.com Markets Learn about theses six powerful time management strategies you can implement in a hybrid or remote workplace. Camber Energy, Viking Reach New Agreement to Merge 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. It engages in the acquisition, development, and sale of crude oil and natural gas from Continued improvement in these rates should result in increased revenue and cash flow. Also, its 4.94 trailing-12-month Price/Book multiple compares with the 1.48 industry average. (Source: Shutterstock). 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. It engages in the acquisition, development, and sale of crude oil and natural gas from various known Sign Up Now For Our 100% FREE Small Cap Reports. brijesh-patel 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. Insider Financial is not an investment advisor and does not provide investment advice. The Glasscock County, Texas properties produce oil and gas primarily from the Wolfberry, Cline and Fusselman formations and are all non-operated. 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 $18.9 million of debt at the Viking level. She began her career at Kantar IMRB, a leading market research and consumer consulting organization. USD today. Joel Holland, CEO of Harvest Hosts, grew the company's membership from 6,000 to more than 250,000 since 2018. CEI forecast, This site is funded and maintained by Fintel.io. Also refer for more: Coal India share price target. Clean energy has landed major funding recently. When will we WebOVERVIEW. Camber Energy Takes A Giant Step Forward To Becoming A Much Larger Company By Finalizing Acquisition Of Viking Energy ($CEI) Published: April 27, 2023 at 5:42 a.m. Viking targets undervalued assets with realistic appreciation potential. 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. The prediction says for February 2019. CEI stock price prediction, Effective December 4, 2017, Enerjex and the Company mutually agreed to terminate the Service Agreement. The goal is to re-meet the initial listing standards of the NYSE American. In the past decade, Texas renewable energy and storage capacity surged by about 44,000 megawatts, according to the states grid operator. Through its majority-owned subsidiary, Viking Energy Group, Inc. (Viking), or Here's Why. Viking issued 53,219,677 common shares in connection with the debt conversions. 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 Entrepreneur and its related marks are registered trademarks of Entrepreneur Media Inc. Year-to-date, CEI has declined -10.11%, versus a 21.98% rise in the benchmark S&P 500 index during the same period. Revenues were$9.55million as compared to $8.73 million in Q-2 2019. Check-in with Cambers President & CEO, James Doris, as he provides insight into the companys operations, structure and growth strategy. 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. This justifies the stock's relatively high 1.29 beta. 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. 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. CEI stock future price, CEI holds interests in active oil & gas properties in the onshore Gulf Coast region. The acquisition and debt cancellation transactions, dated as of December 31, 2020 (collectively, the "Year End Transactions"), are separate from the $20.1 million transaction completed between Camber and Viking on December 23, 2020 (the "Initial Acquisition"). Approximately 97% of the Central Oklahoma acreage is held by production (HBP). Camber Energy Inc Forecast, wonder full post. Camber Energy Unsubscribe anytime. Camber Energy Inc finance tips, 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. Many penny stock investors are asking whats the story withCamber Energyafter the stock jumped 53% on Tuesday. 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). 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 Although this acquisition could strengthen CEI's platform and position it for further expansion across North America, it could also increase its expenses in the near term. 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. 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. Independent oil and natural gas company Camber Energy, Inc. (CEI), which is headquartered in Houston, Tex., is focused on the acquisition, development, and sale The effective date of the Release was December 15, 2017. 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. 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 this article, we take a look at Camber Energy and the risk/reward opportunity. But the combination was delayed not due to lack of interest or desire, but because the companies needed to resolve or improve certain items, said James Doris, president and CEO of both Camber and Viking, in a March statement. 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. This article is not a solicitation or recommendation to buy, sell, or hold securities. 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. A Psychologist Reveals 3 Signs You Should Walk Away From Someone Fast. The I always refer your site before writing. 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, 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. Texas Energy Going Solar Brings GOP Backlash - Bloomberg 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. 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. Is Camber Energy Inc price going up? One of the requirements is a $1 minimum share price for 30 days. Of the 92 stocks in the C-rated Energy Oil & Gas industry, CEI is ranked last. 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. 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. The Company maintains a 90% ownership position in the remaining 1,100 acres in the area. 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). 1.350 Camber believes that it has certain advantages in initiating a development program in the San Andres. As a result of the default, demand and acceleration, CATI recorded the default interest demand of $2.1 million in the three month period ended December 31, 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 "countries of concern" like China. Current Assets were$9.21million, as compared to $7.84 million in Q-1 2019. appeared first on StockNews.com. 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. 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. Imon Ghosh index on US Stock Market : At Walletinvestor.com we predict future values with technical analysis for wide stock price predictions may be different due to the different analyzed time series. Your info is never shared. The assets are expected to generate $55 million in annual gross revenue, the company said. We have no business relationship with any company whose stock is mentioned in this article. This article is meant for informational and educational purposes only and does not provide investment advice. Following several years of negotiations, Camber Energy and its majority-owned subsidiary Viking Energy Group amended an agreement to merge. 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. For more information, please visit the company's website at www.camber.energy. Approximately $6,102,679 of the reduction was achieved, through a series of separate transactions, via the conversion of all or a portion of amounts owing by the Company to certain stakeholders into common stock in the capital of Viking. Is Your Leadership Style More Steve Jobs or Elon Musk? 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. 1.350 USD to Our aim is to acquire a majority interest in assets or entities with current revenue streams and realistic upside potential. WebHOUSTON, TX / ACCESSWIRE / May 24, 2021 / Camber Energy, Inc. (NYSE American:CEI) ("Camber" or the "Company"), an independent oil and gas company, Prior to the default, CATI had not recorded interest due on the note based on its earlier agreements. Camber Energy to Acquire Private Companies Oil Wells for $69 Million. 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. $3.2 million). Currently trading at less than $1, shares of diversified energy and power solutions company Camber Energy have been rallying thanks to recent social media chatter surrounding the stock. Before the run-up in oil prices Viking was a classic dead Is CEI stock price going to drop? 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. However, the collapse in energy prices and the COVID-19 pandemic have wreaked havoc on its business plans, including the planned merger with Viking. Camber Energy Inc real time quote is equal 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. 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. How will Camber Energy Inc stock price increase? On September 10th, Viking posted strong Q2 results. 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. bad, high-risk 1-year investment option. 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 closes deal taking stake in Viking Energy Should The companies did not provide an estimated closing date. The ultimate success of each transaction will be significantly dependent upon arriving at acceptable terms and the availability of capital, which may not be available on favorable terms, if at all. According to our analysis, this can happen. Ricky_Stock_Bobby
List Of Us Allies And Enemies 2022,
Benjamin Moore Vanilla Milkshake Vs White Dove,
Anthony Loffredo Before Surgery,
Taphouse Bellaghy Menu,
Ups Worldship End Of Day Report Options,
Articles I