A small Houston-based company is up big pre-market after it announced that it entered into definitive agreements pursuant to which it acquired 51% of the issued and outstanding common stock of Viking Energy Group Inc. (OTCQB:VKIN). Camber Energy Inc. (NYSE:CEI) disclosed the total price tag was $20.1 million, and was payable through the cancelation of $9.2 million of existing debt owed by Viking to Camber and a payment of $10.9 million in cash.
Camber is active in the oil and gas market. The company is engaged in the acquisition and development of crude oil and natural gas from various known productive geological formations. The company operates exclusively in the onshore United States oil and natural gas industry. Its sales are made on a month-to-month basis, and title transfer occurs when the oil is loaded onto the purchaser's truck.
Traders seem to be over the moon on the news as shares traded up to $1.52 (+85.3%) at the time of writing. This move is a strong technical breakout as the stock has been trending higher over the last few months.
