Camber Energy stock soars as oil and gas explorer eyes merger or acquisition targets

Camber Energy Inc (NYSE:CEI) stock soared Friday after the oil and gas company disclosed it had discussions with multiple investment banking firms to identify merger or acquisition targets.

The Houston, Texas, growth-oriented oil and gas explorer is engaged in the development of crude oil, natural gas and natural gas liquids in the Texas Panhandle as well as other basins. 

Camber Energy stock flew 33.2% to $0.71 in morning trade.

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Camber Energy says on its website that it is “gaining momentum” toward expanding its production and drilling inventory through the development of existing assets and “selective acquisition of new properties.”

“The company has been actively seeking and considering acquisitions and merger candidates, but intends to aggressively expand and expedite the scope of the process to identify accretive transactions,” the company said in a statement.

However, the company cautioned that ‘there can be no assurance’ that its efforts will result in any transaction.

The company said it has “not set a timetable” for the completion of a transaction and does not intend to discuss or disclose further developments related to the M&A process “unless and until its Board of Directors has approved a specific action.”

Contact Uttara Choudhury at [email protected]

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Story by ProactiveInvestors