Camber Energy Signs Agreement to Acquire Renewable Diesel Facility
Camber Energy, Inc. (NYSE American: CEI) announced the acquisition of a 100% interest in companies that are developing a renewable diesel processing plant.
The facility is expected to produce approximately 43 million gallons of renewable diesel annually. Renewable diesel is more environmentally friendly, being 50%-55% less carbon-intensive than traditional diesel.
This acquisition aligns with the growing demand for renewable energy sources. However, closing the deal is conditioned on several factors outlined in the Membership Interest Purchase Agreement, with no guarantees the conditions will be satisfied.
- Acquisition of a facility designed for 43 million gallons/year of renewable diesel production.
- Increased market opportunity in the growing renewable energy sector.
- Potential for synergies in renewable energy and biofuel production.
- Closing of the acquisition is contingent on several uncertain conditions.
Facility Designed to Produce ⁓ 43,000,000 Gallons/yr. of Renewable Diesel
HOUSTON, TX / ACCESSWIRE / January 23, 2023 / Camber Energy, Inc. (NYSE American: CEI) ("Camber" or the "Company") is pleased to announce that on January 20, 2023 it entered into a Membership Interest Purchase Agreement to acquire a
Renewable diesel fuel, sometimes called green diesel, is a biofuel that is chemically the same as petroleum diesel fuel, and is produced through various thermochemical processes such as hydrotreating, gasification, and pyrolysis. Renewable diesel is made from renewable feedstocks instead of crude oil, and is approx.
Global consumption of renewable energy has increased in recent years and is expected to continue to do so as governments mandate and businesses and individuals voluntarily shift to less carbon-intensive energy sources. According to CoBank[1], renewable diesel offers the most exciting growth opportunity in the biofuels space.
Camber's obligation to close the transaction is conditional on a number of items set out in the Membership Interest Purchase Agreement, and there is no guaranty the conditions will be satisfied.
Additional details regarding the proposed transaction were included in Camber's Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on January 23, 2023, and is available under "investors" - "SEC filings" at www.camber.energy.
About Camber:
Camber Energy, Inc. is a growth-oriented diversified energy company. Through its majority-owned subsidiary, 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. The company's majority-owned subsidiary also holds an exclusive license in Canada to a patented carbon-capture system, and has a majority interest in: (i) an entity with intellectual property rights to a fully developed, patent pending, ready-for-market proprietary Waste Treatment system using Ozone Technology; and (ii) entities with the intellectual property rights to fully developed, patent pending, ready-for-market proprietary Electric Transmission and Distribution Open Conductor Detection Systems. 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
[1] See CoBank reported dated on or about September 27, 2022: https://cobank.com/documents/7714906/7715335/BiofuelOutlook-Sept2022.pdf/1cd5bad1-22c8-be9f-e3a0-ebac356ded70?t=1664298749219
SOURCE: Camber Energy, Inc.
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