Just a few months after making a $11 million purchase of 13,000 acres in the Permian Basin, Houston-based Camber Energy Inc. is moving its headquarters while its Chief Operating Officer has resigned.
The moves come as Camber starts “cost-cutting initiatives,” according to a company announcement. The initiatives include the resignation of COO Ken Sanders. Camber will relocate headquarters to San Antonio while it outsources its back-office functions to San Antonio-based energy Enerjex Resources Inc. as of May 1.
Camber’s board chairman, Richard Azar II said the cuts are because of increasing professional fees and increased staffing costs that exceeded a restrictive covenant in an existing loan agreement with the firm’s primary lender.