Camber Energy to acquire oil & gas assets for $69M; 169 producing wells (~2,000 bopd)

CAMBER ENERGY, INC.

Purchase price $69M; up to 80% in cash, balance in Camber convertible preferred stock (face $10K/share, 10% dividend, convertible at VWAP).
Assets include working interests in 169 proved producing wells (~2,000 bopd net) plus 174 proved non-producing wells and 12 PUD locations.
Seller's internal estimates indicate total proved PV10 reserves of ~$185M as of Jan 1, 2023.
Acquisition to be conducted through majority-owned subsidiary Viking Energy Group; closing target March 1, 2023.
Closing conditions include board approval, capital increase, due diligence, and obtaining new loan for cash portion; no guarantee conditions met.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

CAMBER ENERGY, INC. entered into Membership Interest Purchase Agreement with Seller valued at USD$69 million (effective 2022-12-26).

Action: entry
Agreement: asset purchase
Counterparty: Seller
Value: USD$69 million
Effective: 2022-12-26

Exact text from the filing

On December 26, 2022, Camber Energy, Inc. (“ Camber ” or the “ Company ”) entered into a Membership Interest Purchase Agreement (the “ PSA ”) with the sellers named therein (collectively, the “ Seller ”).

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CAMBER ENERGY, INC. filing history →

Source: SEC EDGAR

accession 0001477932-22-009529

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