We finish off the trading week after a nice edge-of-summer break for Juneteenth yesterday. Pre-market indexes are climbing a quarter-point to a third of a point higher at this hour, with the small-cap Russell 2000 already up more than +1%. Only the Russell is up over the past five trading days, but the other indexes are approaching.The Dow is up +114 points right now, with the S&P 500 +14. The Nasdaq is +62 points at this hour, with the Russell +25 points. Currently, only the S&P 500 and the Nasdaq are up ( ...

Friday, June 20, 2025We finish off the trading week after a nice edge-of-summer break for Juneteenth yesterday. Pre-market indexes are climbing a quarter-point to a third of a point higher at this hour, with the small-cap Russell 2000 already up more than +1%. Only the Russell is up over the past five trading days, but the other indexes are approaching.The Dow is up +114 points right now, with the S&P 500 +14. The Nasdaq is +62 points at this hour, with the Russell +25 points. Currently, only the S&P 500 an ...

Acquisitions and Investments - The company acquired approximately 60.5% of Simson-Maxwell for $7,958,159, enhancing its custom energy solutions capabilities[194] - The company holds a 51% interest in Viking Ozone, which has developed a patented medical waste treatment system using ozone technology[198] - The company has acquired a 51% interest in Viking Sentinel and Viking Protection, focusing on electric transmission line protection technologies[199] - Camber Energy completed a merger with Viking Energy Group, with Viking becoming a wholly-owned subsidiary of Camber[202] - Approximately 49,290,152 shares of Camber Common Stock were issued, representing about 59.99% of the outstanding shares post-merger[209] Financial Performance - The company reported gross revenues of $6,229,335 for the three months ended March 31, 2025, a decrease of 7% from $6,690,880 in the same period of 2024[220] - Operating expenses decreased by $939,334 to $8,010,107 for the three months ended March 31, 2025, compared to $8,949,441 in the prior year[222] - The net loss for the three months ended March 31, 2025, was $(3,191,653), significantly improved from a net loss of $(26,618,215) in the same period of 2024[225] - The company had a working capital deficit of $(19,821,650) as of March 31, 2025, compared to $(14,512,332) in the prior year[216] - Net cash provided by operating activities was $241,960 for the three months ended March 31, 2025, compared to $(1,185,014) in the same period of 2024[217] - The company had long-term debt of $41,276,474 and a stockholders' deficit of $(40,927,038) as of March 31, 2025[213] Legal Matters - The Company is involved in a legal proceeding regarding a merger-related class action complaint, which was dismissed with prejudice on March 31, 2025[250] - The Company is facing a lawsuit from Maranatha Oil Co. seeking approximately $100,000 for alleged unpaid royalties and other claims[251] - The Company has not reported any pending or threatened lawsuits that could materially affect its operations, aside from the mentioned litigation[249] Internal Controls and Governance - The Company has identified material weaknesses in its internal control over financial reporting and is addressing these by hiring additional staff and seeking expert assistance[246] - As of March 31, 2025, the Company does not maintain effective disclosure controls and procedures, as concluded by the Chief Executive Officer[245] - The Company is committed to ongoing evaluation and enhancement of its internal controls as funds allow[246] Energy and Sustainability Initiatives - The ESG Clean Energy System aims to capture approximately 100% of CO2 emissions from internal combustion engines, facilitating the production of certain commodities[196] - The company is exploring other energy-related opportunities that are currently generating revenue or have a reasonable prospect of doing so[192] - The company has entered into multiple patent agreements related to clean energy and carbon capture technologies, with several patents issued and pending[195] - The company intends to utilize the ESG Clean Energy System through existing distribution channels and for its own operations[197] - The company has a focus on sustainable alternatives for medical waste disposal, positioning itself in the renewable energy sector[198] - The company is committed to enhancing public safety through its broken conductor protection systems, which are integral to grid stability initiatives[199] Financial Instruments - The Series C Preferred Stock has a fixed conversion rate of $162.50, with a Conversion Premium that may be paid in cash or shares[238] - The fair value of the derivative liability related to the Conversion Premium is equal to the cash required to settle it[241] - The Company has determined that the Series C Preferred Stock contains an embedded derivative liability related to the Conversion Premium[240] - The Measurement Period for the Series C Preferred Stock conversion is typically 30 trading days, extendable under certain conditions[238] Future Outlook - Management believes the company may continue to develop new opportunities and obtain additional funding, although there is no assurance of funding availability[214]

Acquisition and Mergers - Camber Energy acquired approximately 60.5% of Simson-Maxwell for $7,958,159, enhancing its custom energy solutions capabilities[21]. - The merger with Viking Energy Group, Inc. was completed on August 1, 2023, with Viking becoming a wholly-owned subsidiary of Camber, resulting in the issuance of approximately 49,290,152 shares of Camber Common Stock[41]. - The Company completed a merger with Viking Energy Group, Inc. on August 1, 2023, with Viking becoming a wholly-owned subsidiary of the company[325]. - Approximately 49,290,152 shares of Camber Common Stock were issued in connection with the merger, representing about 59.99% of the outstanding shares post-merger[332]. - The acquisition of a 51% interest in Viking Ozone was recorded at a total consideration of $2,495,868, with an intangible asset value of $4,916,057[418]. - Viking acquired a 51% ownership interest in Viking Sentinel for a total consideration of $233,334, issuing 416,667 shares of common stock to Virga[420]. - The acquisition strategy reflects Viking's focus on expanding its portfolio through strategic partnerships and technology integration[420]. Financial Performance - Total revenue for the year ended December 31, 2024, was $28.61 million, a decrease of 10.5% from $32.05 million in 2023[311]. - The net loss attributable to Camber Energy, Inc. for 2024 was $68.14 million, compared to a net loss of $18.16 million in 2023, representing a significant increase in losses[312]. - The company reported a loss per common share of $0.35 for 2024, compared to a loss per share of $0.25 in 2023, indicating a worsening financial position[312]. - The net loss for the year ended December 31, 2024, was $70,259,894, compared to a net loss of $18,535,067 for 2023, representing an increase of approximately 278%[314]. - The total comprehensive loss for 2024 was $70,145,996, compared to $18,358,204 in 2023, indicating a significant rise in losses year-over-year[314]. - The loss attributable to non-controlling interest increased to $2,117,901 in 2024 from $371,847 in 2023, marking a growth of approximately 469%[314]. - The accumulated deficit for Camber Energy, Inc. reached $208,492,886 as of December 31, 2024, compared to $140,350,893 in 2023, representing an increase of approximately 48%[320]. - The total stockholders' deficit at the end of 2024 was $258,136,858, compared to $136,863,364 at the end of 2023, indicating a significant increase of approximately 88%[320]. Revenue Breakdown - For the year ended December 31, 2024, Simson-Maxwell's revenue from power generation units was $11,990,463, a decrease of 11.1% from $13,488,525 in 2023[377]. - Parts revenue for Simson-Maxwell was $3,733,320 in 2024, down 27.5% from $5,143,068 in 2023[377]. - Total revenue from units and parts for Simson-Maxwell was $15,723,783 in 2024, a decline of 15.4% compared to $18,631,593 in 2023[377]. - Service and repairs revenue increased to $12,787,756 in 2024, up 3.3% from $12,380,706 in 2023[377]. - The total revenue for the Company in 2024 was $28,511,539, a decrease of 8.1% from $31,012,299 in 2023[377]. Assets and Liabilities - Current assets decreased to $13.68 million in 2024 from $19.65 million in 2023, primarily due to reductions in cash and accounts receivable[309]. - Total liabilities increased to $80.14 million in 2024 from $77.41 million in 2023, with current liabilities remaining relatively stable at approximately $31.34 million[309]. - Cash reserves significantly declined from $906,060 in 2023 to $114,648 in 2024, reflecting liquidity challenges[309]. - As of December 31, 2024, the Company had a stockholders' deficit of $37,819,657 and long-term debt of $40,483,795, alongside a working capital deficiency of $17,655,810[347]. Impairments and Adjustments - Goodwill and intangible assets were recorded at $0 and $19.4 million, respectively, as of December 31, 2024, with impairment charges of $34.86 million for goodwill and $2.25 million for intangible assets recognized during the year[301]. - The Company recorded a goodwill impairment charge of $34,860,411 for the year ended December 31, 2024, due to a significant decline in the market price of its common stock[406]. - The Company recognized an impairment charge of $698,011 related to Customer Relationships and $1,550,929 related to the Brand for the year ended December 31, 2024[416]. Operational Strategies and Future Outlook - The company is exploring energy-related opportunities that are currently generating revenue or have a reasonable prospect of doing so[20]. - The company plans to utilize the ESG Clean Energy System through existing distribution channels and for its own operations[26]. - The company is focused on integrating and realizing benefits from future acquisitions, which may impact its financial position[17]. - The company has indicated ongoing concerns regarding its ability to continue as a going concern due to recurring losses and net capital deficiency[295]. - The Company has raised substantial doubt regarding its ability to continue as a going concern, dependent on generating future profitable operations and obtaining necessary financing[348]. Clean Energy Initiatives - The ESG Clean Energy System aims to capture approximately 100% of CO2 emissions from internal combustion engines while maintaining efficiency[25]. - Camber Energy's clean energy and carbon-capture system has exclusivity in Canada and multiple locations in the United States[20]. - The company has multiple patents related to its clean energy technologies, with several pending applications[22][23][25]. - The company intends to utilize the ESG Clean Energy System for its own operations and to sell or lease it to third parties[338]. - The ESG Clean Energy License intangible asset had a carrying value of $3,958,897 as of December 31, 2024, after recognizing amortization expense of $309,540 for the year[414]. - The Company is obligated to make minimum continuing royalty payments to ESG, starting at $500,000 for the second year after the Trigger Date, potentially increasing to $3,250,000 in subsequent years[412].

Core Points - Coelacanth Energy Inc. has approved the granting of stock options and restricted share units to its directors, officers, employees, and consultants [1][2] - The total number of stock options granted is 3,877,378, and the total number of restricted share units granted is 2,657,622 [1] - The stock options are exercisable for five years at a price of $0.81 per common share, with a vesting schedule of 33⅓% after one year and the remainder vesting annually [2] - The restricted share units are exercisable for three years at no additional cost, with a similar vesting schedule [2] - After the grants, Coelacanth has a total of 22,697,637 options and 8,460,065 RSUs outstanding, which represents approximately 5.86% of the issued and outstanding common shares [3]

Core Viewpoint - Coelacanth Energy Inc. has successfully completed and tested four additional wells at its Two Rivers East Project, demonstrating significant production rates and potential for future development in the Montney formation [1][7]. Lower Montney - Three new Lower Montney wells (F5-19, G5-19, H5-19) were drilled with an average horizontal length of 3,285 meters and completed with approximately 2.5 tons of sand per horizontal meter [2]. - The average production rate for these wells was 1,624 barrels of oil equivalent per day (boepd) per well, consisting of 989 barrels per day (bbls/d) of light sweet oil and 3.8 million cubic feet per day (mmcf/d) of liquids-rich gas [3]. - The production rates from the new wells were significantly higher than the previous three wells on the pad, which had an average test rate of 1,338 boepd, including 729 bbls/d of light oil [3]. Upper Montney - The Upper Montney well (B5-19) was drilled with a horizontal length of 2,647 meters and achieved a production rate of 1,136 boepd, comprised of 271 bbls/d of light oil and 5.2 mmcf/d of liquids-rich gas [4]. - The B5-19 well was shorter in horizontal length and had fewer frac stages compared to the Lower Montney wells, indicating potential for future optimization [4][5]. Infrastructure & Takeaway - Coelacanth has secured long-term takeaway and processing capacity for up to 60 mmcf/d of gas and is constructing the necessary facilities and pipelines for the 5-19 and subsequent pads, with initial testing expected to start in late April 2025 [6]. Overall Development - The results from the recent wells are seen as a significant advancement in the development of Coelacanth's Upper Montney and Lower Montney resources, expanding the productive area and enhancing overall productivity [7].

Revenue and Financial Performance - Total revenue for the nine months ended September 30, 2024, was $25.41 million, compared to $24.41 million for the same period in 2023[4] - Revenue for the nine months ended September 30, 2024, increased by 4% to $25.4 million compared to $24.4 million in 2023, driven by higher power segment revenues[120] - Revenue for the three months ended September 30, 2024, decreased by 29% to $7.2 million compared to $10.1 million in 2023, primarily due to an unusually large sale in the prior year[119] - Revenue from power generation units and parts for the nine months ended September 30, 2024, was $15,998,386, compared to $14,502,388 for the same period in 2023[4] - Revenue from service and repairs for the nine months ended September 30, 2024, was $9,314,762, compared to $9,199,965 for the same period in 2023[4] - Oil and gas sales revenue for the nine months ended September 30, 2024, was $97,357, compared to $705,230 for the same period in 2023[4] - Power generation units revenue for the nine months ended September 30, 2024, was $12,964,409, compared to $10,416,808 in the same period in 2023[45] - Parts revenue for the nine months ended September 30, 2024, was $3,033,977, compared to $4,085,580 in the same period in 2023[45] - Total units and parts revenue for the nine months ended September 30, 2024, was $15,998,386, compared to $14,502,388 in the same period in 2023[45] - Service and repairs revenue for the nine months ended September 30, 2024, was $9,314,762, compared to $9,199,965 in the same period in 2023[45] - Total revenue for the nine months ended September 30, 2024, was $25,313,148, compared to $23,702,353 in the same period in 2023[45] - Power generation units revenue for the three months ended September 30, 2024, was $3,029,038, compared to $4,849,415 in the same period in 2023[45] - Parts revenue for the three months ended September 30, 2024, was $883,335, compared to $1,892,767 in the same period in 2023[45] - Total units and parts revenue for the three months ended September 30, 2024, was $3,912,373, compared to $6,742,182 in the same period in 2023[45] - Service and repairs revenue for the three months ended September 30, 2024, was $3,282,781, compared to $3,155,064 in the same period in 2023[45] - Total revenue for the three months ended September 30, 2024, was $7,195,154, compared to $9,897,246 in the same period in 2023[45] Net Loss and Comprehensive Loss - Net loss for the nine months ended September 30, 2024, was $63.94 million, compared to a net loss of $10.79 million for the same period in 2023[5] - Net loss for the nine months ended September 30, 2024, was $63,944,509, compared to $10,785,683 for the same period in 2023[6] - Total comprehensive loss for the nine months ended September 30, 2024, was $63,989,167, compared to $10,664,188 for the same period in 2023[6] - Net loss for the nine months ended September 30, 2024, was $34,267,479[11] - Net loss for the nine months ended September 30, 2023, was $8,175,563[14] - The company reported a net loss of $63.9 million for the nine months ended September 30, 2024, compared to a net loss of $10.8 million for the same period in 2023[116] - The company reported a net loss of $34.8 million for the three months ended September 30, 2024, compared to a net loss of $7.9 million in 2023, driven by a goodwill impairment of $34.9 million[120] Cash and Cash Equivalents - Cash and cash equivalents decreased to $451,415 as of September 30, 2024, from $906,060 as of December 31, 2023[3] - Net cash used in operating activities for the nine months ended September 30, 2024, was $1,454,022, compared to $4,840,379 for the same period in 2023[7] - Cash flows from financing activities provided $860,831 for the nine months ended September 30, 2024, compared to $3,012,047 for the same period in 2023[8] - Cash at the end of the period for September 30, 2024, was $451,415, compared to $1,432,599 for the same period in 2023[8] - Net cash used in operating activities was $1.5 million for the nine months ended September 30, 2024, compared to $4.8 million in 2023, with a decrease in cash during the period to $451,415 from $1.4 million[119] - Cash decreased from $906,060 as of December 31, 2023, to $451,415 as of September 30, 2024[3] Goodwill and Intangible Assets - Goodwill impairment of $34.86 million was recorded in the nine months ended September 30, 2024[5] - Goodwill impairment and change in fair value of derivative liability adjustments totaled $34,860,411 and $18,573,289, respectively, for the nine months ended September 30, 2024[7] - Goodwill impairment charge of $34,860,411 recorded for the three months ended September 30, 2024, representing the entire goodwill balance[51] - The Company recorded a goodwill impairment charge of $34,860,411 for the three months ended September 30, 2024, due to a significant decline in stock price and delisting from a national stock exchange[51] - Goodwill is subject to impairment testing at least annually, with the option to first assess qualitative factors before proceeding to a quantitative test comparing fair value to carrying value[40] - Intangible assets related to the ESG Clean Energy license are amortized over 16 years, while Simson-Maxwell customer relationships are amortized over 10 years[41] - Intangible assets from the Simson-Maxwell acquisition include customer relationships valued at $3,908,126, amortized over 10 years, and the Simson-Maxwell brand, which is not amortized[127] - The acquisition of a 51% interest in Viking Ozone, Viking Sentinel, and Viking Protection resulted in aggregate intangible assets of $15,433,340, which have an indefinite life and are not amortized[128] - The ESG Clean Energy License intangible asset valued at $5,000,000 with accumulated amortization of $963,295 as of September 30, 2024[57] - Estimated future amortization expense for ESG Clean Energy License is $304,465 per year for the next five years[58] - Simson-Maxwell Brand and Customer Relationships valued at $2,230,673 and $1,677,453 respectively, with estimated future amortization of $167,745 per year for Customer Relationships[58] Operating Expenses - Total operating expenses for the nine months ended September 30, 2024, were $30.80 million, compared to $27.62 million for the same period in 2023[4] - The company's operating expenses increased by $3.2 million to $30.8 million for the nine months ended September 30, 2024, compared to $27.6 million in 2023, primarily due to increased power segment sales[120] - The company's operating expenses decreased by $1.6 million to $9.1 million for the three months ended September 30, 2024, compared to $10.7 million in 2023[119] - The company's total operating expenses for the nine months ended September 30, 2024, were $30,801,256, with oil and gas segment expenses at $3,749,935 and power generation segment expenses at $27,051,321[101] - The company's general and administrative expenses for the nine months ended September 30, 2024, were $11,990,210, with oil and gas segment expenses at $3,144,693 and power generation segment expenses at $8,845,517[101] Stock and Equity - Loss per share of common stock for the nine months ended September 30, 2024, was $0.35, compared to $0.18 for the same period in 2023[5] - Common shares issued on true-up of Series C preferred stock for the nine months ended September 30, 2024, totaled 36,103,638 shares[10] - Common shares issued on true-up of Series C preferred stock increased by 36,103,638 shares, amounting to $36.104 million[10] - Common shares issued on conversion of debt totaled 19,907,976 shares, amounting to $19.908 million[10] - Additional paid-in capital increased to $155,913,262 as of September 30, 2024[10] - Common shares issued on conversion of Series H preferred stock amounted to 3,333,333 shares, totaling $3.333 million[13] - Common shares issued on true-up of Series C preferred stock in 2023 amounted to 11,900,223 shares, totaling $11.900 million[13] - The company issued a total of 116,834,937 shares of common stock during the nine months ended September 30, 2024, including 89,149,679 True-Up shares and 19,907,976 shares from debt conversion[82] - Series C Preferred Stock holders are entitled to cumulative dividends of 24.95% per annum, adjustable up to 34.95% if a Trigger Event occurs[83] - The conversion rate for Series C Preferred Stock is 95% of the average of the lowest 5 daily VWAPs during the Measuring Period, not exceeding 100% of the lowest sales price on the last day of the Measuring Period[85] - The Series C Preferred Stock has a maturity date of seven years after issuance, after which remaining shares will automatically convert into common stock if sufficient shares are available[85] - Camber filed an amendment to the Series C COD on October 31, 2022, adjusting the conversion rate calculation and waiving additional shares due to Equity Condition failures[85] - Discover waived all rights to receive additional Conversion Shares and convert Promissory Notes into common stock, effective November 3, 2022[86] - As of September 30, 2024, Antilles held 30 shares of Series C Preferred Stock, convertible into common stock at a floor price of $0.15 per share[86] - The fair value of 101,585,980 True-Up shares due from prior conversions was $16,253,757 as of March 25, 2024, with 43,574,679 shares remaining by September 30, 2024[87] - Series G Preferred Stock has a face value of $10,000 per share and accrues cumulative dividends at 10.0% per annum[90] - In 2022, the Company redeemed 5,272 shares of Series G Preferred Stock, reducing outstanding shares from 10,544 to 5,272[91] - As of September 30, 2024, 2,641,416 warrants were outstanding with a weighted average exercise price of $0.21 and a remaining contractual life of 2.60 years[94] - Series H Preferred Stock was issued at $10,000 per share, with 475 shares converted into 7,916,666 shares of common stock by September 30, 2024[92] - The company increased the exercise price of James Doris' outstanding warrants from $0.009 per share to $1.00 per share on October 23, 2024[101] Mergers and Acquisitions - Camber Energy completed a merger with Viking Energy Group on August 1, 2023, issuing 49,290,152 shares of Camber Common Stock representing 59.99% of outstanding shares[17] - Camber reserved 88,647,137 additional shares for potential conversions and exercises related to the merger[17] - The merger is accounted for as a reverse acquisition with Viking treated as the acquirer[17] - Viking acquired 60.5% of Simson-Maxwell Ltd. for $7,958,159 in cash, expanding its portfolio in power generation and custom energy solutions[18] - Viking acquired a 51% interest in Viking Ozone Technology, LLC, which owns a patented medical waste disposal system using ozone technology, with Simson-Maxwell as the exclusive worldwide manufacturer[20] - Viking acquired a 51% interest in Viking Sentinel and Viking Protection, owning intellectual property for open conductor detection systems to enhance grid safety and stability[20] - The merger consideration transferred was $52,036,151, with Viking shareholders owning 64.9% of the merged entity[50] - Net assets acquired in the merger included $1,475,000 in oil and gas properties and $56,432,183 in investment in Viking[52] - Camber completed the merger with Viking Energy Group, Inc., with Viking surviving the merger as a wholly owned subsidiary of Camber, and Camber issued approximately 49,290,152 shares of Camber Common Stock, representing approximately 59.99% of the outstanding Camber Common Stock[112][114] - Viking acquired approximately 60.5% of the issued and outstanding shares of Simson-Maxwell Ltd. for $7,958,159 in cash, with Simson-Maxwell providing commercial and industrial clients with efficient, flexible, environmentally responsible and clean-tech energy systems[106] - Viking acquired 51% of Viking Ozone for $2,495,868, including $2 million in stock and $495,868 in contingent consideration, with patents and intellectual property valued at $4,916,057[60][61] - Viking acquired 51% of Viking Sentinel for $233,334 in stock, with patents and intellectual property valued at $457,518[62][63] - Viking acquired 51% of Viking Protection for $21 million, payable in convertible preferred stock or cash, with potential revenues of $500 million if sales targets are met[64][65] - Total consideration for the acquisition is $5,373,223, including $4,433,334 in fair value of stock and $939,889 in contingent consideration[66] - Intangible assets for patents and intellectual property are valued at $10,059,765, with a non-controlling interest of $(4,686,542)[66] - The company consolidates three VIEs: Viking Ozone, Viking Sentinel, and Viking Protection, with total intangible assets of $15,433,340 and non-controlling interests of $(7,330,915)[67][68] Asset and Liability Changes - Accounts receivable decreased to $5.92 million as of September 30, 2024, from $8.55 million as of December 31, 2023[3] - Inventory decreased to $8.32 million as of September 30, 2024, from $9.80 million as of December 31, 2023[3] - Total current liabilities decreased to $29.31 million as of September 30, 2024, from $31.80 million as of December 31, 2023[3] - Accounts receivable decreased from $8,545,449 as of December 31, 2023, to $5,922,607 as of September 30, 2024[3] - Inventory decreased from $9,795,969 as of December 31, 2023, to $8,321,934 as of September 30, 2024[3] - Total current assets decreased from $19,653,836 as of December 31, 2023, to $15,085,907 as of September 30, 2024[3] - Current assets decreased to $15.1 million as of September 30, 2024, from $17.9 million in 2023, while current liabilities increased to $29.3 million from $27.4 million, resulting in a working capital deficit of $14.2 million[118] - The company's stockholders' deficit stood at $(31,662,829) as of September 30, 2024, with long-term debt of $39,673,475 and a working capital deficiency of $14,221,385[24] - The largest components of current liabilities include accrued interest on notes payable of $6,194,664 and drawings against the bank credit facility of $4,193,122[24] - The company's derivative liability for Series C Preferred Stock was valued at $533,782 using Level 3 inputs, with total losses of $(18,573,289) for the nine months ended September 30, 2024[35] - The company's reserve for expected credit losses on power generation accounts receivable was $31,444 as of September 30, 2024, down from $36,678 at December 31, 2023[36] - Inventory as of September 30, 2024 was $8,321,934, down from $9,795,969 at December 31, 2023, with a reserve for obsolescence of $(1,189,313)[37] - The company uses the right-of-use (ROU) model for leases, recognizing lease liabilities and ROU assets at the lease commencement date, discounted using the incremental borrowing rate[36] - The company's notes payable to related parties as of September 30, 2024, totaled $1,021,768, with a current portion of $502,730[73] - Noncontrolling interest decreased from $7,040,648 on January 1, 2024, to $6,911,867 on September 30, 2024, reflecting a net loss attributable to noncontrolling interest of $128,781[75] - The company's long-term debt and other short-term borrowings totaled $39,676,296 as of September 30, 2024, with

Core Viewpoint - Coelacanth Energy Inc. has secured a $52 million revolving bank credit facility and initiated a 4-well drilling program at Two Rivers East, aiming to enhance production and operational flexibility [2][6]. Group 1: Drilling Program - The drilling program at Two Rivers East includes drilling and completing 3 Lower Montney wells, completing 1 previously drilled Upper Montney well, and drilling a Bluesky disposal well, with a total estimated cost of approximately $36 million [3]. - The first well was spud on September 1, 2024, and the completion of the 4 pad wells is scheduled to start in late October 2024 [3]. - Previous drilling in 2023 at the same site yielded an average production rate of 1,338 boe/d per well, totaling 4,014 boe/d, with 54% being light oil [4]. Group 2: Strategic Benefits - The program is expected to accelerate the company's growth profile and add significant drilling inventory by proving the commerciality of the Upper Montney [5]. - It aims to reduce risks associated with processing and transportation commitments and minimize disruptions during the startup of the new facility [5]. - The construction of a new battery facility for gas compression, oil treating, and water handling is underway, with operations expected to commence in April 2025 [5]. Group 3: Financial Update - Coelacanth has secured two revolving bank credit facilities totaling $52 million, backed by reserves at Two Rivers West and a $45 million Letter of Credit from a third party for a 2-year term [6]. - The company had over $60 million in cash and no debt at the end of Q2 2024, projecting a net debt of approximately $40 million post-drilling program completion [8]. - The company plans to use proceeds from share purchase warrants for additional drilling at Two Rivers East scheduled for summer 2025 [9].

Revenue Performance - Camber Energy's Q2 2024 reported revenue was $9.22 million, an increase of approximately 19.66% compared to $8.29 million in Q1 2024[4]. - The revenue for Q2 2024 was primarily derived from the power solutions business, including the design, sale, and service of power generation units and systems[3]. - The company achieved a revenue of $9,919,961 in Q2 2022, indicating a significant growth trajectory over the past two years[3]. Business Operations - Camber has a majority interest in Simson-Maxwell Ltd., a reputable participant in the power solutions sector for over 80 years, with approximately 4,000 customers[7]. - Camber's majority-owned subsidiary, Viking Energy Group, provides custom energy and power solutions to commercial and industrial clients in North America[9]. Technology and Innovation - The company holds an exclusive license in Canada for a patented carbon-capture system, which is designed to make carbon capture economically viable[7]. - Camber's Broken Conductor Protection technology has multiple patents and has been independently tested by recognized laboratories, aimed at reducing wildfire risk[7]. Corporate Strategy - The company is focused on limiting exposure to external factors while maintaining a listing on a reputable trading platform[2]. - Camber is committed to improving all areas within its control, as stated in its shareholder letter[8]. Market Position - Camber's shares have been upgraded to the OTCQB Venture Market, enhancing transparency and trading experience for investors[1].

Revenue and Growth - Revenue from power generation units and parts for Q2 2024 was $6,553,893, up from $5,301,911 in Q2 2023, representing a 23.6% increase[5] - Service and repairs revenue increased to $3,338,200 in Q2 2024 from $1,504,204 in Q2 2023, a growth of 121.5%[5] - Total revenue for the six months ended June 30, 2024, was $18,117,994, up 31.1% from $13,805,107 in the same period of 2023[38] - For the three months ended June 30, 2024, revenue from power generation units was $5,422,191, an increase of 24.1% compared to $4,369,223 for the same period in 2023[38] - Total revenue from units and parts for the six months ended June 30, 2024, reached $12,086,013, up 55.5% from $7,760,206 in the prior year[38] Financial Performance - The net loss attributable to Camber Energy, Inc. for the six months ended June 30, 2024, was $28,830,784, compared to a net loss of $2,543,765 for the same period in 2023[6] - Comprehensive loss attributable to Camber for the six months ended June 30, 2024, was $28,856,913, compared to $2,477,150 for the same period in 2023[9] - The company recorded a net loss of $(29,172,828) for the six months ended June 30, 2024, compared to a net loss of $(2,908,339) for the same period in 2023, indicating a significant increase in losses[21] - The company generated a loss from operations of $(3,521,231) for the six months ended June 30, 2024, compared to $(2,670,209) for the same period in 2023[104] - The total operating expenses for the six months ended June 30, 2024, were $21,733,724, compared to $16,946,722 for the same period in 2023, reflecting a 28.5% increase[6] Cash Flow and Liquidity - Cash used in operating activities for the six months ended June 30, 2024, was $1,409,813, compared to $2,935,186 for the same period in 2023, indicating improved cash flow management[10] - The company reported a net cash provided by financing activities of $952,802 for the six months ended June 30, 2024, compared to $866,794 in the same period in 2023[11] - The company reported a net decrease in cash of $298,027, down from a decrease of $2,120,785 in the prior period, indicating improved cash flow management[11] - The company had a working capital deficiency of $(14,988,313) as of June 30, 2024, compared to $(8,280,058) in the prior year, indicating worsening liquidity[102] Shareholder Equity and Stock Issuance - The weighted average number of shares of common stock outstanding for Q2 2024 was 177,666,824, significantly higher than 47,765,841 in Q2 2023[6] - The company issued approximately 49,290,152 shares of Camber Common Stock, representing approximately 59.99% of the outstanding shares post-merger[101] - Total common stock issued during the period was 79,678,317 shares, reflecting ongoing capital raising efforts[12] - The company has reserved approximately 88,647,137 additional shares for potential conversions and exercises related to the merger[13] Debt and Liabilities - Total long-term debt as of June 30, 2024, is $38,865,974, a decrease from $39,974,670 on December 31, 2023, representing a reduction of approximately 2.8%[66] - The company has a total of $46,818,745 due in principal for the year 2027, net of unamortized discount of $8,110,475, resulting in a net amount of $38,708,270[67] - The outstanding balance under the bank credit facility as of June 30, 2024, is CAD $5,993,718 ($4,381,161), compared to CAD $4,457,947 ($3,365,995) on December 31, 2023[67] Mergers and Acquisitions - The merger with Viking Energy Group, Inc. was completed on August 1, 2023, with Viking becoming a wholly owned subsidiary of the company[13] - The total consideration transferred in the merger was $52,036,151, with Viking's share price at the date of the merger being $0.807[46] - Viking acquired a 51% interest in Viking Ozone Technology, LLC, which owns a patented medical waste treatment system using ozone technology, positioning the Company in the sustainable waste management sector[17] - The company acquired approximately 60.5% of Simson-Maxwell for $7,958,159, enhancing its capabilities in custom energy solutions[94] Intangible Assets and Intellectual Property - The company identified intangible assets of $3,908,126 related to customer relationships and brand from the acquisition of Simson-Maxwell, with some assets amortized over specific periods[113] - The company has aggregate intangible assets of $15,433,340 from the acquisition of a 51% interest in Viking Ozone, Viking Sentinel, and Viking Protection, which have an indefinite life and are not amortized[115] - The intangible asset related to the ESG Clean Energy License was valued at $5,000,000 as of June 30, 2024, with accumulated amortization of $885,487[53] Legal and Regulatory Matters - A class action complaint was filed against the Company regarding the merger with Viking, alleging breaches of fiduciary duty[83] - The Company intends to appeal the NYSE's determination to delist its common stock due to low selling prices, with trading now occurring on the OTC Pink Market[101] - The final approval hearing for the Stipulation and Settlement of the Houston Derivative Complaint is scheduled for September 12, 2024[119] Operational Developments - The company is exploring renewable energy technologies that are currently generating revenue or have a reasonable prospect of doing so[14] - The company holds a license for a patented clean energy and carbon-capture system with exclusivity in Canada and multiple locations in the U.S.[14] - Viking's medical waste disposal system is classified as renewable fuel for waste-to-energy facilities in various locations globally[95]