CEI Further Reduces Series C Pref. Stock & Improves Net Loss by ∼$63MM
HOUSTON, TX / ACCESSWIRE / August 11, 2023 / Camber Energy, Inc. (NYSE American:CEI) ("Camber") announced today the filing its Quarterly Report for the quarter ended June 30, 2023 (the "Q2 Report").
As noted in the press release issued by Camber on August 1st, 2023, concerning its merger with Viking Energy Group, Inc. ("Viking"), the Q2 Report does not include a consolidation of Viking's financial statements at the Camber level given the merger closed in the third quarter of this year. Rather, the Q2 Report accounts for Camber's previous investments in Viking under the equity method of accounting, consistent with previously filed financial reports. Consolidated reporting as it relates to Viking will be reflected in the Quarterly Report for the quarter ended September 30, 2023.
The Q2 Report notes a further reduction in outstanding shares of Series C Preferred Stock (i.e. 30 shares of such stock are outstanding as of today), and a net loss of ∼$425.3k as at June 30, 2023 as compared to a net loss of ∼$63.56 mm as at June 30, 2022.
"We are firmly committed to improving the company in all areas. Among other things, and as previously disclosed, we satisfactorily addressed legacy accounting issues related to prior management regimes, we have demonstrated we are disconnecting from prior financing structures and, with the Viking merger, we have established an active platform under the Camber umbrella that hasn't existed in many years. This is an entirely transformed organization.", commented James Doris, President & CEO of Camber.
Additional details regarding the Q2 Report, and all descriptions above are qualified in their entirety by reference to, Camber's Quarterly Report on Form 10-Q filed on August 11, 2023, with the Securities and Exchange Commission and available under "investors" - "SEC filings" at www.camber.energy.
Camber Energy, Inc. is a growth-oriented diversified energy company. Through Viking, 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. Also through Viking, Camber 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, ready-for-market proprietary Electric Transmission and Distribution Open Conductor Detection Systems. For more information, please visit the company's website at www.camber.energy.
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 of the Private Securities Litigation Reform Act of 1995.
Camber cautions that the foregoing list of important factors is not complete, any forward-looking statement speaks only as of the date on which such statement is made, and Camber does not undertake to update any forward-looking statements that it may make, whether as a result of new information, future events or otherwise, except as required by applicable law. All subsequent written and oral forward-looking statements attributable to Camber or any person acting its behalf are expressly qualified in their entirety by the cautionary statements referenced above.
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SOURCE: Camber Energy, Inc.
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