Camber Energy signs agreement to acquire private oil companies

Camber Energy announced that it entered into an agreement to acquire all of the issued and outstanding membership interests of certain privately-owned companies which in turn own interests in certain oil and gas properties and related equipment and other tangible personal property, including working interests in approximately one hundred sixty nine proved producing oil wells, one hundred seventy four proved non-producing wells and twelve proved undeveloped well locations. The wells produce hydrocarbons from known geological formations and reservoirs, and the seller’s internal estimates of the remaining oil reserves based on recent NYMEX strip pricing, historical production rates, historical lease operating expenses and transportation differentials, indicate a total proved reserve value, on a PV10 basis, of approximately USD$185 million as at January 1, 2023.