Viking Energy and Camber Energy Announce Filing of Amended S-4 Regarding Proposed Merger

HOUSTON, TX / ACCESSWIRE / May 24, 2023 / Viking Energy Group, Inc. (OTCQB:VKIN) ("Viking") and Camber Energy, Inc. (NYSE American:CEI) ("Camber") today announced that Camber filed on May 23, 2023, an amendment to its previously filed registration statement on Form S-4 (the "Registration Statement") with the U.S. Securities and Exchange Commission ("SEC") regarding the merger of Camber and Viking.

Although the Registration Statement has not yet become effective and the information contained therein is subject to change, it provides important information about the proposed transaction which contemplates a wholly owned subsidiary of Camber merging with and into Viking, with Viking surviving the Merger as a wholly-owned subsidiary of Camber and Camber remaining the sole publicly-traded entity. Completion of the transaction is subject to shareholder approval, the Registration Statement being declared effective by the SEC, and other customary closing conditions.

Benefits of Merger

If the Merger is consummated, Viking's shareholders would receive one share of Camber's common stock in exchange for each of their shares of Viking's common stock, and would benefit from owning shares of a company listed on a national stock exchange platform with greater liquidity and an established trading history.

If the Merger is completed, Camber would acquire full legal and accounting control of Viking, permitting Camber to, among other things, report underlying subsidiary revenues at the Camber level, and Camber would benefit directly and fully from Viking's business activities, including as it relates to Viking's interests in the following:

• Custom Energy & Power Solutions business;
• Exclusive License to a Patented Clean Energy & Carbon-Capture system;
• Intellectual property rights to a fully developed, patented ready-for-market proprietary Medical & Bio-Hazard Waste Treatment system using Ozone Technology; and
• Patent pending ready-for-market proprietary Open Conductor Detection systems.

About Viking:

Based in Houston, Texas, Viking Energy Group, Inc. is a growth-oriented diversified energy company. Through various majority-owned subsidiaries, Viking provides custom energy & power solutions to commercial and industrial clients in North America. The company also holds an exclusive license in Canada to a patented carbon-capture system, and has a majority interest in: (i) an entity with intellectual property rights to a fully developed, patented, ready-for-market proprietary Medical & Bio-Hazard Waste Treatment system using Ozone Technology; and (ii) entities with the intellectual property rights to fully developed, patent pending, ready-for-market proprietary Electric Transmission and Distribution Open Conductor Detection Systems. For more information, please visit the company's website at www.vikingenergygroup.com.