Camber Energy, Inc. (NYSEMKT:CEI) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 by reference.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Effective April 26, 2017, Kenneth R. Sanders, the Company’s Chief Operating Officer, left the Company, effective immediately, based on a mutual decision with the Company’s board of directors.
Item 8.01 Other Events.
On April 27, 2017, the Company issued a press release announcing its entry into the Service Agreement and its intent to restructure its back-office functions in order to significantly improve its capital structure and lower overall costs. A copy of the press release is filed herewith as Exhibit 99.1.
Item 9.01 Financial Statements and Exhibits.
Exhibits
*10.1 Service Agreement, dated as of April 27, 2017 and effective May 1, 2017, by and between Camber Energy, Inc. and Enerjex Resources.
*99.1 Press release issued on April 27, 2017 by Camber Energy, Inc.
* Filed herewith.
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 -0.012 at 0.346 with 1,503,884 shares trading hands.