Another energy penny stock that is performing well at the moment is Camber Energy Inc. Camber Energy acquires, develops, and sells crude oil, natural gas, and natural gas liquids. The Texas-based company had total estimated proven reserves of 133,442 million barrels of oil equivalent as of last March. Camber also has 207,823 million cubic feet of natural gas reserves. This is a very substantial reserve amount, and it’s worth noting that it still has quite a lot of oil in the ground at its oil fields.
Again, many believe that the demand for oil and gas could rise in the coming months with more people traveling than during the pandemic. But for now, this remains mostly as speculation. Camber’s majority-owned subsidiary, Viking Energy Group Inc., announced its first-quarter results on May 25th. While its revenue was lower than the previous year’s same quarter, this makes sense given the effects of Covid on the energy industry during that time.
The President and CEO James Doris said, “We are pleased with Viking’s Q1 results, especially following the unprecedented conditions experienced in 2020. We are extremely encouraged with the foundation we have established, and are intensely focused on pursuing growth opportunities.”
Many energy companies are sharing this sentiment right now. The results from the latest quarter have been relatively disappointing for most similar businesses. However, investors are hopeful about the long-term future of oil and gas.
CEI stock is up about 3% with more than two times its average trading volume on June 8th. Those financial results were Camber’s most recent updates. It seems like this oil and gas company is recovering from the pandemic amid lower cases and reopening in the United States. It’s worth noting that with little to no restrictions surrounding the pandemic in Texas, Camber could have an easier time getting back to pre-covid production levels. With all of this in mind, will it make your watchlist in June?