Dipo Olowookere
By Dipo Olowookere
Assets worth $210,000 have been acquired by Camber Energy, an oil and gas firm based in San Antonio, Texas.
Camber Energy, in a statement, disclosed that it acquired approximately 3,000 leasehold acres in Okfuskee County, Oklahoma, including two producing wells and 7 non-producing well bores.
The acquisition also includes three salt water disposal wells, to support existing and potential future hydrocarbon production.
Camber Energy is a growth-oriented, independent oil and gas company engaged in the development of crude oil, natural gas and natural gas liquids.
In the statement, the company said it was evaluating hydrocarbon production opportunities across all of the acquired acreage including the existing non-producing well bores.
It is also currently evaluating the non-producing well bores for workover opportunities and plans to begin the process of re-establishing production from several of the non-producing well bores in the next few weeks.
Commenting on the development, CEO of Camber Energy, Mr Richard Azar II, noted that, “This acquisition provides opportunities for the Company to increase its reserve base and cash flows from Hunton and other productive zones.
“We are actively pursuing workover activities and estimate that production from several of the non-producing well bores will be restored in the next few weeks.”
“Camber is currently in the process of evaluating similar acquisitions intended to provide an inventory of lower risk opportunities to add to our reserve base and cash flow,” Mr Azar continued.
