Camber Energy Announces Additional Equity Investment in Viking Energy

Rhea-AI Summary

Camber Energy (NYSE American: CEI) has completed a significant transaction by purchasing $11 million worth of common stock in its majority-owned subsidiary, Viking Energy Group (OTCQB: VKIN). The funds will primarily enable Viking to secure an approximate 60.5% interest in an industrial engine manufacturing company, pursue an exclusive licensing deal for a patented carbon-capture system, and support general working capital. This strategic move positions both companies for potential growth and expansion in the energy sector.

Positive

• Camber purchased $11 million in Viking's common stock.
• Funds will be used for a potential 60.5% acquisition in an industrial engine company.
• Funds will support exclusive licensing of a patented carbon-capture system.

Negative

• None.

Positions Viking for Potential Acquisition & Exclusive License Arrangement

HOUSTON, TX / ACCESSWIRE / July 30, 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. (OTCQB:VKIN) ("Viking"), pursuant to which Camber purchased $11 million worth of common stock of Viking.

The proceeds from the transaction are to be used by Viking to (i) facilitate the potential acquisition of an approximate 60.5% interest in a company engaged in the manufacture and supply of industrial engines, power generation products, services and custom energy solutions; (ii) facilitate the potential execution of an agreement with respect to the license of a patented carbon-capture system for exclusive use in Canada and for a specified number of locations in the United States; and (iii) for general working capital purposes.

Additional details regarding the transaction were included in Camber's and Viking's Current Reports on Form 8-K filed with the Securities and Exchange Commission ("SEC") on July 30, 2021, and are available under "investors" - "SEC filings" at www.camber.energy and www.vikingenergygroup.com.

About Camber:

Based in Houston, Texas, Camber Energy (NYSE American: CEI) is a growth-oriented energy company. 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. For more information, please visit the company's website at www.camber.energy.

About Viking:

Viking is a growth-oriented energy company, and has an existing Oil & Gas division with interests in properties in Texas, Louisiana, Mississippi and Kansas. Viking targets undervalued assets with realistic appreciation potential.

Forward-Looking Statements

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. 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. 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. 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. We intend that all forward-looking statements be subject to the safe-harbor provisions.

Contact Information

Investors and Media:
Tel. 281.404.4387 (ext.3)

SOURCE: Camber Energy, Inc.

View source version on accesswire.com:
https://www.accesswire.com/657752/Camber-Energy-Announces-Additional-Equity-Investment-in-Viking-Energy

FAQ

What was the recent investment made by Camber Energy in Viking Energy?

Camber Energy invested $11 million in common stock of Viking Energy to support growth initiatives.

What are the plans for the funds from Camber's investment in Viking?

The funds will facilitate Viking's acquisition of a 60.5% interest in an industrial engine manufacturer and support a licensing agreement for a carbon-capture system.

When was Camber Energy's investment in Viking announced?

The investment was announced on July 30, 2021.

What is the stock symbol for Camber Energy?

Camber Energy's stock symbol is CEI.

What is Viking Energy Group's stock symbol?

Viking Energy Group's stock symbol is VKIN.