Camber Energy (NYSEMKT:CEI) Files An 8-K Termination of a Material Definitive Agreement
Termination of a Material Definitive
As previously disclosed, on May 16, 2017, the Board of Directors
(the Board) of Camber Energy, Inc. (the Company) appointed Fred
S. Zeidman to serve as Chairman of the Board, replacing Richard
N. Azar II, who remains as a director serving on the Board.In
connection with that action, on May 23, 2017, the consulting
agreement of Richard N. Azar, II with the Company dated effective
as of August 26, 2016, as amended, was terminated.
Departure of Directors or Certain Officers;
Paul Pinkston, the Companys Chief Accounting Officer and
principal financial officer and principal accounting officer,
tendered his resignation on May 23, 2017 to be effective as of
June 8, 2017. Mr. Pinkstons successor will be appointed by the
Board in the near future.
Financial Statements and Exhibits.
10.1Consulting Agreement between Richard N. Azar II and the
Company dated August 29, 2016 (Filed as Exhibit 10.7 to the
Companys Current Report on Form 8-K, filed with the Commission on
August 31, 2016, and incorporated herein by reference)(File No.
About Camber Energy (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 (NYSEMKT:CEI) Recent Trading Information
Camber Energy (NYSEMKT:CEI) closed its last trading session down -0.015 at 0.220 with 170,656 shares trading hands.