−Removed: Effective December 23, 2020, the Company relocated its offices to 15915 Katy Freeway, Suite 450, Houston, Texas 77094, the current registered office of Viking, consolidating all administrative functions in one location.
+Added: Effective December 1, 2023, the Company relocated its offices to 12 Greenway Plaza, Suite 1100, Houston, Texas 77046.
+Added: Through Simson-Maxwell, the Company has 7 locations in Western Canada, consisting of (i) Port Coquitlam, British Columbia;
+Added: (ii) Edmonton, Alberta;
+Added: (iii) Calgary, Alberta;
+Added: (iv) Nanaimo, British Columbia;
+Added: (v) Prince George, British Columbia;
+Added: (vi) Fort St.
+Added: John, British Columbia;
+Added: and (vii) Terrace, British Columbia.
Oil and Natural Gas Properties
−Removed: Current Operations and Business Information - Camber
−Removed: As of December 31, 2022, the Company had leasehold interests (working interests) in properties producing from the Cline and Wolfberry formations, which were producing an average of approximately 17 net barrels of oil equivalent per day (“ BOEPD ”) from 18 active well bores.
−Removed: The ratio between the gross and net production varies due to varied working interests and net revenue interests in each well.
−Removed: Our production sales totaled 6,353 BOE, net to our interest, for the year ended December 31, 2022.
−Removed: At December 31, 2022, Camber’s total estimated proved producing reserves were approximately 71,560 BOE, of which 43,040 Bbls were crude oil and NGL reserves and 171,120 Mcf were natural gas reserves.
−Removed: The following tables set forth summary information with respect to Camber’s proved reserves as of December 31, 2021.
+Added: Oil and Natural Gas Reserves at December 31, 2023 and 2022
+Added: As of December 31, 2023, all of our proved oil and natural gas reserves were located in the United States, in the State of Texas.
+Added: The following tables set forth summary information with respect to our proved reserves as of December 31, 2023 and 2022.
+Added: For additional information see Supplemental Information “Oil and Natural Gas Producing Activities (Unaudited)” to our consolidated financial statements in “Item 8-Financial Statements and Supplementary Data” of this Annual Report on Form 10-K.
+Added: Under SEC reporting requirements, proved undeveloped reserves include only those reserves in which the Company has current plans to develop, generally within five years.
+Added: Proved Reserves at December 31, 2023
Reserves Category
+Added: Natural Gas (MCF)
Proved Reserves
3 unchanged sentences
10% annual discount for estimated timing of cash flows
−Removed: Standardized Measure of Discounted Future Net Cash Flows - (PV10) (2)
+Added: Discounted Future Net Cash Flows - (PV10) (2)
+Added: Proved Reserves at December 31, 2022
+Added: Reserves Category
+Added: Natural Gas (MCF)
+Added: Proved Reserves
+Added: Developed Non-Producing
+Added: Total Proved Reserves
+Added: Estimated Future Net Cash Flows
+Added: 10% annual discount for estimated timing of cash flows
+Added: Discounted Future Net Cash Flows - (PV10) (2)
(1) BOE (barrels of oil equivalent) is calculated by a ratio of 6 MCF to 1 BBL of Oil
1 unchanged sentence
PV-10 of our total year-end proved reserves is considered a non-US GAAP financial measure as defined by the SEC.
−Removed: We believe that the presentation of the PV-10 is relevant and useful to our investors because it presents the discounted future net cash flows attributable to our proved reserves.
+Added: We believe that the presentation of the PV-10 is relevant and useful to our investors because it presents the discounted future net cash flows attributable to our proved reserves without consideration of income tax affects.
We further believe investors and creditors use our PV-10 as a basis for comparison of the relative size and value of our reserves to other companies.
+Added: Net Production, Unit Prices and Costs
The following table presents certain information with respect to oil and natural gas production attributable to our interests in all of our properties in the United States, the revenue derived from the sale of such production, average sales prices received and average production costs during the years ended December 31, 2023 and 2022.
+Added: All production and expense data includes the results of Mid-Con Petroleum and Mid-Con Drilling through November 5, 2023 and Petrodome through December 1, 2023, the respective dates of disposition.
Average Sales Prices
2 unchanged sentences
Drilling and Other Exploratory and Development Activities
−Removed: During the years ended December 31, 2022 and 2021, the Company had no gross or net wells that were in the process of being drilled, nor did we have any drilling plans or delivery commitments.
+Added: During the year ended December 31, 2023 the Company did not drill any new wells.
+Added: The Company focused primarily on preserving and maintaining existing assets and selling certain assets to pay down debt.
+Added: Maintenance included, among other things, replacing tubing and pumps, replacing heater treaters, changing compressors, repressurizing wells, repairing water line leaks, replacing chokes and other items.
+Added: Present Activities
+Added: The Company is not presently drilling any new wells.
+Added: Delivery Commitments
+Added: The Company is not currently committed to provide a fixed and determinable quantity of oil or gas in the near future under existing contracts or agreements.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.