Welcome to our dedicated page for Camber Energy news (Ticker: CEI), a resource for investors and traders seeking the latest updates and insights on Camber Energy stock.
Camber Energy, Inc. (NYSE American: CEI) is a diversified energy company focused on providing innovative energy and power solutions across North America. Through its majority-owned subsidiaries, the company operates in two main segments: Oil & Gas and Power Generation.
The Power Generation segment is the cornerstone of Camber's operations, delivering custom energy solutions to commercial and industrial clients. This segment's revenue is driven by its majority-owned subsidiary, Simson-Maxwell, Ltd., which manufactures and supplies efficient power generation products and services. These include combined heat and power (CHP) systems, tier 4 final diesel and natural gas engines, and renewable energy systems incorporating solar and wind technologies. Their innovative solutions help clients reduce operational costs while promoting environmental responsibility.
Camber Energy's Oil & Gas segment focuses on exploration and production activities, with properties located in central and southern United States. This segment complements the company's diversified energy portfolio by leveraging traditional energy sources to support modern energy needs.
One of Camber Energy's significant achievements includes the issuance of multiple patents related to their innovative Electric Transmission and Distribution Open Conductor Detection Systems and Broken Conductor Protection technologies. These technologies are pivotal in mitigating wildfire risks and enhancing grid stability by detecting faults in transmission lines and de-energizing them before they hit the ground.
In addition to its core business segments, Camber holds exclusive licenses for a patented carbon-capture system in Canada, and is actively involved in the commercialization of a patented Medical & Bio-Hazard Waste Treatment system using Ozone Technology. These ventures position Camber at the forefront of clean and sustainable energy solutions.
Camber's financial condition as reported in its recent filings indicates a commitment to transparency and compliance. Notably, the company is addressing a going concern qualification from its auditors, reflecting a proactive approach to financial management and regulatory requirements.
For continuous updates and detailed information, Camber Energy has established a robust communication channel with investors through platforms like Webull, ensuring accessibility and engagement with its retail investor community.
For more information, please visit the company's website at www.camber.energy.
Camber Energy, Inc. (NYSE American: CEI) announced a change in its fiscal year-end from March 31 to December 31. This aligns its reporting with Viking Energy Group, its majority-owned subsidiary, aiming to simplify stakeholder reporting. A transition report covering the period from April 1, 2020, to December 31, 2020, must be filed by May 9, 2021. CEO James Doris emphasized that this decision is beneficial for the company’s operational coherence.
Camber Energy's majority-owned subsidiary, Viking Energy Group, reported a revenue of $40.27 million for 2020, marking a 16.4% year-over-year increase. Despite facing significant challenges in the oil and gas sector due to price volatility and market conditions, the company successfully improved revenue and reduced debt. Camber owns approximately 62% of Viking's common shares. Future performance may depend on the stability of the economic environment and the company's ability to navigate competition and financial challenges.
Camber Energy (NYSE American: CEI) has announced a definitive merger agreement with Viking Energy Group (OTCQB: VKIN) to increase its interest in Viking to 100%. Camber currently holds approximately 62% of Viking's common stock. The merger involves a reverse triangular merger, where Camber will issue shares of its common stock in exchange for the remaining shares of Viking on a one-for-one basis. The merger is subject to regulatory approvals and shareholder consent. This strategic move aims to enhance stakeholder value and strengthen the combined entity's market position.
Camber Energy (NYSE American: CEI) has announced a definitive Merger Agreement with Viking Energy Group (OTCQB: VKIN) to acquire the remaining 38% of Viking's shares, raising Camber's ownership to 100%. The merger, expected to enhance stakeholder value, involves a reverse triangular merger structure where Viking shareholders will receive Camber stock on a one-for-one basis. The transaction is subject to regulatory and stockholder approvals. Both companies operate in oil and gas assets across the Gulf Coast and Mid-Continent regions.
Camber Energy (NYSE American: CEI) announced the completion of two significant transactions with its subsidiary Viking Energy Group. The company purchased $18.9 million worth of Viking's common stock, resulting in the cancellation of the same amount of debt at Viking. This follows a previous transaction of $20.1 million on December 23, 2020. Camber's CEO, James Doris, stated that these transactions enhance the equity position of both companies and strengthen their relationship, paving the way for a potential full combination.
Viking Energy Group, Inc. (OTCQB:VKIN) announced the completion of a significant equity transaction with its majority shareholder, Camber Energy, Inc. (NYSE American: CEI), involving an $18.9 million stock purchase. This deal eliminates $18.9 million of Viking's debt, thereby strengthening the equity position of both companies. This follows a prior $20.1 million transaction between the two firms in December 2020. The CEO noted that these transactions pave the way for a potential merger and mark a positive start to 2021.
Camber Energy (CEI) announces significant developments following the acquisition of 51% of Viking Energy Group, Inc. This strategic move aims to fully integrate both companies and leverage their assets. Camber's objective is to evolve into a diversified energy company focused on expanding its exploration and production division through optimizing existing assets and acquiring new revenue-generating wells. The management intends to pursue mid-stream and downstream opportunities while exploring renewable energy alternatives. The acquisition marks a crucial milestone for Camber amid challenging market conditions.
Camber Energy (NYSE:CEI) announced the acquisition of 51% of Viking Energy Group (OTCQB:VKIN) for $20.1 million. The deal closed on December 23, 2020, with $9.2 million in debt cancellation and $10.9 million in cash, funded by an existing preferred stockholder loan. James Doris has been appointed the new President & CEO, succeeding Viking's leadership. Frank Barker Jr. is set as the Chief Financial Officer. The transaction replaces a previous merger agreement, allowing both companies to explore additional value-added opportunities.
Camber Energy (NYSE American: CEI) has received a notice from the NYSE regarding its failure to timely file its Quarterly Report on Form 10-Q for the quarter ending September 30, 2020. The company cited accounting issues related to its Series C Redeemable Convertible Preferred Stock as the reason for the delay. Camber has a six-month window to file the necessary report to regain compliance. If not filed, the stock could face delisting procedures. The company’s stock will continue to trade but will be marked with an 'LF' for late filing.
Camber Energy, Inc. (NYSE American: CEI) announced on October 9, 2020, progress on its merger with Viking Energy Group, Inc. (OTCQB: VKIN). The company is finalizing an amendment to its Form S-4 to address SEC comments and plans to set record dates for stockholder approvals. Post-merger, Viking equity holders will own approximately 80% of Camber's common stock. The merger completion remains subject to SEC approvals and stockholder votes. Camber also noted a significant rise in trading volume and price on October 8, 2020, without any disclosed reasons.
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