Camber Energy Climbs On Agreement To Acquire Certain Oil Companies

(RTTNews) - Camber Energy, Inc. (CEI) shares are gaining more than 7 percent on Tuesday morning trade after the company agreed to acquire certain privately owned oil companies for around $69 million.

The acquisition includes working interests in approximately one hundred sixty-nine, proved-producing oil wells producing approx. two thousand barrels of oil per day, one hundred seventy-four proved non-producing wells, and twelve proved undeveloped well locations. The companies to be acquired have annual gross revenues of $55 million.

Currently, shares are at $2.57, up 7.47 percent from the previous close of $2.40 on a volume of 5,644,914.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


More Related Articles

Sign up for Smart Investing to get the latest news, strategies and tips to help you invest smarter.