
The assets will generate $55 million in annual gross revenues, Camber said. (Source: Vladimir Endovitskiy/ Shutterstock.com)
Houston’s Camber Energy Inc. has agreed to purchase interests in oil and gas assets from privately owned companies for $69 million, the company said on Dec. 27.
The assets will generate $55 million in annual gross revenues, Camber said in a news release.
The location of the assets was not disclosed. The sellers are Brothers Investments LLC, Lake Boeuf Investments LLC, Bass TMJ LLC and James III Investments LLC, according to Securities and Exchange Commission (SEC) filings.
The deal includes working interests in approximately 169 proved, producing oil wells averaging about 2,000 net bbl/d of oil. Camber will also acquire 174 proved, non-producing wells and 12 proved undeveloped well locations, the company said. The company will also acquire related equipment and other tangible personal property.
Camber said the sellers’ internal estimates of remaining oil reserves based on recent NYMEX and other factors indicate a total proved reserve value, on a PV10 basis, of approximately $185 million as of Jan. 1, 2023.
The purchase is subject to adjustments, and at the sellers’ election up to no more than 80% of the purchase price will be made in cash at close. The balance will be paid with Camber convertible preferred stock.
The deal is set to close on March 1, according to SEC filings.
Recommended Reading
Chicken or the Egg? Policy and Tech Needed to Enable Hydrogen Market
2025-04-13 - Hydrogen project developers ask themselves the famous ‘chicken or the egg’ conundrum as they lean on policy, incentives and technology to bridge cost gaps.
API’s Multi-Pronged Approach to Lower Carbon Operations
2025-01-28 - API has published nearly 100 standards addressing environmental performance and emissions reduction, which are constantly reviewed to support low carbon operations without compromising U.S. energy security.
Hydrogen Hopefuls Advised to Focus on Offtake Amidst Funding Turbulence
2025-04-09 - Hydrogen is one way to reduce emissions when used in place of higher-emissions fossil fuel sources where feasible, but costs and infrastructure pose challenges.
California Resources Continues to Curb Emissions, This Time Using CCS for Cement
2025-03-04 - California Resources’ carbon management business Carbon TerraVault plans to break ground on its first CCS project in second-quarter 2025.
Aramco Secures 50% Stake in Blue Hydrogen Industrial Gases
2025-03-26 - Aramco and Blue Hydrogen are expected to combine their operations to produce hydrogen from Aramco’s carbon capture and storage operations in Jubail, Saudi Arabia.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.