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Press release content from ACCESSWIRE. The AP news staff was not involved in its creation.

Camber Energy Announces Revised Letter of Intent with Lineal Star Holdings

May 2, 2019
HOUSTON, TX / ACCESSWIRE / May 2, 2019 / Camber Energy, Inc. (NYSE American: CEI) (the ''Company'' or ''Camber''), based in Houston, Texas, today announced a revised letter of intent with Lineal Star Holdings www.LinealStar.com, the acquisition

HOUSTON, TX / ACCESSWIRE / May 2, 2019 / Camber Energy, Inc. (NYSE American: CEI) (the ″Company″ or ″Camber″), based in Houston, Texas, today announced a revised letter of intent with Lineal Star Holdings www.LinealStar.com, the acquisition target which Camber is seeking to acquire pursuant to its previously disclosed letter of intent. Lineal’s subsidiaries provide midstream and downstream pipeline integrity services, specialty construction and field services. Lineal’s primary operating subsidiary has been in the pipeline integrity, construction and services industry for 64 years. It has Master Service Agreements in Pennsylvania, Ohio and West Virginia, with planned growth in Texas, the Gulf South and Mid-Continent.

It is contemplated that Camber will issue a new series of convertible preferred stock which will be convertible into 67-70% of the fully diluted common stock of Camber after shareholder approval as required under the applicable NYSE American Rules and Requirements. Upon receipt of shareholder approval, the shareholders of Lineal will have voting control of the company.

Mr. Louis Schott, the Interim CEO of Camber stated, ″We are extremely excited about the planned acquisition of Lineal. Their experienced team understands the unique challenges of providing upstream, midstream or downstream pipeline services in various basins throughout the United States. They will bring an existing base of business with top tier companies and a very large portfolio of opportunities.”

Mr. Schott further stated, “We are also reviewing several acquisition targets concurrent with our due diligence on Lineal that could potentially expand our offerings, capabilities and opportunities for revenue.”

The closing of the Lineal transaction, which is an all-stock transaction, is subject to customary closing conditions, negotiation of final transaction documents and transaction terms, and other conditions, including, but not limited to the consent of the holder of our Series C Preferred Stock, executing an agreement with Camber’s Series C Preferred Stock holder amending the Series C Preferred Stock to alter the conversion rights thereof, and obtaining the requisite NYSE American approval. The transaction may not close timely, on the terms set forth in the Letter of Intent, or at all. The transaction is subject to the conditions above, and the parties contemplate entering into a definitive agreement in connection with the transaction in early May 2019, which agreement and definitive terms associated therewith will be included on a Form 8‑K filed by the Company

About Camber Energy, Inc.

Based in Houston, Texas, Camber Energy (NYSE American: CEI) is a growth-oriented, independent oil and gas company engaged in the development of crude oil, natural gas and natural gas liquids in the Texas Panhandle as well as other basins. For more information, please visit the Company’s website at www.camber.energy.

Safe Harbor Statement and Disclaimer

This release includes ″forward-looking statements″ within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinion, belief or forecasts of future events and performance. A statement identified by the use of forward-looking words including ″will,″ ″may,″ ″expects,″ ″projects,″ ″anticipates,″ ″plans,″ ″believes,″ ″estimate,″ ″should,″ and certain of the other foregoing statements may be deemed forward-looking statements. Although Camber believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this news release. These include risks inherent in natural gas and oil drilling and production activities, including risks of fire, explosion, blowouts, pipe failure, casing collapse, unusual or unexpected formation pressures, environmental hazards, and other operating and production risks, which may temporarily or permanently reduce production or cause initial production or test results to not be indicative of future well performance or delay the timing of sales or completion of drilling operations; delays in receipt of drilling permits; risks with respect to natural gas and oil prices, a material decline which could cause Camber to delay or suspend planned drilling operations or reduce production levels; risks relating to the availability of capital to fund drilling operations that can be adversely affected by adverse drilling results, production declines and declines in natural gas and oil prices; risks relating to unexpected adverse developments in the status of properties; risks relating to the absence or delay in receipt of government approvals or third party consents; risks relating to funding we may never receive pursuant to the November 2018 Stock Purchase Agreement; risks relating to extensions and approvals provided by the NYSE American; risks related to potential future acquisitions or combinations, including, but not limited to the acquisition disclosed above, and the risks of not closing such transactions; and other risks described in Camber’s most recent Annual Report on Form 10-K and other filings with the SEC, available at the SEC’s website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this press release are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company’s SEC filings are available at http://www.sec.gov.

SOURCE: Camber Energy, Inc.