Diversifying through acquisition is nothing new to the oil and gas industry, but Houston-based Camber Energy is betting on the old adage “Don’t put all your eggs in one basket.” Reese Energy Consulting today is following the latest news from independent E&P Camber, which just announced its acquisition of Houston-based Lineal Star Holdings. Lineal Star is the parent of Lineal Industries (previously a part of Houston-based Willbros Group) headquartered in Pennsylvania, which offers a wide range of midstream, downstream, utility and field services, including pipeline construction. In May, Lineal Star reported it would acquire an unnamed engineering and procurement firm, adding yet another leg to the Camber transaction. The all-stock Camber deal brings a whole new focus to this E&P and its current development of 10,000 net acres along the Hunton formation in central Oklahoma and 4,130 acres in the Permian Basin. Savvy move? We think it might be. Camber’s stock jumped 152% yesterday.
Posted on July 10, 2019