HOUSTON, June 5, 2017 /PRNewswire/ -- Camber
Energy, Inc. (NYSE MKT: CEI) ("Camber Energy" or the "Company")
today announced that Mr. Anthony C.
Schnur has resigned as Chief Executive Officer and as a
member of the Board. Effective immediately, the Board of
Directors has named current board member, Mr. Richard N. Azar II as Interim Chief Executive
Officer.
The Company also announced that it has appointed Mr.
Robert Schleizer as Interim Chief
Financial Officer. Mr. Schleizer has over 30 years of
financial and operational experience serving private and public
companies in financial and organizational structuring, crisis
management, acquisitions and divestitures, and equity and debt
financings across multiple industries. He is a co-founder of
BlackBriar Advisors, LLC, a business renewal and acceleration firm,
where he has served as Managing Partner since 2010. Prior to
BlackBriar, Mr. Schleizer provided restructuring and refinancing
financial advisory services as a Managing Director for BBK and as a
Partner at Tatum LLC. He holds a Bachelor of Science in
Accounting from Arizona State
University and is a Certified Insolvency Restructuring
Advisor and Certified Turnaround Professional.
As previously reported, the Company is actively engaged in the
process of implementing a cost reduction program to significantly
reduce overall general and administrative costs. Camber
Energy continues to progress its plan to comply with lender
obligations and to return the Company to positive cash flow
generation. By taking these proactive steps, Camber Energy
intends to effect meaningful change to improve its financial
performance and enhance its liquidity and capital resources.
"On behalf of the Board, we would like to thank Tony for his
leadership and wish him the best in his future endeavors," said Mr.
Fred S. Zeidman, Chairman of Camber
Energy. "We would also like to thank Messrs. Azar and
Schleizer for stepping in on an interim basis to quickly deliver on
our financial improvement initiatives while working to strengthen
our Company, drive cash flow and create value for our
shareholders. Camber's Board and management team are
committed to taking immediate and rapid action to streamline the
Company, which is consistent with its new strategic plan to improve
its capital structure and business model."
About Camber Energy, Inc.
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, and on April 27, 2017, Camber announced that it would be
relocating its corporate headquarters to San Antonio, Texas.
Safe Harbor Statement and Disclaimer
This news release includes "forward looking statements" within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward looking statements give our current
expectations, opinions, belief or forecasts of future events and
performance. A statement identified by the use of forward
looking words including "may," "will," "expect," "anticipate,"
"estimate," "hope," "plan," "believe," "predict," "envision," "if,"
"intend," "would," "probable," "project," "forecasts," "outlook,"
"aim," "might," "likely" "positioned," "strategy," "continue,"
"potential," "ensure," "should," "confident," "could" and similar
words and expressions, and the negative thereof, and certain of the
other foregoing statements may be deemed forward-looking
statements. Although Camber Energy believes that the
expectations reflected in such forward-looking statements are
reasonable, these statements involve risks and uncertainties that
may cause actual future activities and results to be materially
different from those suggested or described in this news release,
including our ability to obtain the funds necessary to participate
in future drilling opportunities at Arrowhead; our ability reduce
operating costs and comply with covenants in our debt obligations;
our ability to generate cash flow to fund our operations; our
ability to raise additional capital at acceptable terms;
anticipated trends in our business; our ability to repay
outstanding loans and satisfy our outstanding liabilities; our
liquidity and ability to finance our exploration, acquisition and
development strategies; market conditions in the oil and gas
industry; the timing, cost and procedure for future acquisitions;
our financial position, business strategy and other plans and
objectives for future operations; and other risks described in
Camber Energy's Annual Report on Form 10-K and other filings with
the SEC, available at the SEC's website at www.sec.gov.
Investors are cautioned that any forward-looking statements are not
guarantees of future performance and actual results or developments
may differ materially from those projected. The
forward-looking statements in this press release are made as of the
date hereof. The Company takes no obligation to update or
correct its own forward-looking statements, except as required by
law, or those prepared by third parties that are not paid for by
the Company. The Company's SEC filings are available on its
website or at http://www.sec.gov.
Contacts:
Carol Coale / Ken Dennard
Dennard ▪ Lascar Associates LLC
(713) 529-6600
CEI@dennardlascar.com
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SOURCE Camber Energy, Inc.