Camber Energy Discloses Receipt of Notice From NYSE American
August 11 2017 - 1:04PM
Camber Energy, Inc. (NYSE American:CEI) (“Camber” or the
“Company”), an independent oil and gas company, announces that on
August 3, 2017, it was notified by the NYSE American (the
“Exchange”) that the Company was not in compliance with certain of
the Exchange’s continued listing standards as set forth in Part 10
of the NYSE MKT Company Guide (the “Company Guide”).
Specifically, Camber is not in compliance with
Sections 1003(a)(i) through (iii) of the Company Guide in that it
reported a stockholders’ deficit of $10.6 million as of March 31,
2017 and net losses in its five most recent fiscal years then
ended, meaning that it (i) had stockholders' equity of less than
$2,000,000 and sustained losses from continuing operations and/or
net losses in two of its three most recent fiscal years; (ii) had
stockholders' equity of less than has stockholders' equity of less
than $4,000,000 and sustained losses from continuing operations
and/or net losses in three of its four most recent fiscal years;
and (iii) had stockholders' equity of less than has stockholders'
equity of less than $6,000,000 and sustained losses from continuing
operations and/or net losses in its five most recent fiscal
years.
In order to maintain its listing on the
Exchange, the Exchange has requested that the Company submit a plan
of compliance (the “Plan”) by September 5, 2017, addressing how it
intends to regain compliance with Sections 1003(a)(ii) and (iii) of
the Company Guide by August 3, 2018. The Company’s management is
beginning its analysis regarding submission of a Plan to the
Exchange by the required due date, specifying activities that the
Company plans to complete in the near future to address the
concerns of the Exchange and regain compliance with the Exchange’s
continued listing standards.
Receipt of the letter does not have any
immediate effect on the listing of the Company’s shares on the
Exchange, except that until the Company regains compliance with the
Exchange’s listing standards, a “BC” indicator will be affixed to
the Company’s trading symbol. The Company’s business operations,
SEC reporting requirements and debt instruments are unaffected by
the notification, provided that if the Plan is not acceptable, or
the Company does not make sufficient progress under the Plan or
reestablish compliance by August 3, 2018, then the Company will be
subject to the Exchange’s delisting procedures. The Company may
then appeal a staff determination to initiate such proceedings in
accordance with the Exchange’s Company Guide.
Additionally, Camber’s Chairman of the Board,
Fred Zeidman, has tendered his resignation as Chairman and as a
member of the Board of Directors, effective August 7,
2017.
The Company further announces that as it
attempts to continue its cost-cutting initiatives and revenue
enhancing objectives, the Company is evaluating all strategic
alternatives.
About Camber Energy, Inc.
Based in Houston, Texas, Camber Energy (NYSE
American:CEI) is a growth-oriented, independent oil and gas company
engaged in the development of crude oil, natural gas and natural
gas liquids in the Hunton formation in Central Oklahoma in addition
to the Austin Chalk and Eagle Ford formations in South Texas.
For more information, please visit the Company’s
website at www.camber.energy.
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, opinion, belief or forecasts of future events
and performance. A statement identified by the use of
forward-looking words including “may,” “expects,” “projects,”
“anticipates,” “plans,” “believes,” “estimate,” “should,” and
certain of the other foregoing statements may be deemed
forward-looking statements. Although Camber 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. These include risks inherent in natural gas and oil
drilling and production activities, including risks of fire,
explosion, blowouts, pipe failure, casing collapse, unusual or
unexpected formation pressures, environmental hazards, and other
operating and production risks, which may temporarily or
permanently reduce production or cause initial production or test
results to not be indicative of future well performance or delay
the timing of sales or completion of drilling operations; delays in
receipt of drilling permits; risks with respect to natural gas and
oil prices, a material decline which could cause Camber to delay or
suspend planned drilling operations or reduce production levels;
risks relating to the availability of capital to fund drilling
operations that can be adversely affected by adverse drilling
results, production declines and declines in natural gas and oil
prices; risks relating to unexpected adverse developments in the
status of properties; risks relating to the absence or delay in
receipt of government approvals or fourth party consents; and other
risks described in Camber’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 at
http://www.sec.gov.
Contacts:
Bob Schleizer
Interim Chief Financial Officer
713-528-1881
Camber Energy (AMEX:CEI)
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