Camber Energy Inc (NYSEAMERICAN: CEI) is having a relatively good start to the trading session this morning after the company provided an update to production and announced news surrounding the Coyle field. Today, we’ll talk about the updates, what we’re seeing from the stock, and what we’ll be watching for ahead.
CEI Announces Key Update
As mentioned above, Camber Energy provided investors with a key update this morning. In a press release, the company provided an update with regard to the process of reestablishing production from six Natural Gas/Natural Gas Liquid wells in the Coyle field. The Coyle field is located in Lincoln and Payne Counties, Oklahoma. In the press release, CEI announced that it has repaired or replaced the electric submersible pumps, replaced tubing strings, and acidized and descaled each well.
The company said that it is currently producing 2,550 barrels of formation water, 25 barrels of oil, and 2,300 thousand cubic feet of gas per day from 12 legacy wells. CEI also said that it is evaluating the potential for additional sustained production gains by use of specific well compression and by installing ESPs in two free-flowing wells. In a statement, Richard N. Azar II, Interim CEO at Camber Energy, had the following to offer:
“As we recently announced, Camber is pursuing existing production acquisitions (proved developing producing (PDP) + proved undeveloped reserve (PUD)) which can add to our inventory of producing wells and drillable offsets in areas like the Permian Basin and other strategic locations…We want to capitalize on situations where we can leverage our expertise and experience in the dewatering technology to accelerate value and expand operations.”
How The Stock Reacted To The News
As investors, we learn quickly that the news moves the market. While CEI didn’t see massive gains, the stock is definitely in the green following the strong news that was released this morning. Of course, our partners at Trade Ideas were the first to alert us to the gains. At the moment (9:37), CEI is trading at $0.19 per share after a gain of 0.81% thus far today.
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What We’ll Be Watching For Ahead
Moving forward, the CNA Finance team will continue to keep a close eye on CEI. In particular, we’re interested in the company’s ongoing work to bring the wells in the Coyle field back up to par. We’re also interested in the ongoing work to expand the horizons for the company as far as moving forward with new wells in the Permian Basin area. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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