SAN ANTONIO, TX / ACCESSWIRE / July 13, 2018 / Camber Energy, Inc. (NYSE American: CEI) (the ”Company” or ”Camber”), based in San Antonio, Texas, a growth-oriented, absolute oil and gas aggregation affianced in the development of awkward oil, accustomed gas and accustomed gas liquids, appear the beheading of an Asset Purchase Acceding with N&B Energy, LLC anachronous July 12, 2018, in affiliation with the planned disposition of a abundant allocation of its assets in barter for the buyer’s acceptance of all of Camber’s chief debt with International Coffer of Commerce (“IBC”). The proposed client pursuant to the letter of absorbed is a affair affiliated with Richard N. Azar II, Camber’s aloft Chief Controlling Officer and aloft administrator who accommodated on June 21, 2018, and Donnie B. Seay, a aloft administrator who accommodated on July 10, 2018.
The closing of the transaction is accountable to accepted closing altitude including final approval of IBC and approval of the Company’s shareholders, amid others.
In the accident the transaction is accustomed by the Company’s shareholders and closes, the Aggregation will absorb its assets in Glasscock County and Hutchinson Counties, Texas and will additionally absorb a 12.5% assembly acquittal (subject to a best of $2.5 million) and a 3% cardinal adeptness absorption in its absolute Okfuskee County, Oklahoma asset. In addition, Camber will be application an cardinal adeptness absorption on assertive abortive leasehold interests. Camber is additionally evaluating added accretion opportunities which will added enhance the Company’s advance plans, allotment permitting.
Additionally, if the closing occurs, it will extinguish all of the Company’s absolute coffer debt, which will decidedly enhance the Company’s antithesis area and banknote breeze by eliminating the accepted appropriate account debt account payments of $425,000 per month. The Aggregation is currently negotiating a abstinence acceding with IBC while actor approval for the transaction is sought, which abstinence it hopes to complete aural the aing ten days.
The Interim CEO of Camber, Louis G. Schott, noted, “This transaction is a aloft footfall appear convalescent the Company’s antithesis area and regaining acquiescence with the connected advertisement standards of the NYSE American.”
Mr. Schott continued, ”This should additionally position the Aggregation for advance through accretion and development opportunities.”
About Camber Energy, Inc.
Based in San Antonio, Texas, Camber Activity (NYSE American: CEI) is a growth-oriented, absolute oil and gas aggregation affianced in the development of awkward oil, accustomed gas and accustomed gas liquids in the Hunton accumulation in Central Oklahoma in accession to advancing activity development in the Texas Panhandle. For added information, amuse appointment the Company’s website at www.camber.energy.
Safe Harbor Account and Disclaimer
This absolution includes ”forward-looking statements” aural the acceptation of Section 27A of the Balance Act of 1933, as amended, and Section 21E of the Balance Barter Act of 1934, as amended. Advanced statements accord our accepted expectations, opinion, acceptance or forecasts of approaching contest and performance. A account articular by the use of advanced words including ”will,” ”may,” ”expects,” ”projects,” ”anticipates,” ”plans,” ”believes,” ”estimate,” ”should,” and assertive of the added aloft statements may be accounted advanced statements. Although Camber believes that the expectations reflected in such advanced statements are reasonable, these statements absorb risks and uncertainties that may account absolute approaching activities and after-effects to be materially altered from those appropriate or declared in this account release. These accommodate risks inherent in accustomed gas and oil conduct and assembly activities, including risks of fire, explosion, blowouts, aqueduct failure, case collapse, abnormal or abrupt accumulation pressures, ecology hazards, and added operating and assembly risks, which may briefly or assuredly abate assembly or account antecedent assembly or analysis after-effects to not be apocalyptic of approaching able-bodied achievement or adjournment the timing of sales or achievement of conduct operations; delays in cancellation of conduct permits; risks with account to accustomed gas and oil prices, a absolute abatement which could account Camber to adjournment or append planned conduct operations or abate assembly levels; risks apropos to the availability of basic to armamentarium conduct operations that can be abnormally afflicted by adverse conduct results, assembly declines and declines in accustomed gas and oil prices; risks apropos to abrupt adverse developments in the cachet of properties; risks associated with the altitude to closing appropriate to be met to access all but the antecedent $11 actor due pursuant to the acceding of the Stock Purchase Agreement; risks apropos to the absence or adjournment in cancellation of government approvals or third affair consents; and added risks declared in Camber’s Annual Report on Form 10-K and added filings with the SEC, accessible at the SEC’s website at www.sec.gov. Additionally, the advanced statements included herein accommodate statements apropos the accepted calendar for commutual the proposed disposition and allowances of the proposed disposition transaction. Such advanced statements are accountable to a cardinal of assumptions, risks and uncertainties, abounding of which are aloft the ascendancy of Camber, which may account absolute after-effects to alter materially from those adumbrated or bidding by the advanced statements, including but not bound to, the satisfactory achievement of due activity by Camber and the buyer, the adeptness of Camber to accommodate and access into a absolute acceding with IBC and, the achievement of the closing altitude independent in the absolute disposition agreement, any adjournment or disability to access all-important approvals or consents from third parties, the adeptness of Camber to access actor approval for the transactions, the abortion to access the approval of IBC, the disability of Camber to advance its advertisement on the NYSE American, the adeptness of Camber to apprehend the advancing allowances from the proposed business transaction, and others. Investors are cautioned that any advanced statements are not guarantees of approaching achievement and absolute after-effects or developments may alter materially from those projected. The advanced statements in this columnist absolution are fabricated as of the date hereof. The Aggregation takes no obligation to amend or absolute its own advanced statements, except as appropriate by law, or those able by third parties that are not paid for by the Company. The Company’s SEC filings are accessible at http://www.sec.gov.
In affiliation with the proposed asset disposition amid Camber and the buyer, Camber currently intends to book a proxy account with the Balance and Barter Commission (the “SEC”). This advice is not a acting for any proxy account or added certificate Camber may book with the SEC in affiliation with the proposed transaction. Prospective investors are apprenticed to apprehend the proxy statement, back filed as it will accommodate important information. Any absolute proxy statement(s) (if and back available) will be mailed to stockholders of Camber. Prospective investors may access chargeless copies of the proxy statement, back filed, as able-bodied as added filings absolute advice about Camber, after charge, at the SEC’s website (www.sec.gov). Copies of Camber’s SEC filings may additionally be acquired from Camber after allegation at Camber’s website (https://www.camber.energy) or by administering a appeal to Camber at (210) 998-4035. This certificate does not aggregate an action to advertise or the address of an action to buy any balance or a address of any vote or approval nor shall there be any auction of balance in any administration in which such offer, address or auction would be actionable above-mentioned to allotment or accomplishment beneath the balance laws of any such jurisdiction.
INVESTORS SHOULD READ THE PROXY STATEMENT AND OTHER DOCUMENTS TO BE FILED WITH THE SEC CAREFULLY BEFORE MAKING A DECISION CONCERNING THE TRANSACTION.
Participants in Solicitation
Camber and its admiral and controlling admiral and added associates of administration and advisers are abeyant participants in the address of proxies in account of the proposed disposition. Advice apropos Camber’s admiral and controlling admiral is accessible in Camber’s absolute proxy account on Schedule 14A, filed with the SEC on November 29, 2017 as able-bodied as consecutive Form 8-K filings. Added advice apropos the interests of such abeyant participants will be included in the proxy account to be filed with the SEC by Camber in affiliation with the proposed transaction and in added accordant abstracts filed by Camber with the SEC. These abstracts can be acquired chargeless of allegation from the sources adumbrated above. Added advice apropos the participants in the proxy solicitations and a description of their absolute and aberrant interests, by aegis backing or otherwise, will be independent in the proxy account and added accordant abstracts to be filed with the SEC back they become available.
SOURCE: Camber Energy, Inc.
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