In the pre-market trading session at last check, Camber Energy Inc. (CEI stock) shares surged by 1.34% to trade at the price of $0.55. CEI stock previously closed the session on Thursday with a gain of 0.75% to $0.55. The CEI stock volume traded 93.9 million shares, while the average daily volume for the past 50 days is 12.57 million shares. In the past year up to date, CEI stockhas dropped by -40.89% and in the past week, they moved down by -4.71%. In the past three and six months, the CEI stock has shed -31.26%, and -51.94%. Furthermore, the company is currently valued at $31.10 million and has outstanding shares of 58.46 million.
About Camber Energy Inc.
Camber Energy Inc. is an Exploration and Production company for Oil & Gas sector and is specifically an independent oil and natural gas company. The company mainly focuses on the acquisition and development, the production and selling of natural gas and crude oil. Furthermore, the company works in the exploration and production of natural gas liquids (NGL) in Classcock County, Texas, in the field of Cline shale as well as upper Wolfberry shale. The company has a majority-owned subsidiary Viking Energy Group Inc. and has shares in oil and natural gas assets for the regions of the mid-continent and Gulf Coast.As of March 31, 2020, its all-out assessed stores were 133,442 million barrels of oil identical involving 54,850 barrels of raw petroleum holds, 43,955 barrels of NGL saves, and 207,823 million cubic feet of flammable gas saves. The organization was some time ago known as Lucas Energy Inc. what’s more, changed its name to Camber Energy, Inc. in January 2017. Camber Energy, Inc. was joined in 2003 and is situated in Houston, Texas.
Camber Inc. has a new institutional investor!
Camber Inc. has changed its Fiscal year end however its majority-owned subsidiary Viking Energy Group Inc. has posted Q1 results which have shown promising performance. Energy E&P companies search and get a lot of investors pouring capital into them for their lucrative projects in hopes to churn out huge profits. Similarly CEI stock has announced that it has found such an investor in the form of an institutional kind. The institutional investor has agreed to close a deal of an equity transaction $15,000,000. These funds are intended by the company to be used for corporate business transactions, working capital, and other purposes.
The company has also successfully executed an extension of the maturity date of existing promissory notes that were scheduled for December 2022 on 11th to January 2024 on 1st. CEI stock incorporated a new feature – a conversion feature for the promissory notes that will allow the holders to transition all of their portions (or some) of the principal amount towards shares of common stock of the company. These conversions will take place at a fixed conversion price of $1.25 per share that gives an equivalency of 117% approximately compared to a closing price of July 9, 2021.