Camber Energy's Majority-Owned Subsidiary Announces Q2 Results

Rhea-AI Summary

Camber Energy, Inc. (NYSE American: CEI) reported its subsidiary Viking Energy Group, Inc. achieved revenues of $10.7 million for Q2 2021, totaling $21.19 million year-to-date. Viking's quarterly revenue reflects an increase from $9.55 million in 2020 and $8.73 million in 2019. Camber's stake in Viking rose from 62% to 73% in late July 2021, following the acquisition of a majority interest in Simson-Maxwell Ltd.

Investors may find these developments promising as the company expands its portfolio in the energy sector.

Positive

• Viking's Q2 revenue increased to $10.7 million from $9.55 million in 2020.
• Year-to-date revenue of $21.19 million reflects growth.
• Camber increased its stake in Viking from 62% to 73%.

Negative

• None.

Subsidiary's Revenues were $10.7 Million for the Quarter / $21.19 Million YTD

HOUSTON, TX / ACCESSWIRE / August 17, 2021 / Camber Energy, Inc. (NYSE American:CEI) ("Camber" or the "Company") is pleased to report that its majority-owned subsidiary, Viking Energy Group, Inc. ("Viking"), announced on August 16, 2021 Viking's financial results for the quarter ended June 30, 2021.

James Doris, President and Chief Executive Officer of both Camber and Viking, commented, "We are pleased with Viking's second quarter results, and are very excited about steps we have taken subsequent to the end of Q2 to strengthen the organization, including Viking's recent acquisition of a majority interest in Simson-Maxwell Ltd., a leading power generation and energy solutions company."

Viking's Revenue for the Quarters Ended June 30:

Viking Energy Group, Inc.	2019	2020	2021
2nd Quarter Revenue	$8,734,323	$9,549,863	$10,696,633

Note: The figures referenced above are approximate. For specific amounts and further details please refer to Viking's filings with the Securities and Exchange Commission ('SEC'), including Viking's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 filed on August 16, 2021 with the SEC and available under 'Investors - SEC Filings' at www.vikingenergygroup.com.

Camber's Interest in Viking:

Camber owned approximately 62% of the issued and outstanding common shares of Viking during Q2, and increased its interest to approximately 73% on or about July 29, 2021. Camber acquired its interest in Viking through the transactions described in Camber's Current Reports on Form 8-K filed with the Securities and Exchange Commission ('SEC') on December 24, 2020, January 13, 2021 and July 30, 2021, and which are available under "investors" - "SEC filings" at www.camber.energy.

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 and has an interest in Simson-Maxwell Ltd., a power generation and energy solutions company located in Western Canada. For more information, please visit the company's website at www.camber.energy.

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 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/660097/Camber-Energys-Majority-Owned-Subsidiary-Announces-Q2-Results

FAQ

What were Camber Energy's Q2 2021 revenues?

Camber Energy's subsidiary, Viking Energy Group, reported revenues of $10.7 million for Q2 2021.

How much revenue did Viking Energy generate year-to-date in 2021?

Viking Energy generated $21.19 million year-to-date as of Q2 2021.

What percentage of Viking does Camber Energy own now?

As of late July 2021, Camber Energy owns approximately 73% of Viking Energy.

What was Viking Energy's revenue in the second quarter of 2020?

Viking Energy reported $9.55 million in revenue for the second quarter of 2020.

What acquisition did Viking Energy complete recently?

Viking acquired a majority interest in Simson-Maxwell Ltd., a power generation and energy solutions company.