Camber Energy, Inc. (CEI), an independent oil and natural gas company is seeing bullishness in the premarket trading session. CEI stock has gained 5.43% in pre-hours and is currently changing hands at $0.41. That massive surge came on the back of an already dominating performance on Tuesday.
Agreement with ESG
On Tuesday, CEI announced that its majority-owned subsidiary, namely Viking Energy Group, Inc., has entered into an agreement with ESG Clean Energy, LLC. The agreement is about the ESG patent rights and know-how about stationery electric power generation. ESG clean energy system is designed to generate clean electricity from internal combustion engines, and also, to utilize waste heat to capture almost 100% of the CO2. James Doris, President and Chief Executive Officer of Camber said on the occasion that the step could help, on one hand, to become a market leader in assisting power generation needs of different organizations, while on the other hand, would reduce the carbon footprint.
CEI Financial results for Q2
On the 17th of August, CEI announced that Viking energy group had reported the financial results for the second quarter of fiscal 2021, which ended 30th June. According to the details, Viking group generated revenue of $10.69 million during the quarter, while during the equivalent time of 2020; the company generated $9.54 million in revenues. CEI owned 62% of issued and outstanding common shares of Viking during Q2 and increased its interest to approximately 73% on or about July 29, 2021.
CEI Acquisition in Simson-Maxwell Ltd.
On the 9th of August, CEI acquired a major interest in Simson-Maxwell Ltd through its majority-owned subsidiary. Simson-Maxwell is a leading manufacturer and supplier of industrial engines, power generation products, services, and custom energy solutions. James Doris commented on the occasion that CEI is excited to work with a Simson-Maxwell and hoped that coming times would see a further strengthening of relations between the two.
Purchase of Viking common stock
On the 30th of July, CEI announced that it would purchase $11 million worth of Viking’s common stock. The proceeds would be used by Viking to facilitate the potential execution of an agreement as well as for general working capital purposes.
Closure of equity transaction
In mid of July, CEI reported that it had closed a$15,000,000 equity transaction from an institutional investor. The company said that it planned to use the capital for the working capital, new acquisitions, and for several other purposes. Also, the company extended the maturity date of existing promissory notes from December 11, 2022, to January 1, 2024. It also incorporated a conversion feature in each of the promissory notes. James Doris commented that these transactions serve as significant catalysts for advancing Camber’s growth initiatives.
Future performance of CEI stock
Based on recent performances of CEI stock in NYSE, it is expected that the stock could enjoy a healthy time in the near future as well, the future seems sanguine for CEI stock. Based on these predictions, potential investors should keep a close watch on fluctuations of CEI stock. Short-term fluctuations within stock should not discourage the investors, as long-term investments are the key to success.
