Benzinga | Oct 5, 2021 11:50AM EDT

Why Camber Energy Shares Are Falling

Camber Energy, Inc. (NYSE:CEI) shares are trading lower following a short report on the company from Kerrisdale Capital.

Kerrisdale Capital noted in the report 'We are short shares of Camber Energy, Inc. Camber is a defunct oil producer that has failed to file financial statements with the SEC since September 2020, is in danger of having its stock delisted next month, and just fired its accounting firm in September.'

The firm also noted 'Its only real asset is a 73% stake in Viking Energy, an OTC-traded company with negative book value and a going-concern warning that recently violated the maximum-leverage covenant on one of its loans.'

Camber Energy, an independent oil and natural gas company, engages in the acquisition, development, and sale of crude oil, natural gas, and natural gas liquids (NGL) in the Cline shale and upper Wolfberry shale in Glasscock County, Texas.

Camber Energy's stock was trading about 52% lower at $1.48 per share on Tuesday at the time of publication. The stock has a 52-week high of $4.85 and a 52-week low of $0.33.