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. Year-to-date, CEI has declined -10.11%, versus a 21.98% rise in the benchmark S&P 500 index during the same period. The company owns oil and gas leases in Texas, Louisiana, Mississippi and Kansas. The companies did not provide an estimated closing date. 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. In January, Camber agreed to acquire a 100% interest in companies developing a renewable diesel processing plant. 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. 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. The Company maintains a 90% ownership position in the remaining 1,100 acres in the area. 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 With 5% of the float short, we also expect a nice short squeeze to help make $1 and above an easy target. WebFind real-time CEI - Camber Energy Inc stock quotes, company profile, news and forecasts from CNN Business. Camber Energy plummets 63% after short-seller report takes the 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. Rextag database of energy infrastructure assets. The company's growth plan includes the development and enhancement of existing production, in addition to the drilling of new wells on its acreage. Remote Work Skeptics Are Forgetting Their Most Valuable Asset: Their Customers. 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. Of the company's floating shares,14.3% have been sold short. 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. If you follow a company closely and would like to share your knowledge, we would love your contributions. selection of stocks like Camber Energy Inc. CEI holds interests in active oil & gas properties in the onshore Gulf Coast region. Camber Energy, Inc., (CEI) a Nevada corporation, is an independent oil and natural gas company based in San Antonio, Texas. Camber Energy Probability Of Bankruptcy - (NYSE MKT:CEI) A new report by the World Economic Forum found that nearly 2% of current roles could disappear by 2027. 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. 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. What Happened In Camber Energy Stock (CEI)? 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. Always do your own research and make your own investment decisions. Camber Energy 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 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). 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. Instead, what leaders need to focus on is how hybrid work arrangements will serve customer needs. The prediction says for February 2019. The oil and gas resides in pore spaces of conventional subsurface rock formations and is held in place by the pressurized water. Copyright 2023 Entrepreneur Media, Inc. All rights reserved. brijesh-patel The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree. Remember, this was a stock that was trading over $8 at this time last year. 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 net proceeds from the sale to the Company totaled $25,914. Furthermore, its ROE, ROA, and ROTC stood at negative 274.3%, 50.4%, and 13.8%, respectively. 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. WebCamber Energy, Inc. (Camber) is a growth-oriented, diversified energy company. 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. Database of selected U.S. and international exploration wells. 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 This is a great start to 2021.". 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. On September 10th, Viking posted strong Q2 results. It also includes material acquisitions of leasehold or production in new areas. Once online, the project will have an estimated capacity of around 43 million gallons of renewable diesel annually. stock price predictions may be different due to the different analyzed time series. 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. Leaders are starting to outline when they will show results. HOUSTON, TX / ACCESSWIRE / January 14, 2021 / Camber Energy, Inc. (NYSE American:CEI) (" Camber " or the " Company ") is pleased to announce the 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. What's The Story With Camber Energy? - Insider Financial 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. 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. Will CEI price go up? The pages created by the user or by XWiki extensions on behalf of the user. 1.350 USD to 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. 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. In addition, CEI reported a $9.750 net interest loss. Your info is never shared. Camber Energy closes deal taking stake in Viking Energy Also, its 4.94 trailing-12-month Price/Book multiple compares with the 1.48 industry average. Here's Why. 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. Energy news, analysis, interviews, and exclusive coverage you need to keep your industry edge. We have no business relationship with any company whose stock is mentioned in this article. 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. Will CEI stock price rise? Yes. Camber Energy Inc stock forecast, Once that happens, shareholders can vote and the merger will be completed. The company's trailing-12-month gross profit margin and cash from operations are negative 0.5% and $2.09 million, respectively. Approximately 97% of the Central Oklahoma acreage is held by production (HBP). Under an amended merger agreement dated April 18, a subsidiary of Camber will merge with and into Viking, with Viking surviving as a wholly owned subsidiary of Camber. Viking also holds an exclusive license in Canada to a patented carbon-capture system. This site is funded and maintained by Fintel.io. Camber Energy Takes A Giant Step Forward To Becoming A Much Larger Company By Finalizing Acquisition Of Viking Energy ($CEI) Published: April 27, 2023 at 5:42 a.m. The POWR Ratings are calculated by considering 118 different factors, with each factor weighted to an optimal degree. First up, heres a little background info for those not familiar with the stock. 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. Ricky_Stock_Bobby The assets are expected to generate $55 million in annual gross revenue, the company said. Effective December 4, 2017, Enerjex and the Company mutually agreed to terminate the Service Agreement. The company believe the market conditions driving it toward the need for a larger entity of greater size and financial mass are even more essential in the current environment. Camber Energy Inc (CEI) Stock Price Today, News, Quotes, energy