Camber Energy: Rises as co buys majority stake in Viking Energy

Viking Energy

24/12/2020 14:40

** Oil and gas company's shares  CEI.A  jump ~55% to $1.27
    ** Camber acquires 51% stock of Viking Energy for $20.1 mln,
effective Dec. 23  urn:newsml:reuters.com:*:nACSpZdjsa
    ** The purchase price was payable through the cancellation
of $9.2 mln existing debt owed by Viking to Camber, and payment
of $10.9 mln in cash
    ** CEO James Doris says the new deal is an alternative to
the previous merger arrangement, and is even more beneficial to
stakeholders of both Camber and Viking
    ** CEI stock has fallen ~57% YTD, as of last close 

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))