is camber energy going out of business is camber energy going out of business

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. 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. Multiple local clean energy companies have landed rounds of $500 million or more recently. Closing yesterday's session at $0.83, the stock is trading 73.3% below its 52-week price high of $3.10. Camber will remain the sole publicly traded company following the combination, according to the agreement between the two Houston-based firms. 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 A Psychologist Reveals 3 Signs You Should Walk Away From Someone Fast. selection of stocks like Camber Energy Inc. Many penny stock investors are asking whats the story withCamber Energyafter the stock jumped 53% on Tuesday. 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. How will Camber Energy Inc stock price increase? 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 the end of 2022, Camber owned approximately 60.9% of Vikings outstanding common shares, according to regulatory filings. But CEI's stock had declined 10.4% in price year-to-date and 40.5% over the past six months, reflecting investor concerns over the NYSE's notification that the company did not comply with the Exchange's continued listing standards. Constance Dierickx, Ph.D., says it's tempting to rely on others when you're under stress but it can be a big mistake. Among the lessons below: the brilliance of a "treasure hunt merchandising philosophy.". The purchase price totaled CAD3.99 million (approx. For more information, please visit the company's website at www.camber.energy. Here are the highlights: Viking shareholders are on board with the merger. Read fore more: Google price forecast/ Predication, brijesh-patel Camber Energy Inc analyst report, 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. 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. 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. Approximately 97% of the barrel of oil equivalent (Boe) was proved producing. 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. The company owns oil and gas leases in Texas, Louisiana, Mississippi and Kansas. If you have an interest in the lucrative microcap sector, sign up to Insider Financial today! In my opinion, Q3 2021 was Instead, what leaders need to focus on is how hybrid work arrangements will serve customer needs. Aside from its deal with Viking, Camber has pursued other M&A in recent months. CEI stock future price, The two companies had previously drafted a merger agreement dated Aug. 31, 2020. 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? The company owns oil and gas leases inTexas,Louisiana,Mississippi, and Kansas. In West Texas, the Company had 209 /2,253 (net / gross) acres. Oil prices collapsed and lockdowns drove the US economy to halt. 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. Question Box: The Camber Energy stock price is Should Will CEI stock price rise? 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. The Vantage Agreement contained customary indemnification requirements. Camber upped its stake in Viking in 2021, purchasing an additional 27.5 million Viking shares for $11 million. Sign Up Now For Our 100% FREE Small Cap Reports. 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 Historical Not within a year. Of the 92 stocks in the C-rated Energy Oil & Gas industry, CEI is ranked last. Insider Financial focuses solely on short-term high probability trade opportunities. Multiple local clean energy companies have landed rounds of $500 million or more recently. 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. CEI has an overall F rating, which translates to a Strong Sell in our POWR Ratings system. The company's trailing-12-month gross profit margin and cash from operations are negative 0.5% and $2.09 million, respectively. Continued improvement in these rates should result in increased revenue and cash flow. Revenues were$9.55million as compared to $8.73 million in Q-2 2019. 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 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. In the past decade, Texas renewable energy and storage capacity surged by about 44,000 megawatts, according to the states grid operator. Includes modified extension pages (usually configuration pages). 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. Learn about theses six powerful time management strategies you can implement in a hybrid or remote workplace. WebCamber Energy, Inc. (Camber) is a growth-oriented, diversified energy company. Camber Energy and Viking agreed to merge on February 3rd and then the COVID-19 pandemic swept across the nation. 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 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% 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. CEI stock price prediction, We intend that all forward-looking statements be subject to the safe-harbor provisions. See above. Thus, we think it is best avoided now. Camber Energy, Inc., (CEI) a Nevada corporation, is an independent oil and natural gas company based in San Antonio, Texas. Register Now and start editing! 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. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. Independent oil and natural gas company Camber Energy, Inc. (CEI), which is headquartered in Houston, Tex., is focused on the acquisition, development, and sale Energy news, analysis, interviews, and exclusive coverage you need to keep your industry edge. $39 Million in Transactions Closed Since Dec. 23/20. 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. 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. What Happened In Camber Energy Stock (CEI)? This balanced approach can expedite growth while reducing dependence on any particular division. brijesh-patel Also, CEI's trailing-12-month asset turnover ratio of 0.01% is 96.5% lower than the 0.4% industry average. CEI's trailing-12-month revenue came in at $264,160 . This acreage, part of the Companys Jackrabbit acreage, targeted the San Andres formation in the Permian Basin. 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. In terms of Value grade, the company has an F, which is reflective of its premium valuation. Many penny stock investors are asking whats the story withCamber Energyafter the stock jumped 53% on Tuesday. Once that happens, shareholders can vote and the merger will be completed. This reflects the stock's negative ROE and cash flow from operations. And CEI's 26.65x trailing-12-month Price/Sales is 1,770% higher than the 1.43x industry average. 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. By John Downey. Moreover, extinguishing the $18.9 million of debt improves the equity position of both companies. How Does Camber Energy (CEI) Stack Up Against its Peers? If you follow a company closely and would like to share your knowledge, we would love your contributions. Yes. Prior to the default, CATI had not recorded interest due on the note based on its earlier agreements. 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. 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. 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. Database of selected U.S. and international exploration wells. Approximately 9% of this acreage is productive from the Cline and Wolfberry formations acquired pursuant to the Segundo transaction. 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. -89.8046%. Best Camber Energy Inc forecast, CEI prediction, 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. This is a great start to 2021.". 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. After working to consummate a deal for several years, Camber Energy and Viking Energy Group have finally reached a new agreement to fully combine. Read fore more: Google price forecast/ Predication, Your blog is to good for my knowledge. Camber Energy, Inc. is an independent oil and natural gas company. Our aim is to acquire a majority interest in assets or entities with current revenue streams and realistic upside potential. On March 20, Camber announced it had addressed legacy accounting issues that allowed the company to resume negotiations on the merger. When will CEI price fall? Your blog is to good for my knowledge. CEI holds interests in active oil & gas properties in the onshore Gulf Coast region. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the oil and gas industry, the COVID-19 pandemic, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in Camber's and Viking's respective filings with the Securities and Exchange Commission. Camber Energy Inc technical analysis, Cambers income comes from Viking Energy Group, a small oil-and-gas driller it bought in early 2021. This article is meant for informational and educational purposes only and does not provide investment advice. The Mid-Continent assets produce from a liquids-rich, gas reservoir known as the Hunton formation. ), 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. came in at a negative $5.15 million, while its free cash flow stood at a negative $2.09 million. 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. 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. 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. Camber and Viking reached another merger agreement in February 2021. We have no business relationship with any company whose stock is mentioned in this article. 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. Term Box: The net proceeds from the sale to the Company totaled $25,914. As a simplified explanation, dewatering occurs in formations with high water saturations, greater than 50%. Furthermore, the company's net loss amounted to $13.24 million. 1.350 Short-term and long-term CEI (Camber Energy Inc) Is Camber Energy Inc a profitable investment? index on US Stock Market : At Walletinvestor.com we predict future values with technical analysis for wide 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. Also, its 4.94 trailing-12-month Price/Book multiple compares with the 1.48 industry average. The pages created by the user or by XWiki extensions on behalf of the user. Camber Energy to Acquire Private Companies Oil Wells for $69 Million. Also, it has an F grade for Stability. The company's primary value drivers are its reserves which must be developed to unlock their full potential. Camber Energy Inc market prognosis, hedging contracts) during the quarter. This site is funded and maintained by Fintel.io. February 2022 6.174 51.877 0.464 51.877 88.1 % , lolzzz look how they calculate min in .46 max 51 they r ediots cheap how is that posible, I have a question on the forecastfor CEI. Camber Energy, Inc. (Camber) is a growth-oriented, diversified energy company. 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. 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. In addition, CEI reported a $9.750 net interest loss. brijesh-patel We wrote this article ourselves and it expresses our own opinions. Louis G. Schott, Interim CEO of Camber, stated: Camber is extremely excited about the planned Merger. 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. 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. According to our analysis, this can happen. 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. This transaction did not close and the letter of intent was terminated. The Glasscock County, Texas properties produce oil and gas primarily from the Wolfberry, Cline and Fusselman formations and are all non-operated. 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. Camber Energy Inc real time quote is equal 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. This article is not a solicitation or recommendation to buy, sell, or hold securities. These properties include interests in four different fields, of which one is operated by Camber and the other three are non-operated. $3.2 million). 2023 Hart Energy. Information on assets, buyers and sellers, deal values, and more. USD today. Through its majority-owned subsidiary, Viking Energy Group, Inc. (Viking), or 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). For more information, please visit the company's website at www.camber.energy. 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. 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). Will CEI price go up? 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 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 projections, The goal is to re-meet the initial listing standards of the NYSE American. The Company maintains a 90% ownership position in the remaining 1,100 acres in the area. Also refer for more: Coal India share price target. 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. The companies did not provide an estimated closing date. A new report by the World Economic Forum found that nearly 2% of current roles could disappear by 2027. A searchable database of oil and gas debt and equity offerings. 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. wonder full post. It engages in the acquisition, development, and sale of crude oil and natural gas from various known Your adding value on me and also support me to wrote more post on my blog. The assets are expected to generate $55 million in annual gross revenue, the company said. Both the Hunton and San Andres are carbonates with relatively high water saturations where the production profile appears to be optimized by a dewatering and depressurizing process. In September 2017, Rogers foreclosed on the assets of CATI which secured the note. 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. Note: Because of the historical price data of CEI (with very high volatility), the technical analysis and stock price prediction may be unrealistic! WebOVERVIEW. 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. , 4 Penny Stocks on the Move: BRLL BRN CEI RLFTF, Camber Energy Inc (NYSEAMERICAN:CEI) Hoping For Better Days Ahead, PharmaCyte Biotech Climbing Back Up The Charts. Doris will serve as president and CEO of the combined company following the merger, per the new agreement. I always refer your site before writing. Camber Energy, Inc. (Camber) is a growth-oriented, diversified energy company. All of the planned growth initiatives described above are subject to it having sufficient funding to complete such initiatives and cash on hand to support its operations and pay its debts as they become due. Current Assets were$9.21million, as compared to $7.84 million in Q-1 2019. Also, its trailing-12-month. All rights reserved. Sep 7, 2021, This story originally appeared on StockNews. Our proprietary rating system also evaluates each stock based on eight different categories. We have no business relationship with any company whose stock is mentioned in this article. 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. Here's Why. Unsubscribe anytime. 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. Is CEI stock price going to drop? 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. to 1.350 USD at 2023-05-02, but your current investment may be devalued in the Are You Too Trusting? 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. CEI forecast, The larger companies tend to have access to more favorable debt financing, receive greater analyst coverage, trade with greater liquidity and consequently, often have higher share prices. By comparison, fossil 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. When will Camber Energy Inc price drop? Viking issued 53,219,677 common shares in connection with the debt conversions. This justifies the stock's relatively high 1.29 beta. 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. 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. Year-to-date, CEI has declined -10.11%, versus a 21.98% rise in the benchmark S&P 500 index during the same period. At the moment, Camber Energy owns a 70% interest in the company and the latter was the buyer of that carbon-capture system license. Beyond the grades I've highlighted, one can check out additional CEI ratings for Sentiment, Growth, and Momentum here. Additionally, the Company and NFP jointly terminated their venture. Let's find out. 0.138 USD . Is Your Leadership Style More Steve Jobs or Elon Musk? 2023-05-01 - Manuela Molina is succeeding Francisco Leon as California Resources Corp.s new CFO following Leons appointment to CEO. 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). First up, heres a little background info for those not familiar with the stock. 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. Is Camber Energy Inc price going up? 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). 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. 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.