Camber Energy Terminates All Warrants in Favor of Discover & Antilles

Rhea-AI Summary

Camber Energy (NYSE American: CEI) announced the termination of all warrants held by Discover Growth Fund and Antilles Family Office as of April 25, 2023. The agreements also grant Camber the right to redeem remaining Series C Preferred Stock held by Antilles. Prior to this, approximately 94% of previously issued Series C Preferred Stock had already been redeemed or converted. CEO James Doris emphasized the company's commitment to strengthening its capital structure and expanding its portfolio of services and technologies. Camber Energy provides energy solutions to commercial clients in North America and holds interests in oil and gas assets, along with exclusive licenses for innovative technologies. For more details, refer to the Current Report on Form 8-K filed with the SEC.

Positive

• Termination of all warrants improves capital structure and simplifies financial obligations.
• Redemption of approximately 94% of Series C Preferred Stock enhances shareholder value.
• CEO emphasizes commitment to strengthen capitalization and expand product offerings.

Negative

• None.

HOUSTON, TX / ACCESSWIRE / April 26, 2023 / Camber Energy, Inc. (NYSE American:CEI) ("Camber" or the "Company") today announced that on April 25, 2023 the Company entered into agreements (collectively, the "Termination Agreements") canceling and terminating, effective as of the agreement date, one hundred percent of the warrants held by Discover Growth Fund, LLC ("Discover") and Antilles Family Office, LLC ("Antilles"). The Termination Agreements also include a provision granting the Company the right to redeem the remaining shares of Series C Preferred Stock held by Antilles, subject to the conditions set out therein. Prior to entering into the Termination Agreements Camber had already extinguished, through redemptions and conversions, approximately ninety-four percent of previously issued shares of Series C Preferred Stock.

James Doris, President & CEO of Camber stated "We continue to improve the company's capitalization, and are firmly committed to strengthening our platform and expanding our portfolio of products, services and innovative technologies that are in high demand regardless of market conditions."

Additional details regarding the Termination Agreements were included in, and the description above is qualified in its entirety by, Camber's Current Report on Form 8-K filed with the Securities and Exchange Commission on April 26, 2023, which 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, patented, ready-for-market proprietary Medical & Bio-Hazard Waste Treatment system using Ozone Technology; and (ii) entities with the intellectual property rights to fully developed, patent pending, 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

SOURCE: Camber Energy, Inc.

View source version on accesswire.com:
https://www.accesswire.com/751321/Camber-Energy-Terminates-All-Warrants-in-Favor-of-Discover-Antilles

FAQ

What did Camber Energy announce on April 25, 2023?

Camber Energy announced the termination of all warrants held by Discover Growth Fund and Antilles Family Office.

How much Series C Preferred Stock has Camber Energy redeemed?

Camber Energy has redeemed approximately 94% of previously issued Series C Preferred Stock.

What is the significance of the Termination Agreements for Camber Energy shareholders?

The Termination Agreements improve the company's capital structure and may enhance shareholder value.

Who is the CEO of Camber Energy?

James Doris is the President and CEO of Camber Energy.

How does Camber Energy plan to expand its portfolio?

Camber Energy aims to strengthen its platform and expand its range of products and services.