The Texas, US based independent oil and gas company Camber Energy Inc (NYSEAMERICAN:CEI) has mobilized the third tranche of funds with institutional support. This is in accordance with an accord it entered with an institutional investor on October 5. 2017. The deal is valued at $1,000,000 for 105 shares of the C series preferred stock of Camber Energy.
The company may also mobilize additional $12 million through stock purchase agreement in the future. Camber Energy will utilize the proceeds for acquisitions, working capital, as well as to work on the existing walls and on new properties. The company will also clear the payments to the vendors including senior lenders and improve its reputation.
The Interim Chief Executive Officer at Camber Energy, Mr. Richard N. Azar II said the deal is a significant step for the business. The funds mobilized through third tranche will help the company to manage the day to day operations. The company is also contemplating to utilize the funds expected through balance tranches for debt reduction, expansion, growth of the business and for compliance.
Brief Information about Camber Energy Inc.
Camber Energy, which is located in San Antonio, Texas, is an independent oil and gas company. The company’s business operations include the development of natural liquids, natural gas and crude oil in Central Oklahoma’s Hunton Formation. The company has acquired more than 13,000 acres of Hunton formation, which is rich in liquids, in Central Oklahoma.
The company has utilized the proceeds of the deal with Segundo Resources etc in 2016 to purchase 553 acres in Texas Permian Basin. The company also took over 3,630 acres in the Permian Basin Central Basin Platform in January 2017. The company is on an expansion spree in the Permian Basin.
The company also forecasts to engage in development of the business in Persian basin on a large scale. The company is also aiming to expand the asset portfolio and promote the growth of oil and gas operations and enhance the shareholder value.
Camber Energy is focusing on sustainable growth and profitability. It is a win-win situation for the investors.