Camber Energy Inc (NYSEAMERICAN: CEI) is having an incredibly strong start to the trading session this morning after the company announced a positive compnay update. Of course, the news excited investors, sending the stock on a run for the top. Today, we’ll talk about:
- The update;
- what we’re seeing from CEI stock as a result; and
- what we’ll be watching for ahead.
CEI Provides An Update
As mentioned above, Camber Energy is having an incredibly strong start to the trading session this morning after the company announced an update. In a press release issued early this morning, the company provided a monthly update on its worker activities.
In the release, CEI said that since the closing of the Panhandle acquisition, it has worked on over 39 wells on 4 different leases. The first 20 of these wells have been fully restored and are currently producing with the first full month of estimated gross production coming to a total of 4,560 MCF and 450 barrels of oil. This brings projected monthly revenue to $60,000. Also, the company said that an additional 13 wells have recently been restored to production and are being tested to begin producing approximately 750 barrels of oil per month.
In a statement, Louis G. Schott, interim CEO at CEI, had the following to offer:
The Company is very excited about the progress and results to date in the Panhandle project… These results do not include the remaining thirteen workover candidates. This further adds to the Company’s momentum and positions us to better evaluate and acquire other opportunities in the area for development.
What We’re Seeing From The Stock
One of the first lessons that we learn when we start to work in the market is that the news leads to moves. In the case of Camber Energy, the news proved to be overwhelmingly positive. After all, the company has been moving quickly to restore wells and generate revenue. So, it comes as no surprise that excited investors are sending the stock on a run for the top. Of course, our partners at Trade Ideas were the first to alert us to the gains. Currently (10:19), CEI is trading at $0.23 per share after a gain of $0.0097 per share or 4.36% 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 following the company’s continued work to restore wells to production in the Panhandle of Texas. Nonetheless, we’ll continue to follow the story closely and bring the news to you as it breaks!
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