Viking Energy Group Inc., a firm with shallow well operations in eastern Kansas is about to merge with Camber Energy, Inc. The two firms entered into a non-binding letter of intent last week.
Under the proposal, Camber will issue shares of common stock to the equity holders of Viking. Viking will continue as the surviving corporation and wholly-owned subsidiary of Camber. If the merger is accomplished, Viking equity holders prior to the merger will own 85% of Camber’s outstanding common stock.
The two companies intend to negotiate and sign a definitive agreement before Feb. 17, 2020.
“Our company is excited about the proposed merger,” said James Doris, President and CEO of Viking. “We believe the transaction will help broaden our shareholder base, improve liquidity and provide increased visibility to the institutional investor community.”
Viking is an independent exploration and production company focused on the acquisition and development of oil and natural gas properties in the Gulf Coast and Mid-Continent region. The company owns oil and gas leases in Texas, Louisiana, Mississippi and Kansas.