Camber Energy Inc. (AMEX: CEI) said May 25 that Richard N. Azar II has resigned as CEO but will remain on the company's board of directors.
In the interim, Louis G. Schott has been named CEO. Schott is currently an adviser to Camber—a position he has held since December 2017.
Azar has held the position of interim CEO since June 2017 following the resignation of the company's previous CEO Anthony C. Schnur. He formerly served as Camber's board chairman.
Azar's resignation was made in connection with his status as a personal guarantor under Camber's outstanding bank loan with International Bank of Commerce (IBC), which, as previously reported by the company, is currently in default, according to the company press release.
As of May 25, Camber said it continues to discuss potential settlements and modifications of the IBC debt and expects Schott to help facilitate such negotiations moving forward.
Schott has more than 24 years of legal and business experience with 20 years in the oil and gas industry, the release said. His background includes experience in restructuring, M&A, public company regulations and requirements, title, energy finance, business development, general negotiations and land.
Most recently, Schott has been involved with restructurings within and outside of bankruptcy and both public, traded on the TSX and NYSE American, and private entities.
Based in San Antonio, Camber is an independent oil and gas company with assets in Central Oklahoma and the Permian's San Andres Play. Additionally, the company closed on the acquisition of Texas Panhandle assets in March.
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