HOUSTON, Jan. 25, 2017 /PRNewswire/ — Camber Energy, Inc. (NYSE MKT: CEI) (“Camber” or the “Company”), an independent oil and gas company with operations in Oklahoma and Texas, today updated its operational activity in its recently acquired assets in Oklahoma.
In December 2016, the Company completed a 60-day well maintenance and upgrade program on its wells in Oklahoma, which included the replacement of down-hole pumps and added compression. As a result, Camber improved production rates in its Coyle field in the Hunton formation by more than 60 percent since taking over operations in August 2016. Camber anticipates continued field enhancements through the remainder of 2017 on 14 additional wells. By way of example, the Company recently spent $10,000 to modify the compression on a single well that resulted in a one-week production rate of more than double the prior production rate.
“We are pleased with the results of our well performance upgrades, and we plan to apply similar techniques to other wells in the area,” said Anthony C. Schnur, the Chief Executive Officer of Camber Energy. “As we ramp-up production on our legacy and newly-acquired assets, we will also continue to aggressively pursue acquisition opportunities that target both producing and nonproducing reserves located in or near our existing leaseholds. We continue to work with our Board of Directors, and our senior lender to establish our 2017 CAPEX and drilling program. At this point, we would expect to continue an aggressive field enhancement program in our Oklahoma properties gearing up to commence drilling operations in our newly acquired Permian assets in the second half of 2017. Obviously, increasing our production and cash flow in our Oklahoma properties enhances our ability to drill additional well locations both in Oklahoma and Texas. We hope to have more details on our 2017 CAPEX program in the coming weeks,” Mr. Schnur concluded.
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. We changed our name from Lucas Energy, Inc. to Camber Energy, Inc. effective January 5, 2017.