Camber Energy Inc. (NYSE MKT: CEI) said Feb. 24 it made a deal to expand its Permian Basin position to roughly 16,000 net acres.For about $11.03 million, a subsidiary of the Houston-based company will acquire Permian oil and gas leases in Yoakum and Cochran counties, Texas, known as the Arrowhead Project, from private sellers. The deal will initially be 100% funded by Jaffe Energy Inc. (JEI).The Arrowhead Project covers a contiguous block of about 15,500 gross (13,000 net) acres targeting the San Andres Formation. Concurrently with the acquisition, Camber entered an exploration agreement with certain undisclosed joint venture (JV) partners for a proprietary technical, geologic database over the project.
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