Camber Energy’s Maj. Owned Sub. Signs Agreement to Acquire Renewable Diesel Facility
Facility Designed to Produce ⁓ 43,000,000 Gallons/yr. of Renewable Diesel
HOUSTON, TX / ACCESSWIRE / December 2, 2021 / Camber Energy, Inc. (NYSE American:CEI) ("Camber" or the "Company") is pleased to announce that on Nov. 18, 2021 its majority-owned subsidiary, Viking Energy Group, Inc. ("Viking"), entered into a Membership Interest Purchase Agreement to acquire a 100% interest in a group of companies that are in the process of engineering, developing, constructing and bringing into commercial operations a processing plant located in Reno, Nevada, which is designed to produce renewable diesel (the "Plant"). The estimated production capacity of the Plant once operational is ⁓ 43,000,000 Gallons per year. The main part of the Plant is ⁓ 95% complete and there is a pre-treatment unit under construction within the Plant that is ⁓ 30% complete.
Renewable diesel fuel, sometimes called green diesel, is a biofuel that is chemically the same as petroleum diesel fuel, and is produced through various thermochemical processes such as hydrotreating, gasification, and pyrolysis. Renewable diesel is made from renewable feedstocks instead of crude oil.
Viking's obligation to close the transaction is conditional on a number of items set out in the Membership Interest Purchase Agreement, including, without limitation Viking having obtained financing, on terms and conditions satisfactory to Viking in its sole discretion. There is no guaranty the conditions will be satisfied.
Additional details regarding the proposed transaction were included in, and the description above is qualified in its entirety by reference to the Membership Interest Purchase Agreement attached as an exhibit to, Camber's Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on November 19, 2021, and is available under "investors" - "SEC filings" at www.camber.energy.
Camber Energy, Inc. ("Camber") is a growth-oriented, diversified energy company. Through its majority-owned subsidiary, Viking Energy Group, Inc. ("Viking"), or subsidiaries of Viking, Camber provides custom energy & power solutions to commercial and industrial clients in North America and owns interests in oil and natural gas assets in the United States. Viking also holds an exclusive license in Canada to a patented carbon-capture system. For more information, please visit the company's website at www.camber.energy.
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SOURCE: Camber Energy, Inc.
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Released December 2, 2021