February 24, 2017 / 1:06 PM / 9 months ago

BRIEF-Camber Energy says enters deal to expand Permian Basin position

Feb 24 (Reuters) - Camber Energy Inc

* Camber Energy enters into purchase agreement to expand its Permian Basin position

* Deal for $11.03 million

* Concurrently with execution of PSA, CPII also entered into exploration agreement with certain undisclosed joint-venture partners

* Acquisition of arrowhead project will initially be 100% funded by Jaffe Energy Inc

* Unit CPII will put san andres well back into production once salt-water disposal well is placed into service

* CPII will own remaining 90 pct to 95 pct working interest in leasehold and will control operatorship of subject properties

* Exploration agreement gives cpii access to proprietary technical, geologic database over arrowhead project

* CPII is structured to ultimately be jointly owned 50 percent/50 percent by co and jei, after giving effect to certain earn-in provisions

* As consideration for exploration agreement, JV partners have option to own up to 10% working interest, 5 pct of which is carried in lease deal Source text for Eikon: Further company coverage: (Bangalore.newsroom@thomsonreuters.com)

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