SAN ANTONIO, Sept. 19, 2017 /PRNewswire/ -- Camber
Energy, Inc. (NYSE American:CEI) ("Camber" or the "Company"), an
independent oil and gas company, announces that it has executed a
non-binding term sheet with an existing shareholder to rapidly
provide additional equity capital to the Company. The Company
will utilize the proceeds from such financing to resolve its
defaults with its lender, International Bank of Commerce ("IBC" or
the "Bank"). The Company is currently in discussions with the
Bank regarding the timetable for resolving such defaults.
The Company also reports that the NYSE American (the "Exchange")
has granted the Company a two day extension, until open of business
September 21, 2017, to submit its
plan of compliance (the "Plan") addressing how it intends to regain
compliance with Sections 1003(a) (ii) and (iii) of the Company
Guide by August 3, 2018.
The Company is currently finalizing its Plan.
The Company also reports that it is still pursuing possible
resolutions of the default of its wholly owned subsidiary CATI
Operating LLC ("CATI"). As stated previously, this loan
is non-recourse to the Company.
About Camber Energy, Inc.
Based in San Antonio, 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.
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SOURCE Camber Energy, Inc.