Camber Energy, Inc. (NYSE American: CEI)(the “Company” or “Camber”), based in San Antonio, Texas, a growth-oriented, independent oil and gas company engaged in the development of crude oil, natural gas and natural gas liquids in the Hunton formation in Central Oklahoma and on the San Andres formation in the Permian Basin, of Texas, announced production updates today.
As quoted in the press release:
“Camber is currently negotiating a renewal of a long term purchase agreement with its midstream buyer for all of the Coyle Field production. The contract is expected to include a stair step incentive to the Company for higher volumes. The Company anticipates realizing a meaningful increase in revenues in the coming weeks and months once the NGL dominate production in this field is produced and sold downstream,” stated Richard N. Azar II, the interim CEO of Camber. “The contract renewal should enhance the Company’s ability to maximize revenues and incentivizes to actively move forward with a geologically sound drilling program.”