Camber Energy, Inc. (NYSE American:CEI) is an independent oil and gas company engaged in the development of natural gas, natural gas liquids, and crude oil. Recently, the growth-oriented Houston, Texas-based American company announced monthly update report on its operational activities.
Camber independent oil and Gas Company working on 39 wells
The company closed the Panhandle acquisition based in Texas’s Hutchinson County some time ago. Ever since then, Camber Energy is continuously working with more than 39 wells taken on four different leases. Out of these 39, the first 20 wells are currently producing and in the first month offered an estimated gross production of total 450 barrels of oil and 4,560 MCF on the basis of flow tests. Camber projected approximate gross revenue of $60,000 per month on the basis of current pricing.
The company also restored additional 13 wells recently to production and on the basis of flow tests they are producing around 750 barrels oil per month and will provide gross revenue of approximately $70,000 per month as per the current pricing. The Interim CEO of Camber Energy, Louis G. Schott said, “The Company is very excited about the progress and results to date in the Panhandle project. These results do not include the remaining thirteen workover candidates. This further adds to the Company’s momentum and positions us to better evaluate and acquire other opportunities in the area for development.”
All these activities are consistent with the previously announced plans of growth from the company. Reports indicate that the company is planning to evaluate more opportunities closely located to its assets in Panhandle.
Camber closing N&B Energy sale transaction
The independent oil and gas company is planning to close the earlier announced N& B Energy LLC sale transaction which it will close in the coming three weeks. In the case Camber closes the transaction; N&B will automatically assume approximately $37 million of senior secured debt of Camber with the International Bank of Commerce (IBC).
In the case, the deal does not close and Camber transfers the assets to IBC, it will get a novation for satisfying all the obligations of debt that it owes to IBC.
