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.