Camber Energy Reports Revenues Post VKIN Merger; Revenues Reported By Camber For The 9-Month Period Ended 9/30/2023 Were ~$24.4M, As Compared To Revenues Of ~$466K YoY

Author: Benzinga Newsdesk | November 14, 2023 09:58am

Camber Energy, Inc. (NYSE:CEI) ("Camber" or the "Company"), a growth-oriented diversified energy company, today filed its Quarterly Report on Form 10-Q with the Securities and Exchange Commission for the quarter ended September 30, 2023, which is the Company's first quarterly filing following the completion of the previously disclosed merger with Viking Energy Group, Inc. (the "Merger"). As a result of the Merger, among other things:

Revenues reported by Camber for the 9-month period ended 9/30/2023 were ~ $24.4 million, as compared to revenues of ~ $466 thousand reported for the 9-month period ended 9/30/2022;
The Company's stockholders' equity position as of 9/30/2023 was ~ $29.2 million, as compared to a stockholders' deficit of ~ ($33 million) as of 9/30/2022.

James Doris, Camber's President and Chief Executive Officer, commented, "The recently completed merger with Viking has provided Camber with an active business and growth platform which the company has not seen in over eight years, if ever. We are focused on expanding existing business lines, commercializing our industry-changing technologies, and pursuing new opportunities as we work to achieve our goal of becoming a profitable, dominant participant in the energy sector. I believe we are better positioned than ever before given our infrastructure, talented personnel, and support from existing stakeholders."

Revenue Comparison

CEI - Q3 Reported Revenue Comparison
	9-month period ended 9/30/2020		9-month period ended 9/30/2021		9-month period ended 9/30/2022		9-month period ended 9/30/2023
Revenue	$	180,046	$	266,082	$	466,566	$	24,400,000

Stockholders' Equity Comparison

CEI - Q3 Reported Stockholders' Equity Comparison
	9-month period ended 9/30/2020		9-month period ended 9/30/2021		9-month period ended 9/30/2022		9-month period ended 9/30/2023
Stockholders' Equity / Deficit	$	(91,871,167	)	$	(165,531,949	)	$	(33,079,090	)	$	29,189,192

Note: The figures referenced herein are approximate and, in most cases, have been rounded to the nearest $100,000. For specific amounts, please refer to Camber's filings with the Securities and Exchange Commission ("SEC") including, without limitation, Camber's Quarterly Report on Form 10-Q filed on November 14, 2023 with the SEC and available under "Investors -- SEC Filings" at www.camber.energy.

Posted In: CEI