SAN ANTONIO, Aug. 11, 2017 (GLOBE NEWSWIRE) — 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.