13 Feb 2018director interest notice● Neutral
CAMBER ENERGY, INC. director II Richard Nathan Azar received 117,168 shares as part of the equity award.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
2 Feb 2018material agreement▼ BadMajor
Camber kept extending its $37.4 million International Bank of Commerce loan month to month (September, October and November 2017), repeatedly failing to make the required $425,000 monthly principal payments; CEO Richard Azar, director Donnie Seay and their affiliated companies remained personally pledged as guarantors on the debt.
1 Feb 2018capital raising announcement▼ Bad
Drew a fourth $1 million Series C closing.
24 Jan 2018asset acquisition disposition▲ GoodMajor
Camber's former CATI Operating subsidiary was released from about $5.8 million owed to lender Louise H. Rogers in exchange for a small overriding royalty, and CATI's remaining leasehold was handed off entirely to a third party, Arkose Lease Partners, which took on all of CATI's well-plugging liabilities - closing out the CATI debt crisis without further cost to Camber.
17 Jan 2018director interest notice● Neutral
Fred S Zeidman became a CAMBER ENERGY, INC. director and company insider (initial ownership filing).
27 Dec 2017capital raising announcement▼ Bad
Drew a third $1 million closing of the October 2017 Series C facility.
28 Nov 2017drilling progress report● Neutral
Finished reworking six gas and NGL wells in the Coyle field in Lincoln and Payne Counties, Oklahoma; twelve legacy wells there now produce 25 barrels of oil, 2,300 MCF of gas and 2,550 barrels of water a day, the gas 65% NGLs at 1,750 BTU. The release also sets out net production from 54 Hunton wells and from 40 Apache-operated wells in Glasscock County, Texas. Richard Azar signed as interim chief executive.
27 Nov 2017capital raising announcement▼ BadMajor
Opened a much larger $16 million Series C facility (October 2017 agreement, 24.95% dividend rate) with the same institutional investor, drawing $2 million at signing and a further $1 million in this filing's 'Second Closing' -- proceeds earmarked partly to satisfy International Bank of Commerce, the lender behind the ~$36.9 million default that would later force the 2018 N&B Energy asset sale already on record.
20 Nov 2017quarterly activities report▼ Bad
CAMBER ENERGY, INC. reported quarterly revenue of $1.5 million and a net loss of $6.2 million for the period ended 2017-09-30.
15 Nov 2017asset acquisition disposition▲ GoodMajor
Camber's Permian subsidiary and joint-venture partner NFP Energy sold about 2,452 acres of Gaines County, Texas Permian Basin acreage to Fortuna Resources for $2.2 million, using the proceeds to pay down lien holders - including former director Alan Dreeben and Vantage Fund - by $1.5 million and to buy out NFP's joint venture for $662,072; Camber netted only about $26,000 in cash but kept 90% of the remaining acreage.
14 Nov 2017late filing notice▼ Bad
CAMBER ENERGY, INC. notified the SEC that its quarterly report would be filed late.
8 Nov 2017listing compliance notice▲ Good
NYSE American accepted Camber's plan to regain listing compliance by August 2018 and confirmed it had cured the separate late-10-Q deficiency - two pieces of near-term relief, though full compliance was still nearly a year away.
6 Nov 2017quarterly activities report▼ Bad
CAMBER ENERGY, INC. reported quarterly revenue of $1.5 million and a net loss of $6.2 million for the period ended 2017-09-30.
1 Nov 2017director interest notice● Neutral
Donnie Baker Seay became a CAMBER ENERGY, INC. director and company insider (initial ownership filing).
27 Oct 2017substantial holder notice● Neutral
DBS Investments, Ltd, DBS Management, LLC, Donnie B. Seay reported a CAMBER ENERGY, INC. shareholding of 1,247,912 shares (2.50% of votes) in a periodic institutional filing.
23 Oct 2017drilling progress report● Neutral
Camber reported results from recent well workovers and outlined future plans, without disclosing specific production figures.
5 Oct 2017material agreement▲ GoodMajor
Camber lined up an institutional investor to buy up to $16 million of new Series C preferred stock in staged closings, with proceeds earmarked partly to help pay down International Bank of Commerce and fund operations - a financing lifeline arranged just as the IBC and CATI defaults were biting. The filing was tagged as an asset transaction but is entirely a stock financing agreement.
12 Sept 2017debt default or forbearance▼ BadMajor
Camber's real crisis surfaced: senior lender International Bank of Commerce, owed $38.3 million, declared default for a missed $425,000 payment plus a string of covenant breaches, warning that foreclosure could force the company into bankruptcy; simultaneously the CATI subsidiary's defaulted loan ($6.9 million) became immediately due, and Camber hired restructuring advisors Dykema Gossett.
30 Aug 2017debt default or forbearance▼ BadMajor
Camber's drilling subsidiary CATI Operating defaulted on its (non-recourse) loan after missing its July 31 maturity, owing $8.95 million and accruing $3,577/day - on top of a separate NYSE American notice that Camber's stock no longer met listing standards after it filed its June-quarter 10-Q late.
15 Aug 2017late filing notice▼ Bad
CAMBER ENERGY, INC. notified the SEC that its quarterly report would be filed late.
11 Aug 2017director officer appointment▼ BadMajor
Three things at once, all bad: the NYSE American said Camber no longer met its listing standards, citing a $10.6 million shareholders' deficit and losses in five consecutive years; Fred Zeidman quit as chairman three months after taking the job; and to get $400,000 of a promised $6 million from Vantage Fund, Camber handed over its entire subsidiary Camber Permian II, leaseholds included. Paying for a first tranche with a whole subsidiary is the price of having no other lender.
30 June 2017late filing notice▼ Bad
CAMBER ENERGY, INC. notified the SEC that its annual report would be filed late.
12 June 2017director interest notice● Neutral
Robert W Schleizer became a CAMBER ENERGY, INC. Interim CFO and company insider (initial ownership filing).
30 May 2017director officer appointment● Neutral
Richard Azar's consulting contract was cancelled two weeks after he was replaced as chairman by Fred Zeidman, and finance chief Paul Pinkston resigned days later - the second finance departure in eight months.
1 May 2017director officer appointment▼ BadMajor
Camber handed its entire back office - bookkeeping, financial reporting, reserve reporting, SEC compliance and audits - to Enerjex Resources for a flat $150,000 a month, and let its chief operating officer Kenneth Sanders go the day before. Outsourcing the whole finance function is a cost decision that leaves a public company with almost no internal capacity to produce its own numbers.
7 Apr 2017material agreement● Neutral
Camber Energy (renamed from Lucas Energy) again pushed back lender Louise H. Rogers's loan maturity, this time to July 31, 2017, for another $18,000 in fees.
6 Apr 2017director interest notice● Neutral
CAMBER ENERGY, INC. Chief Accounting Officer Paul Anthony Pinkston acquired 8,419 shares at $0.50 under a company stock plan.
6 Apr 2017director interest notice● Neutral
CAMBER ENERGY, INC. CEO & President Anthony Charles Schnur acquired 6,735 shares at $0.50 under a company stock plan.
6 Apr 2017director interest notice● Neutral
CAMBER ENERGY, INC. Chief Operating Officer Kenneth Ray Sanders acquired 15,154 shares at $0.50 under a company stock plan.
15 Mar 2017securities registration● Neutral
CAMBER ENERGY, INC. amended a filing by which it registered a securities offering with the SEC using its shelf eligibility.