Here's Why Camber Energy Shares Are Rising

Camber Energy Inc CEI shares are trading higher by 13.33% to $2.72 Tuesday morning after the company announced it signed an agreement to acquire oil companies with roughly $55 million in annual gross revenues.

Camber Energy says the oil companies being acquired own interests in certain oil and gas properties and related equipment and other tangible personal property, including working interests in approximately 169 proved producing oil wells producing approx. 2,000 barrels of oil per day (net), 174 proved non-producing wells and 12 proved undeveloped well locations.

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According to data from Benzinga Pro, CEI has a 52-week high of $99.00 and a 52-week low of $2.34.