(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.
