NEW YORK, NY / ACCESSWIRE / July 16, 2018 / While oil company Camber Energy blew up on news that it agreed to terms to sell most of its assets and eliminate debt, shares of renewable energy company Pattern Energy fell more than 8% on no catalyst or any news from the company.
RDI Initiates Coverage on:
Camber Energy, Inc.
Pattern Energy Group Inc.
Camber Energy, Inc. shares soared almost 55% on Friday with around 38.4 million shares traded. Trading volume was explosive compared to the stock's average trading volume of just 4.5 million shares roughly. The big gains came after the San Antonio-based oil company said it had agreed to terms of a deal to sell most of its assets and eliminate its debt. As part of the deal, N&B Energy, in exchange for nearly 51,800 acres of oil leases in Oklahoma, will pay $100 and will take over Camber's $36.9 million of debt with IBC Bank. Camber will still be able to keep some of its assets in the Permian Basin, Oklahoma, and the Texas Panhandle. Interim CEO Louis Scott stated, "This transaction is a major step toward improving the company's balance sheet and regaining compliance with the continued listing standards of the NYSE American." He added, "This should also position the company for growth through acquisition and development opportunities.''
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Pattern Energy Group Inc. shares closed down 8.36% on Friday with nearly 7.7 million shares traded. The independent power company that owns and operates solar, wind, and transmission renewable energy facilities, had no particular news to explain the stock's descent. It was at the beginning of June that Pattern Energy announced that the nominees listed in the Proxy Statement, dated April 20, 2018, for the 2018 Annual Meeting of Stockholders were elected as Directors of the Company. Seven people were added to the company's board. It was in May that the company entered into an agreement for the sale of the Company's operations in Chile, which principally consist of its 81 megawatt owned interest in the 115 MW El Arrayán Wind project to affiliates of Arroyo Energy Investors. As part of the agreement, Pattern Energy will receive cash consideration of $67.0 million. The company expects to eliminate more than $1.0 million of annual overhead related to managing the business in Chile.
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