Annual report pursuant to Section 13 and 15(d)

PROPERTY AND EQUIPMENT (Tables)

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PROPERTY AND EQUIPMENT (Tables)
12 Months Ended
Mar. 31, 2017
Property and Equipment  
Schedule of oil and natural gas properties

All of Camber’s oil and natural gas properties are located in the United States. Costs being amortized at March 31, 2017 and 2016 are as follows:

 

    At March 31,  
    2017     2016  
 Oil and gas properties subject to amortization   $ 72,318,163     $ 47,801,175  
 Oil and gas properties not subject to amortization     28,947,400        
 Capitalized asset retirement costs     1,473,199       717,337  
 Total oil & natural gas properties     102,738,762       48,518,512  
 Accumulated depreciation, depletion, and impairment     (67,036,915 )     (34,416,407 )
 Net Capitalized Costs   $ 35,701,847     $ 14,102,105  

 

Schedule of purchase price net assets acquired in connection with acquisition

The following tables summarize the purchase price and allocation of the purchase price to the net assets acquired in connection with the Acquisition:

 

Purchase Price on August 25, 2016:   Consideration Given  
Fair value of common stock issued   $ 49,176,530  
Fair value of Series B Preferred Stock issued     14,898,038  
Assumption of debt     30,595,256  
Cash Paid at Closing     4,975,000  
Total purchase price   $ 99,644,824  
         
    Net Assets Acquired  
Accounts receivable   $ 635,482  
Total current assets acquired     635,482  
         
Oil and gas properties     50,774,684  
Total assets acquired     51,410,166  
         
Asset retirement obligations     (755,862 )
Total liabilities acquired     (755,862 )
         
Net assets acquired     50,654,304  
         
Impairment of oil and gas properties     48,990,520  
         
Total Purchase Price   $ 99,644,824  

 

The proceeds from the $40 million loan from IBC were as follows:

 

    Use of Proceeds  
Assumption of debt   $ 30,595,256  
Cash funding (paid at closing)     4,975,000  
Loan Commitment fee (paid at closing)     200,000  
Lien Payoff (paid at closing)     72,657  
Restricted cash (received at closing)     3,360,000  
Cash (received at closing)     797,087  
Debt payable after closing   $ 40,000,000