HOUSTON, April 6, 2017 /PRNewswire/ -- Camber
Energy, Inc. (NYSE MKT: CEI) ("Camber" or the
"Company"), an independent oil and gas company with operations
in Oklahoma and Texas, announced today that on March 31, 2017, the Company amended the terms of
its $7.5 million Senior Secured
Letter Loan Agreement ("Letter Loan Agreement"). The Letter
Loan Agreement was originally entered into on August 13, 2013, and under the amended terms, the
maturity date of the loan was extended from April 30, 2017 to July
31, 2017.
Also, the third and optional final tranche of funding under its
securities purchase agreement (the "SPA") with an accredited
institutional investor was not exercised prior to its expiration on
March 31, 2017.
"We are pleased that we have negotiated an extension until
mid-summer of our secured loan agreement with the senior lender
while we work toward a long-term resolution," said Anthony C. Schnur, Chief Executive Officer of
Camber Energy. "Access to capital will remain critical to the
Company as we continue to maintain an aggressive growth posture
through field re-development, drilling, and continued strategic
asset acquisitions. We have leveraged our expertise in the
Hunton formation into the emerging horizontal San Andres play in
the Permian Basin, and we expect to close before the end of this
month our leasehold acreage acquisition in the San Andres
previously announced in February.
"Longer term, we believe this strategy of expanding our drilling
inventory through timely and tactical acquisitions and developing
those resources will ultimately reward our shareholders with
increased value and returns."
About Camber Energy, Inc.
Based in Houston, Texas, Camber
Energy (NYSE MKT: CEI) is a growth-oriented, independent oil and
gas company engaged in the development of crude oil and natural gas
in the Austin Chalk and Eagle Ford formations in south Texas, the Permian Basin in west Texas, and the Hunton formation in central
Oklahoma. The Company changed its name from Lucas Energy,
Inc. to Camber Energy, Inc. effective January 5, 2017.
Contacts:
Carol Coale / Ken Dennard
Dennard ▪ Lascar Associates LLC
(713) 529-6600
ccoale@dennardlascar.com
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SOURCE Camber Energy, Inc.