Camber Energy, Inc. (NYSEMKT:CEI) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement.
On March 31, 2017, Camber Energy, Inc. (we, us and the Company),
entered into an amendment dated March 31, 2017, to the Second
Amended Letter Loan Agreement and the Second Amended Promissory
Note, both dated November 13, 2014 (the Amendment), with Louise
H. Rogers (Rogers), our senior lender. to the Amendment, the
parties agreed to amend the (a) November 13, 2014 Second Amended
Letter Loan Agreement (the Amended Letter Loan) and (b) November
13, 2014 Second Amended Promissory Note (the Amended Note), by
extending the maturity date thereunder from April 30, 2017 to
July 31, 2017. We also agreed to pay $9,000 to Rogers and $9,000
to Robertson Global Credit, LLC, the servicer of the Amended
Note, in connection with our entry into the Amendment.
The foregoing descriptions of the Amendment are not complete and
are qualified in their entirety by reference to the Amendment,
which is attached hereto as Exhibit 10.1, and incorporated by
reference in this Item 1.01.
Item 8.01 Other Events.
On February 6, 2017, the Company issued a press release
announcing the extension of maturity date for the Companys senior
secured loan agreement.
Item 9.01 Financial Statements and Exhibits.
Amendment Dated March 31, 2017, to the Second Amended Letter
Loan Agreement and the Second Amended Promissory Note, both
dated November 13, 2014, by and between Camber Energy, Inc.
and Louise H. Rogers
Press release issued on April 6, 2017 regarding extension of
maturity date for senior secured loan agreement.
About Camber Energy, Inc. (NYSEMKT:CEI)
Camber Energy, Inc., formerly Lucas Energy, Inc., is an independent oil and natural gas company. The Company is engaged in the acquisition and development of crude oil and natural gas from various known productive geological formations, including the Austin Chalk and Eagle Ford formations, primarily in Gonzales, Wilson and Karnes Counties, south of the city of San Antonio, Texas. As of March 31, 2016, the Company had leasehold interests (working interests) in approximately 8,395 gross acres or 8,309 net acres. Its total net developed and undeveloped acreage as measured from the surface to the base of the Austin Chalk formation is approximately 8,310 net acres. In deeper formations, it had approximately 1,909 net acres in the Eagle Ford oil window. As of March 31, 2016, the Company had produced an average of approximately 61 net barrels of oil equivalent per day (Boepd) from 26 active well bores. Camber Energy, Inc. (NYSEMKT:CEI) Recent Trading Information
Camber Energy, Inc. (NYSEMKT:CEI) closed its last trading session down -0.035 at 0.415 with 607,068 shares trading hands.