NEW YORK, NY / ACCESSWIRE / July 3, 2018 / Energy plays Camber Energy and New Concept Energy were both soaring in Monday trading. Camber Energy is still seeing traders react to last week's news that the company is selling a "substantial portion of assets" to an undisclosed buyer. New Concept Energy added more gains to its rally, which is now over 750% in the past month, despite no news from the company or explanation why.
RDI Initiates Coverage on:
Camber Energy, Inc.
New Concept Energy, Inc.
Camber Energy, Inc. shares closed up 61.62% on nearly 39 million shares traded yesterday. Shares continued to climb after Wall Street first learned last week that the company executed a nonbinding letter of intent to sell a "substantial portion of assets." In an SEC filing on Tuesday, the company said the buyer is a company affiliated with former Camber CEO Richard Azar and board member Donnie Seay. The name of the company was not given. As part of the proposed deal, the buyer will take on all of the company's debt with IBC Bank, which as per company filings is $40 million, and Camber will be able to keep some of its assets in the Texas Panhandle, Oklahoma, and the Permian Basin. Camber Energy interim CEO Louis Schott stated, "This transaction will position the company to improve its balance sheet by substantially reducing or eliminating its long-term liabilities," Schott said. "Once this occurs, the company plans to pursue growth in its remaining assets as well as additional acquisition opportunities."
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New Concept Energy, Inc. shares skyrocketed on Monday, closing the day up about 111% on nearly 16 million shares. Average trading volume for the stock is only around 544,000 shares. The stock hit a new high of $12.75 despite any catalyst to explain the jump. Shares gained as much as 200% yesterday with no news from the company. New Concept Energy told MarketWatch, "The company has no news to report and is unaware as to why there is so much activity." The activity the company is referring to is the astonishing gain of 545% in the past month. Year to date the stock has seen gains of 470%. New Concept Energy has properties in the Appalachian Basin and Utica Basin. As of December 31, 2017, the Company had 153 producing gas wells; 31 non-producing wells and related equipment; and mineral leases covering approximately 20,000 acres.
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