Annual report pursuant to Section 13 and 15(d)

Supplemental Oil and Gas Disclosures (Tables)

v3.7.0.1
Supplemental Oil and Gas Disclosures (Tables)
12 Months Ended
Mar. 31, 2017
Supplemental Oil And Gas Disclosures  
Schedule of proved developed, proved undeveloped and probable undeveloped reserves

Reserves estimates as of March 31, 2017 were estimated by the independent petroleum consulting firm Ralph E. Davis Associates, LLC:

 

    March 31,  
    2017     2016  
Crude Oil (Bbls)                
Net proved reserves at beginning of year     3,841,362       4,578,535  
Revisions of previous estimates     (2,377,088 )     (444,710 )
Purchases in place     158,466        
Extensions, discoveries and other additions            
Sales in place     (3,072 )     (270,273 )
Production     (32,918 )     (22,190 )
Net proved reserves at end of year     1,586,750       3,841,362  
               
Natural Gas (Mcf)                
Net proved reserves at beginning of year     2,513,690       2,976,780  
Revisions of previous estimates     (1,930,708 )     (300,926 )
Purchases in place     9,725,345        
Extensions, discoveries and other additions            
Sales in place     (1,772 )     (162,164 )
Production     (502,545 )      
Net proved reserves at end of year     9,804,010       2,513,690  
               
NGL (Bbls)                
Net proved reserves at beginning of year            
Revisions of previous estimates            
Purchases in place     2,528,388        
Extensions, discoveries and other additions            
Sales in place            
Production     (108,278 )      
Net proved reserves at end of year     2,420,110        
                 
Oil Equivalents (Boe)                
Net proved reserves at beginning of year     4,260,312       5,074,665  
Revisions of previous estimates     (2,698,874 )     (494,863 )
Purchases in place     4,307,745        
Extensions, discoveries and other additions            
Sales in place     (3,367 )     (297,300 )
Production     (224,954 )     (22,190 )
Net proved reserves at end of year     5,640,862       4,260,312  

 

The following table sets forth Camber’s proved developed and undeveloped reserves at March 31, 2017 and 2016:

 

  At March 31,
    2017   2016
Proved Developed Reserves                
Crude Oil (Bbls)     312,070       117,778  
Natural Gas (Mcf)     7,458,350       —    
NGL (Bbls)     1,784,010       —    
Oil Equivalents (Boe)     3,339,140       117,778  
Proved Non-Producing Reserves                
Crude Oil (Bbls)     8,993       —    
Natural Gas (Mcf)     3,295,890       —    
NGL (Bbls)     294,522       —    
Oil Equivalents (Boe)     852,830       —    
Proved Undeveloped Reserves                
Crude Oil (Bbls)     1,265,689       3,723,585  
Natural Gas (Mcf)     520,674       2,513,691  
NGL (Bbls)     96,424       —    
Oil Equivalents (Boe)     1,448,892       4,142,534  
Proved Reserves                
Crude Oil (Bbls)     1,586,752       3,841,363  
Natural Gas (Mcf)     11,274,914       2,513,691  
NGL (Bbls)     2,174,958       —    
Oil Equivalents (Boe)     5,640,862       4,260,312  

 

*The Company engaged Ralph E. Davis Associates LLC, an independent reserve engineering firm, to provide a reserve report on the Company’s properties as of March 31, 2017. The reserve report has been included as Exhibit 99.1 to the Form 10-K which these financial statements are filed with.

 

The following table sets forth Camber’s net reserves in Boe by reserve category and by formation at March 31, 2017 and 2016:

 

    Proved     Proved     Proved     Total  
    Developed     Non-Producing     Undeveloped     Proved  
Hunton                                
At March 31, 2017     2,512,176       728,654             3,240,830  
At March 31, 2016                        
                                 
Mississippian - Woodford - Hun                                
At March 31, 2017     417,209       124,176             541,385  
At March 31, 2016                        
                                 
Fusselman                                
At March 31, 2017     10,141                   10,141  
At March 31, 2016                        
                                 
Red Fork                                
At March 31, 2017     66,859                   66,859  
At March 31, 2016                        
                                 
Trend Area                                
At March 31, 2017     129,554                   129,554  
At March 31, 2016                        
                                 
Segundo - Other                                
At March 31, 2017     29,798                   29,798  
At March 31, 2016                        
                                 
Eagle Ford                                
At March 31, 2017     35,526             1,448,892       1,484,418  
At March 31, 2016     9,675             4,142,534       4,152,209  
                                 
Austin Chalk                                
At March 31, 2017     126,739                   126,739  
At March 31, 2016     97,066                   97,066  
                                 
Eaglebine                                
At March 31, 2017                        
At March 31, 2016     10,328                   10,328  
                                 
Other                                
At March 31, 2017     11,138                   11,138  
At March 31, 2016     709                   709  
                                 
Total                                
At March 31, 2017     3,339,140       852,830       1,448,892       5,640,862  
At March 31, 2016     117,778             4,142,534       4,260,312  

  

Schedule of net capitalized costs being amortized

Capitalized Costs Relating to Oil and Natural Gas Producing Activities. The following table sets forth the capitalized costs relating to Camber’s crude oil and natural gas producing activities at March 31, 2017 and 2016:

 

    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 costs incurred in oil and natural gas property acquisition, exploration and development activities

The following table sets forth the costs incurred in Camber’s oil and natural gas property acquisition, exploration and development activities for the years ended March 31, 2017 and 2016:

 

    2017     2016  
 Acquisition of properties                
 Proved   $ 3,488,406     $ 141,908  
 Unproved            
 Exploration costs            
 Development costs           130,813  
 Total   $ 3,488,406     $ 272,721  
Schedule of results of operations for oil and natural gas producing activities

The following table sets forth the results of operations for oil and natural gas producing activities for the years ended March 31, 2017 and 2016:

 

    2017     2016  
 Crude oil and natural gas revenues   $ 5,302,024     $ 968,146  
 Production costs     (3,517,345 )     (863,635 )
 Depreciation and depletion     (2,468,916 )     (688,213 )
Results of operations for producing activities,  excluding corporate overhead and interest costs   $ (684,237 )   $ (583,702 )
Schedule of standardized measure of discounted future net cash flows relating to proved oil and natural gas reserves

The following table sets forth the standardized measure of discounted future net cash flows from projected production of Camber’s oil, NGL, and natural gas reserves as of March 31, 2017 and 2016:

 

    At March 31,  
    2017     2016  
Future cash inflows   $ 151,612,190     $ 179,710,901  
Future production costs     (68,604,389 )     (48,202,264 )
Future development costs     (25,003,360 )     (78,632113 )
Future income taxes     (20,301,568 )     (3,437,757 )
Future net cash flows     37,702,873       49,438,767  
Discount to present value at 10% annual rate     (21,690,451 )     36,040,384 )
Standardized measure of discounted future net cash flows relating to proved oil and gas reserves   $ 16,012,422     $ 13,398,383  
Schedule of changes in the standardized measure of discounted future net cash flows

The following table sets forth the changes in the standardized measure of discounted future net cash flows for each of the years ended March 31, 2017 and 2016:

 

    2017     2016  
Standardized measure, beginning of year   $ 13,471,565     $ 61,627,716  
Crude oil and natural gas sales, net of production costs     (2,377,676 )     (104,515 )
Net changes in prices and production costs     (3,182,783 )     (41,178,131 )
Changes in estimated future development costs     922,149       (9,440,684 )
Revisions of previous quantity estimates     (4,089,299 )     (6,460,172 )
Accretion of discount     2,542,541       1,400,887  
Net change in income taxes     (8,875,682 )     13,592,568  
Purchases of reserves in place     17,126,575        
Sales of reserves in place     (55,894 )     (6,360,521 )
Change in timing of estimated future production     530,926       320,235  
Standardized measure, end of year   $ 16,012,422     $ 13,398,383