Camber Energy & Viking Energy CEO Releases Company Update

Camber Energy & Viking Energy CEO Releases Company Update

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Through a series of video blogs (vlogs), Camber Energy Inc. CEI CEO James Doris is communicating to shareholders the latest developments at the company and its majority-owned subsidiary Viking Energy Group Inc. VKIN

In the most recent vlog, Doris discusses the recent developments and accomplishments of both Camber and Viking in the last 30 to 120 days. He talks about acquisitions, joint ventures, share restructuring, debt elimination, and other important topics and provides an update on Camber’s filings with the Securities and Exchange Commission (SEC). 

Bites By Numbers – Camber Energy In The Last 30 To 90 Days

  • Status of the outstanding SEC filings for Camber: Filed restated financials in November 2021, which were required to correct the previous characterization of the sale of the company’s Series C preferred stock. This is still under review by the SEC to ensure alignment on applicable accounting analysis. 
  • The terms of Camber’s promissory notes were materially improved, with their maturity dates extended and interest rate reduced, Doris said. The conversion price of the notes was also fixed at $1.50 per share. 
  • Extinguished more than 40% of the Series C preferred shares at Camber to minimize dilution. 
  • Instituted a $100 million preferred share financing arrangement. Doris notes that this money is not necessary, but it’s a safety net the company can use to facilitate growth if needed. 

Bites By Numbers – Viking Energy In The Last 90 to 120 Days

  • Strengthened the organization’s balance sheet. Reduced debt by more than $100 million by selling divisions that were subject to high-interest loans and hedge arrangements that limited upside. 
  • Acquired a controlling interest in Simson-Maxwell, an 80-year-old business in the custom-energy and power solutions section, as well as an approved vendor to the healthcare industry. 
  • Licensed a patented carbon-capture technology for environmental, social, and governance (ESG) clean energy. 
  • In another recent joint-venture arrangement, Viking acquired 51% ownership in entities that own the intellectual property associated with fully developed, patent pending, ready-for-market proprietary Electric Transmission and Distribution Open Conductor Detection Systems designed to detect a break in a power line and immediately de-energize the line before it touches anything that can burn.
  • Transaction partners have accepted Viking stock as consideration for certain deals, demonstrating alignment and the partners’ belief in the overall vision of the company, according to Doris. 

For more information on Camber’s story, click here

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