Camber Energy (CEIN) 10-Q/A 18 May 23 2023 Q1 Quarterly report (amended) Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	May 12, 2023
Cover [Abstract]
Entity Registrant Name	CAMBER ENERGY, INC.
Entity Central Index Key	0001309082
Document Type	10-Q/A
Amendment Flag	true
Current Fiscal Year End Date	--12-31
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Document Period End Date	Mar. 31, 2023
Entity Filer Category	Non-accelerated Filer
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
Entity Common Stock Shares Outstanding		22,625,979
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	000-29219
Entity Incorporation State Country Code	NV
Entity Tax Identification Number	20-2660243
Entity Address Address Line 1	15915 Katy Freeway
Entity Address Address Line 2	Suite 450
Entity Address City Or Town	Houston
Entity Address State Or Province	TX
Entity Address Postal Zip Code	77094
City Area Code	281
Local Phone Number	404 4387
Security 12b Title	Common Stock, $0.001 Par Value Per Share
Trading Symbol	CEI
Security Exchange Name	NYSEAMER
Entity Interactive Data Current	Yes
Amendment Description	The sole purpose of this Amendment No. 1 to the Quarterly Report on Form 10-Q for the quarterly period ended March 31, 2023 of Camber Energy, Inc. (the “Company”) filed with the Securities Exchange Commission on May 15, 2023 (the “original Form 10-Q”) is to correct a typographical error in the amount reported as total liabilities on the balance sheet as of March 31, 2023 appearing on page 3 of the original Form 10-Q.  The amount included in the original Form 10-Q was mistakenly reported as $542,313,356, when it should have been reported as $52,313,356. No other changes have been made to the Original Form 10-Q. This Amendment No.1 speaks as of the original filing date of the Form 10-Q, does not reflect events that may have occurred subsequent to the original filing date, and does not modify or update in any way disclosures made in the original Form 10-Q.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Current assets
Cash	$ 574,977	$ 1,166,596
Prepaid expenses	389,583	56,833
Total current assets	964,560	1,223,429
Oil and gas properties, full cost method
Proved developed producing oil and gas properties, net	61,907	63,267
Total oil and gas properties, net	61,907	63,267
Due from Viking Energy Group, Inc.	6,077,300	6,572,300
Equity method investment	25,739,879	26,837,718
TOTAL ASSETS	32,843,646	34,696,714
Current liabilities
Accounts payable	1,076,824	791,499
Accrued expenses and other current liabilities	4,244,166	3,549,620
Current taxes payable	3,000	3,000
Warrant liability	2,447,290	5,894,179
Derivative liability	9,757,927	7,592,744
Total current liabilities	17,529,207	17,831,042
Long-term debt	34,721,141	33,927,760
Asset retirement obligation	63,008	61,545
TOTAL LIABILITIES	52,313,356	51,820,347
Commitments and contingencies (Note 11)	0	0
STOCKHOLDERS' DEFICIT
Common stock, 20,000,000 shares authorized of $0.001 par value, 20,000,000 and 18,092,663 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively.	20,000	18,093
Additional paid-in-capital	571,886,440	571,888,348
Accumulated Deficit	(591,376,156)	(589,030,080)
TOTAL STOCKHOLDERS' DEFICIT	(19,469,710)	(17,123,633)
TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT	32,843,646	34,696,714
Series C Preferred Stock [Member]
STOCKHOLDERS' DEFICIT
Preferred Stock, value	1	1
Series G Preferred Stock [Member]
STOCKHOLDERS' DEFICIT
Preferred Stock, value	$ 5	$ 5

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Common stock, shares authorized	20,000,000	20,000,000
Common stock, shares par value	$ 0.001	$ 0.001
Common stock, shares issued	20,000,000	18,092,663
Common stock, shares outstanding	20,000,000	18,092,663
Series G Preferred Stock [Member]
Preferred stock, shares authorized	25,000	25,000
Preferred stock, shares par value	$ 0.001	$ 0.001
Preferred stock, shares issued	5,272	5,272
Preferred stock, shares outstanding	5,272	5,272
Preferred stock, liquidation preference	$ 0	$ 0
Series C Preferred Stock [Member]
Preferred stock, shares authorized	5,200	5,200
Preferred stock, shares par value	$ 0.001	$ 0.001
Preferred stock, shares issued	238	270
Preferred stock, shares outstanding	238	270
Preferred stock, liquidation preference	$ 2,380,000	$ 2,700,000

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenue
Oil and gas sales	$ 93,471	$ 136,407
Operating expenses
Lease operating costs	43,085	49,365
General and administrative	1,419,213	977,990
Stock based compensation	0	123,754
Depreciation, depletion, amortization and accretion	2,823	2,867
Total operating expenses	1,465,121	1,153,976
Loss from operations	(1,371,650)	(1,017,569)
Other income (expense)
Interest expense	(1,158,293)	(1,161,275)
Equity (deficit) in earnings of unconsolidated entity	(1,097,839)	(965,910)
Gain (loss) on derivative and warrant liability	1,281,706	(65,010,723)
Total other income (expense)	(974,426)	(67,137,908)
Net loss before income taxes	(2,346,076)	(68,155,477)
Income tax benefit (expense)	0	0
Net loss	$ (2,346,076)	$ (68,155,477)
Net loss per Share - basic and diluted	$ (0.12)	$ (10.99)
Weighted average number of common shares outstanding
Basic and Diluted	19,718,868	6,199,798

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash flows from operating activities:
Net loss	$ (2,346,076)	$ (68,155,477)
Adjustments to reconcile net loss to cash used by operating activities
Stock-based compensation	0	123,754
Depreciation, depletion, amortization and accretion	2,823	2,867
Change in fair value of derivative and warrant liability	(1,281,706)	65,010,723
Amortization of debt discount	793,380	766,935
(Equity) deficit in earnings of unconsolidated entity	1,097,839	965,910
Changes in operating assets and liabilities
Accounts receivable	0	18,005
Prepaid expenses and other assets	361,796	(255,750)
Accounts payable and accrued expenses	285,325	397,969
Net cash used in operating activities	(1,086,619)	(1,125,064)
Cash flows from investing activities:
Loans to Viking	0	(4,297,300)
Repayments received from Viking	495,000	0
Net cash provided (used) in investing activities	495,000	(4,297,300)
Cash flows from financing activities:
Redemption of Series C Preferred Stock	0	(18,850,000)
Redemption of Series G Preferred Stock	0	(1,375,000)
Proceeds from long-term debt	0	25,000,000
Repayment of long-term debt	0	(1,000,000)
Net cash provided in financing activities	0	3,775,000
Net decrease in cash	(591,619)	(1,647,364)
Cash, beginning of period	1,166,596	5,854,382
Cash, end of period	574,977	4,207,018
Cash paid for:
Interest	290	6,002
Taxes	$ 0	$ 0

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders Deficit (Unaudited) - USD ($)	Total	Series C Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Deficit [Member]	Series G Preferred Stock [Member]
Balance, shares at Dec. 31, 2021		3,886	5,142,641			10,544
Balance, amount at Dec. 31, 2021	$ (71,813,552)	$ 4	$ 5,143	$ 409,469,406	$ (481,288,115)	$ 10
Conversion of Series C Preferred Stock, shares		(617)	1,293,079
Conversion of Series C Preferred Stock, amount	51,708,312	$ 0	$ 1,293	51,707,019	0	0
True-Up Shares, shares			763,703
True-Up Shares, amount	25,412,740	0	$ 764	25,411,976	0	0
Issuance of Common Shares for Consulting Fees, shares			2,800
Issuance of Common Shares for Consulting Fees, amount	123,754	$ 0	$ 3	123,751	0	0
Redemption of Series C preferred stock for cash, shares		(1,664)
Redemption of Series C preferred stock for cash, amount	(18,850,000)	$ (2)	0	(18,849,998)	0	$ 0
Redemption of Series G preferred stock, shares						(2,636)
Redemption of Series G preferred stock, amount	(1,375,000)	0	0	(1,374,998)	0	$ (2)
Warrants issued for debt discount	14,763,393	0	0	14,763,393	0	0
Net Loss	(68,155,477)	0	0	0	(68,155,477)	0
Balance, amount at Mar. 31, 2022	(68,185,831)	$ 2	$ 7,202	481,250,549	(549,443,592)	$ 8
Balance, shares at Mar. 31, 2022		1,605	7,202,223			7,908
Balance, shares at Dec. 31, 2022		270	18,092,663			5,272
Balance, amount at Dec. 31, 2022	(17,123,633)	$ 1	$ 18,093	571,888,348	(589,030,080)	$ 5
Conversion of Series C Preferred Stock, shares		(32)	571,194
Conversion of Series C Preferred Stock, amount	0	$ 0	$ 571	(571)	0	0
True-Up Shares, shares			1,336,143
True-Up Shares, amount	0	0	$ 1,336	(1,336)	0	0
Issuance of Common Shares for Consulting Fees, amount	1,336,143
Net Loss	(2,346,076)	0	0	0	(2,346,076)	0
Adjustment for rounding	(1)	0	0	(1)	0
Balance, amount at Mar. 31, 2023	$ (19,469,710)	$ 1	$ 20,000	$ 571,886,440	$ (591,376,156)	$ 5
Balance, shares at Mar. 31, 2023		238	20,000,000			5,272

RELATIONSHIP WITH AND OWNERSHIP

RELATIONSHIP WITH AND OWNERSHIP OF VIKING ENERGY GROUP INC	3 Months Ended
	Mar. 31, 2023
RELATIONSHIP WITH AND OWNERSHIP OF VIKING ENERGY GROUP INC
RELATIONSHIP WITH AND OWNERSHIP OF VIKING ENERGY GROUP, INC.	NOTE 1 RELATIONSHIP WITH AND OWNERSHIP OF VIKING ENERGY GROUP, INC. On December 23, 2020 Camber Energy, Inc. (“Camber”, the “Company”) acquired a 51% interest in Viking Energy Group, Inc. (“Viking”). On January 8, 2021 and on July 29, 2021 the Company acquired additional interests in Viking resulting in the Company owning approximately 60.9% of the outstanding common shares of Viking at March 31, 2023. The Company accounts for its investment in Viking under the equity method of accounting because the Company has the ability to exercise significant influence over the operating and financial policies of Viking, but not control. The December 2020, January 2021 and July 2021 transactions and a merger agreement signed between Camber and Viking in February 2021 are described further below. December 23, 2020 Transaction On December 23, 2020, the Company entered into a Securities Purchase Agreement with Viking, pursuant to which Camber acquired 26,274,510 shares (“Camber’s Investment”) of Viking common stock (“Camber’s Viking Shares”), which constituted 51% of the total outstanding common stock of Viking, in consideration of (i) Camber’s payment of $10,900,000 to Viking (the “Cash Purchase Price”), and (ii) cancellation of $9,200,000 in promissory notes issued by Viking to Camber (“Camber’s Viking Notes”). Pursuant to the purchase agreement, Viking was obligated to issue additional shares of Viking common stock to Camber, if necessary, to ensure Camber owned at least 51% of the common stock of Viking through July 1, 2022. In connection with Camber’s Investment, the Company and Viking terminated their previous merger agreement, dated August 31, 2020, as amended, and the Company assigned its membership interests in the Company’s unconsolidated subsidiary, Elysium Energy Holdings, LLC (“Elysium”), to Viking. Also in connection with Camber’s Investment, effective December 23, 2020, the Company (i) borrowed $12,000,000 from an institutional investor; (ii) issued the investor a promissory note in the principal amount of $12,000,000, accruing interest at the rate of 10% per annum and maturing December 11, 2022 (the “Camber Investor Note”); (iii) granted the Investor a first-priority security interest in Camber’s Viking Shares and Camber’s other assets pursuant to a pledge agreement and a general security agreement, respectively; and (iv) entered into an amendment to the Company’s $6,000,000 promissory note previously issued to the investor dated December 11, 2020 (the “Additional Camber Investor Note”), amending the acceleration provision of the note to provide that the note repayment obligations would not accelerate if the Company increased its authorized capital stock by March 11, 2021 (and the Company increased its authorized capital stock in February 2021 as required). In order to close Camber’s Investment, effective December 23, 2020, Viking entered into a Guaranty Agreement, guaranteeing repayment of the Camber Investor Note and the Additional Camber Investor Note. On December 23, 2020, the Camber Investor Note was funded, and the Company and Viking closed Camber’s Investment, with the Company paying the Cash Purchase Price to Viking and cancelling Camber’s Viking Notes, as additional consideration. In exchange, Viking issued 26,274,510 shares of its common stock to Camber, representing 51% of Viking’s total outstanding common shares, the Viking Shares. At the closing, James Doris and Frank Barker, Jr., Viking’s CEO and CFO, respectively, at the time, were appointed the CEO and CFO of Camber, and Mr. Doris was appointed a member of the Board of Directors of Camber. Acquisition of Additional Viking Shares On January 8, 2021, the Company entered into another purchase agreement with Viking pursuant to which the Company agreed to acquire an additional 16,153,846 shares of Viking common stock (the “Shares”) in consideration of (i) the Company issuing 1,890 shares of Camber’s Series C Redeemable Convertible Preferred Stock to EMC Capital Partners, LLC (“EMC”), one of the Viking’s lenders which held a secured promissory note issued by Viking to EMC in the original principal amount of $20,869,218 in connection with the purchase of oil and gas assets on or about February 3, 2020 (the “EMC Note”); and (ii) EMC considering the EMC Note paid in full and cancelled pursuant to the Cancellation Agreement described below. Simultaneously, on January 8, 2021, Viking entered into a Cancellation Agreement with EMC (the “Cancellation Agreement”) pursuant to which Viking agreed to pay $325,000 to EMC, and EMC agreed to cancel and terminate in the EMC Note and all other liabilities, claims, amounts owing and other obligations under the Note. At the same time, the Company entered into a purchase agreement with EMC pursuant to which (i) the Company agreed to issue 1,890 shares of Camber’s Series C Redeemable Convertible Preferred Stock to EMC, and (ii) EMC agreed to enter into the Cancellation Agreement with Viking to cancel the EMC Note. Merger Agreement with Viking On February 15, 2021, the Company entered into an Agreement and Plan of Merger with Viking, which was amended on April 18, 2023 (as amended, the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, a wholly owned subsidiary of the Company (“Merger Sub”) will merge with and into Viking (the “Merger”), with Viking surviving the Merger as a wholly owned subsidiary of the Company. Upon the terms and subject to the conditions set forth in the Merger Agreement, at the effective time of the Merger (the “Effective Time”), each share: (i) of common stock, par value $0.001 per share, of Viking (the “Viking Common Stock”) issued and outstanding immediately prior to the Effective Time, other than shares owned by the Company, Viking and Merger Sub, will be converted into the right to receive one share of common stock of the Company (the “Camber Common Stock”); (ii) of Series C Convertible Preferred Stock of Viking (the “Viking Series C Preferred Stock”) issued and outstanding immediately prior to the Effective Time will be converted into the right to receive one share of Series A Convertible Preferred Stock of the Company (the “Camber Series A Preferred Stock”), and (iii) of Series E Convertible Preferred Stock of Viking (the “Viking Series E Preferred Stock,” and, together with the Viking Series C Preferred Stock, the “Viking Preferred Stock”) issued and outstanding immediately prior to the Effective Time will be converted into the right to receive one share of Series H Preferred Stock of the Company (the “Camber Series H Preferred Stock,” and, together with the Camber Series A Preferred Stock, the “New Camber Preferred Stock”). Each share of Camber Series A Preferred Stock will be convertible into 890 shares of Camber Common Stock (subject to a beneficial ownership limitation preventing conversion into Camber Common Stock if the holder would be deemed to beneficially own more than 9.99% of Camber Common Stock), will be treated equally with Camber Common Stock with respect to dividends and liquidation, and will only have voting rights with respect to voting: (a) on a proposal to increase or reduce the Company’s share capital; (b) on a resolution to approve the terms of a buy-back agreement; (c) on a proposal to wind up the Company; (d) on a proposal for the disposal of all or substantially all of the Company’s property, business and undertaking; (f) during the winding-up of the Company; and/or (g) with respect to a proposed merger or consolidation in which the Company is a party or a subsidiary of the Company is a party. Each share of Camber Series H Preferred Stock will have a face value of $10,000 per share, will be convertible into a certain number of shares of Camber Common Stock, with the conversion ratio based upon achievement of certain milestones by Viking’s subsidiary, Viking Protection Systems, LLC (provided the holder has not elected to receive the applicable portion of the purchase price in cash pursuant to that certain Purchase Agreement, dated as of February 9, 2022, by and between Viking and Jedda Holdings, LLC), will be subject to a beneficial ownership limitation of 4.99% of Camber Common Stock (but may be increased up to a maximum of 9.99% at the sole election of a holder by the provision of at least 61 days’ advance written notice) and will have voting rights equal to one vote per share of Camber Series H Preferred Stock held on a non-cumulative basis. Holders of Viking Common Stock and Viking Preferred Stock will have any fractional shares of Camber Common Stock or New Camber Preferred Stock after the Merger rounded up to the nearest whole share. At the Effective Time, each then outstanding option or warrant to purchase Viking Common Stock (a “Viking Option”) will, to the extent unvested, automatically become fully vested and will be converted automatically into an option or warrant (an “Adjusted Option”) to purchase, on substantially the same terms and conditions as were applicable to such Viking Option immediately prior to the effective time of the Merger, except that (i) instead of being exercisable into Viking Common Stock, such Adjusted Option will be exercisable into Camber Common Stock, and (ii) all references to the “Company” in the Viking Option agreements will be references to Camber in the Adjusted Option agreements. At the Effective Time, each promissory note issued by Viking that is convertible into Viking Common Stock (a “Viking Convertible Note”) that, as of immediately prior to the effective time of the Merger, is outstanding and unconverted shall be converted into a promissory note convertible into Camber Common Stock (an “Adjusted Convertible Note”) having substantially the same terms and conditions as applied to the corresponding Viking Convertible Note as of immediately prior to the effective time of the Merger (including, for the avoidance of doubt, any extended post-termination conversion period that applies following consummation of the Merger), except that (i) instead of being convertible into Viking Common Stock, such Adjusted Convertible Note will be convertible into Camber Common Stock, and (ii) all references to the “Company” in the Viking Convertible Note agreements will be references to Camber in the Adjusted Convertible Note agreements.. The Merger Agreement provides, among other things, that effective as of the Effective Time, James A. Doris, the current Chief Executive Officer of both the Company and Viking, shall serve as President and Chief Executive Officer of the combined company following the Effective Time. The Merger Agreement provides that, as of the Effective Time, the combined company will have its headquarters in Houston, Texas. The Merger Agreement also provides that, during the period from the date of the Merger Agreement until the Effective Time, each of the Company and Viking will be subject to certain restrictions on its ability to solicit alternative acquisition proposals from third parties, to provide non-public information to third parties and to engage in discussions with third parties regarding alternative acquisition proposals, subject to customary exceptions. Viking is required to hold a meeting of its stockholders to vote upon the adoption of the Merger Agreement and, subject to certain exceptions, to recommend that its stockholders vote to adopt the Merger Agreement. The Company is required to hold a meeting of its stockholders to approve the issuance of Camber Common Stock and New Camber Preferred Stock (including the shares of Camber Common Stock issuable upon conversion thereof) in connection with the Merger (the “Share Issuances”) and, subject to certain exceptions, to recommend that its stockholders approve such proposals. The completion of the Merger is subject to customary conditions, including (i) adoption of the Merger Agreement by Viking’s stockholders and approval of the Share Issuances by Camber’s stockholders, (ii) receipt of required regulatory approvals, (iii) effectiveness of a registration statement on Form S-4 for the Camber Common Stock to be issued in the Merger (the “Form S-4”), and (iv) the absence of any law, order, injunction, decree or other legal restraint preventing the completion of the Merger or making the completion of the Merger illegal. Each party’s obligation to complete the Merger is also subject to certain additional customary conditions, including (i) subject to certain exceptions, the accuracy of the representations and warranties of the other party, (ii) subject to certain exceptions, performance by the other party of its obligations under the Merger Agreement and (iii) the absence of any material adverse effect on the other party as defined in the Merger Agreement. Additional closing conditions to the Merger include: (i) receipt of fairness opinions from financial advisors of both the Company and Viking that the Merger is fair from a financial point of view to the holders of each company’s common stock, (ii) confirmation from the Company that it is not in default of its outstanding agreements with a certain preferred equity holder and lender, (iii) written agreement from the Company’s warrant holders regarding the number and exercise price of the Company’s outstanding warrants and that the Merger will not trigger any price adjustments in certain outstanding warrant agreements, and (iv) that, in the event the NYSE American determines that the Merger constitutes, or will constitute, a “back-door listing”/”reverse merger”, the Company (and its common stock) is required to qualify for initial listing on the NYSE American, pursuant to the applicable guidance and requirements of the NYSE as of the Effective Time. The Merger Agreement can be terminated (i) at any time with the mutual consent of the parties; (ii) by either the Company or Viking if any governmental consent or approval required for closing is not obtained, or any governmental entity issues a final non-appealable order or similar decree preventing the Merger; (iii) by either Viking or the Company if the Merger shall not have been consummated on or before September 30, 2023; (iv) by the Company or Viking, upon the breach by the other of a term of the Merger, which is not cured within 30 days of the date of written notice thereof by the other; (v) by the Company if Viking is unable to obtain the affirmative vote of its stockholders for approval of the Merger; (vi) by Viking if the Company is unable to obtain the affirmative vote of its stockholders for approval of the Share Issuances; and (vii) by Viking or the Company if there is a willful breach of the Merger Agreement by the other party thereto. The Merger Agreement contains customary indemnification obligations of the parties and representations and warranties. July 2021 Transaction On July 29, 2021, the Company entered into a Securities Purchase Agreement with Viking to acquire an additional 27,500,000 shares of Viking common stock for an aggregate purchase price of $11,000,000. The proceeds from the transaction were used by Viking to (i) acquire an approximate 60.5% interest Simson-Maxwell, Ltd, a Canadian company engaged in the manufacture and supply of industrial engines, power generation products, services and custom energy solutions; (ii) acquire a license of a patented carbon-capture system for exclusive use in Canada and for a specified number of locations in the United States; and (iii) for general working capital purposes. Accounting for the Viking Investment As noted above, in accordance with the terms of the Viking Investment, Mr. James A. Doris became the President and Chief Executive Officer of the Company, resulting in Mr. Doris being the President and Chief Executive Officer of each of the Company and Viking. Mr. Doris does not own any shares of the Company but he owns or controls shares of Series C Preferred Stock of Viking with significant voting rights. Such voting rights were suspended until July 1, 2022 or if Mr. Doris were no longer the Chief Executive Officer of the Company. The Company has determined that it has the ability to exercise significant influence over the operations and policies of Viking, but not control of Viking given the voting rights associated with Mr. Doris’ Series C Preferred Stock. Consequently, the Company accounts for the Viking Investment under the equity method.

ORGANIZATION AND OPERATIONS OF

ORGANIZATION AND OPERATIONS OF THE COMPANY	3 Months Ended
	Mar. 31, 2023
ORGANIZATION AND OPERATIONS OF THE COMPANY
ORGANIZATION AND OPERATIONS OF THE COMPANY	NOTE 2 – ORGANIZATION AND OPERATIONS OF THE COMPANY Camber’s aim is to become a growth-oriented diversified energy company. The Company owns minority, non-operated working interests in certain oil & gas wells in Texas and/or Louisiana, and through its investment in Viking, the organization provides custom energy & power solutions to commercial and industrial clients in North America. Viking also holds an exclusive license in Canada to a patented carbon-capture system, and has a majority interest in: (i) an entity with intellectual property rights to a fully developed, patented, proprietary Medical & Bio-Hazard Waste Treatment system using Ozone Technology; and (ii) entities with the intellectual property rights to fully developed, patent pending, proprietary Electric Transmission and Distribution Open Conductor Detection Systems.

LIQUIDITY AND GOING CONCERN CON

LIQUIDITY AND GOING CONCERN CONSIDERATIONS	3 Months Ended
	Mar. 31, 2023
LIQUIDITY AND GOING CONCERN CONSIDERATIONS
LIQUIDITY AND GOING CONCERN CONSIDERATIONS	NOTE 3 – LIQUIDITY AND GOING CONCERN CONSIDERATIONS The Company’s consolidated financial statements included herein have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company generated a net loss of $2,346,076 for the three months ended March 31, 2023 as compared to a net loss of $68,155,477 for the three months ended March 31, 2022. The 2023 loss was comprised of, among other things, certain non-cash items with a total net impact of $612,336 including: (i) a gain on derivative and warrant liability of $1,281,706 (ii) loss in earnings of unconsolidated entity of $1,097,839; (iii) amortization of debt discount of $793,380; and (iv) depreciation, depletion and accretion of $2,823. As of March 31, 2023, the Company has a stockholders’ deficit of $19,469,710 and total long-term debt of $34,721,141, net of debt discount. As of March 31, 2023, the Company has a working capital deficiency of approximately $16.6 million. The largest components of current liabilities creating this working capital deficiency are a derivative liability of $9.8 million and a warrant liability of $2.4 million. Management believes it will be able to continue to leverage the expertise and relationships of its operational and technical teams to enhance existing assets and identify new development and acquisition opportunities in order to improve the Company’s financial position. The Company may have the ability, if it can raise additional capital, to acquire new assets in a separate division from existing subsidiaries. Nonetheless, recent oil and gas price volatility as a result of geopolitical conditions and the global COVID-19 pandemic have already had and may continue to have a negative impact on the Company’s financial position and results of operations. Negative impacts could include but are not limited to: The Company’s ability to sell our oil and gas production, reduction in the selling price of the Company’s oil and gas, failure of a counterparty to make required hedge payments, possible disruption of production as a result of worker illness or mandated production shutdowns, the Company’s ability to maintain compliance with loan covenants and/or refinance existing indebtedness, and access to new capital and financing. These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern is dependent upon its ability to utilize the resources in place to generate future profitable operations, to develop additional acquisition opportunities, and to obtain the necessary financing to meet its obligations and repay its liabilities arising from business operations when they come due. Management believes the Company will be able to continue to develop new opportunities and will be able to obtain additional funds through debt and / or equity financings to facilitate its development strategy; however, there is no assurance of additional funding being available. These consolidated financial statements do not include any adjustments to the recorded assets or liabilities that might be necessary should the Company have to curtail operations or be unable to continue in existence.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 4 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation The Company has provided a discussion of significant accounting policies, estimates, and judgments in its December 31, 2022, Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies since December 31, 2022, which are expected to have a material impact on the Company’s financial position, operations, or cash flows. Amounts presented in the consolidated balance sheet as of December 31, 2022 are derived from our audited consolidated financial statements as of that date. The unaudited consolidated financial statements as of and for the three-month periods ended March 31, 2023 and 2022 have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the interim reporting rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in Camber’s latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments (unless otherwise indicated), necessary for a fair presentation of the financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year. Basis of Consolidation The consolidated financial statements presented herein reflect the consolidated financial results of the Company, its wholly owned subsidiaries, Camber Permian LLC, a Texas limited liability company, CE Operating, LLC, an Oklahoma limited liability company, C E Energy LLC, a Texas limited liability company, which was assigned to PetroGlobe in July 2020 as discussed below under “ Note 11 – Commitments and Contingencies Le al Proceedin Use of Estimates in the Preparation of Consolidated Financial Statements The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and disclosure of contingent assets and liabilities. Significant areas requiring the use of management estimates relate to the determination of fair value of the Company’s Series C Preferred stock, impairment of long-lived assets, stock-based compensation, asset retirement obligations, and the determination of expected tax rates for future income tax recoveries. The estimates of proved, probable and possible oil and gas reserves are used as significant inputs in determining the depletion of oil and gas properties and the impairment of proved and unproved oil and gas properties. There are numerous uncertainties inherent in the estimation of quantities of proved, probable and possible reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves and commodity price outlooks. Actual results could differ from the estimates and assumptions utilized. Financial Instruments Accounting Standards Codification, “ASC” Topic 820-10, “Fair Value Measurement” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 820-10, defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measurement. The carrying amounts reported in the consolidated balance sheets for deposits, accrued expenses and other current liabilities, accounts payable, derivative liabilities, amount due to director, and convertible notes each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: · Level 1: inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3: inputs to the valuation methodology are unobservable inputs to measure fair value of assets and liabilities for which there is little, if any market activity at the measurement date, using reasonable inputs and assumptions based upon the best information at the time, to the extent that inputs are available without undue cost and effort. As of March 31, 2023 and December 31, 2022, the significant inputs to the Company’s derivative liability relative to the Series C Preferred Stock were Level 3 inputs. Assets and liabilities measured at fair value as of and for the three months ended March 31, 2023 are classified below based on the three fair value hierarchy described above: Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) (three months ended March 31, 2023) Financial liabilities: Derivative liability - Series C Preferred Stock $ - $ - $ 9,757,927 $ (2,165,183 ) $ - $ - $ 9,757,927 $ (2,165,183 ) Assets and liabilities measured at fair value as of December 31, 2022 and losses for the three months ended March 31, 2022 are classified below based on the three fair value hierarchy described above: Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) (three months ended March 31, 2022) Financial liabilities: Derivative liability - Series C preferred Stock $ - $ - $ 7,592,744 $ (65,010,723 ) $ - $ - $ 7,592,744 $ (65,010,723 ) Cash and Cash Equivalents Cash and cash equivalents include cash in banks and financial instruments which mature within three months of the date of purchase. The Company maintains cash and cash equivalents in bank deposit accounts, which at times may exceed federally insured limits of $250,000. At March 31, 2023 and December 31, 2022, the Company’s cash in excess of the federally insured limit was $324,977 and $916,596, respectively. Historically, the Company has not experienced any losses in such accounts. The Company had no cash equivalents at March 31, 2023 and December 31, 2022. Accounts Receivable Accounts receivable, net, include amounts due for oil and gas revenues from prior month production. The allowance for doubtful accounts is the Company’s best estimate of the probable amount of credit losses in the Company’s existing accounts receivable. At March 31, 2023 and December 31, 2022 there were no allowances for doubtful accounts. Investment in Unconsolidated Entities The Company accounts for its investment in unconsolidated entities under the equity method of accounting when it does not own a controlling financial interest and it has the ability to exercise significant influence over the operating and financial policies of the entity. The Company accounts for its investments in Viking under the equity method. Under the equity method, the investment is initially recorded at cost and the investment is reduced for dividends or distributions it receives and increased or decreased for its proportionate share of earnings or losses of the entity. We assess the potential for other-than-temporary impairment of our equity method investments when impairment indicators are identified. We consider all available information, including the recoverability of the investment, the earnings and near-term prospects of the affiliate, factors related to the industry, conditions of the affiliate, and our ability, if any, to influence the management of the affiliate. We assess fair value based on valuation methodologies, as appropriate, including the present value of estimated future cash flows, estimates of sales proceeds, and external appraisals. If an investment is considered to be impaired and the decline in value is other than temporary, we record an appropriate write-down. Limitation on Capitalized Costs Under the full-cost method of accounting, we are required, at the end of each reporting date, to perform a test to determine the limit on the book value of our oil and natural gas properties (the “Ceiling” test). If the capitalized costs of our oil and natural gas properties, net of accumulated amortization and related deferred income taxes, exceed the Ceiling, this excess or impairment is charged to expense. The expense may not be reversed in future periods, even though higher oil and natural gas prices may subsequently increase the Ceiling. The Ceiling is defined as the sum of: (a) the present value, discounted at 10 percent, and assuming continuation of existing economic conditions, of 1) estimated future gross revenues from proved reserves, which is computed using oil and natural gas prices determined as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month hedging arrangements pursuant to SAB 103, less 2) estimated future expenditures (based on current costs) to be incurred in developing and producing the proved reserves, plus (b) the cost of properties not being amortized; plus (c) the lower of cost or estimated fair value of unproven properties included in the costs being amortized, net of (d) the related tax effects related to the difference between the book and tax basis of our oil and natural gas properties. No impairment expense was recorded for the three months ended March 31, 2023. Oil and Gas Properties The Company uses the full cost method of accounting for its investment in oil and natural gas properties. Under this method of accounting, all costs associated with acquisition, exploration and development of oil and gas reserves, including directly related overhead costs, are capitalized. General and administrative costs related to production and general overhead are expensed as incurred. All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves, are amortized on the unit of production method using estimates of proved reserves. Disposition of oil and gas properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capitalized costs and proved reserves of oil and gas, in which case the gain or loss is recognized in operations. Unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined or until impairment occurs. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is included in loss from operations before income taxes Oil and Gas Reserves Reserve engineering is a subjective process that is dependent upon the quality of available data and the interpretation thereof, including evaluations and extrapolations of well flow rates and reservoir pressure. Estimates by different engineers often vary sometimes significantly. In addition, physical factors such as the results of drilling, testing and production subsequent to the date of an estimate, as well as economic factors such as changes in product prices, may justify revision of such estimates. Because proved reserves are required to be estimated using recent prices of the evaluation, estimated reserve quantities can be significantly impacted by changes in product prices. Income (Loss) per Share Basic and diluted income (loss) per share calculations are calculated on the basis of the weighted average number of shares of the Company’s common stock outstanding during the year. Diluted earnings per share give effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted earnings per share, the average stock price for the period is used to determine the number of shares assumed to be purchased from the exercise price of the options and warrants. Purchases of treasury stock reduce the outstanding shares commencing on the date that the stock is purchased. Common stock equivalents are excluded from the calculation when a loss is incurred as their effect would be anti-dilutive. Revenue Recognition Sales of crude oil, natural gas, and natural gas liquids (NGLs) are included in revenue when production is sold to a customer in fulfillment of performance obligations under the terms of agreed contracts. Performance obligations primarily comprise delivery of oil, gas, or NGLs at a delivery point, as negotiated within each contract. Each barrel of oil, million BTU (MMBtu) of natural gas, or other unit of measure is separately identifiable and represents a distinct performance obligation to which the transaction price is allocated. Performance obligations are satisfied at a point in time once control of the product has been transferred to the customer. The Company considers a variety of facts and circumstances in assessing the point of control transfer, including but not limited to: whether the purchaser can direct the use of the hydrocarbons, the transfer of significant risks and rewards, the Company’s right to payment, and transfer of legal title. In each case, the time between delivery and when payments are due is not significant. Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the consolidated financial statements and the tax basis of assets and liabilities by using estimated tax rates for the year in which the differences are expected to reverse. The Company recognizes deferred tax assets and liabilities to the extent that we believe that these assets and/or liabilities are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. If we determine that the Company would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. In assessing the realizability of its deferred tax assets, management evaluated whether it is more likely than not that some portion, or all of its deferred tax assets, will be realized. The realization of its deferred tax assets relates directly to the Company’s ability to generate taxable income. The valuation allowance is then adjusted accordingly. The Company recognizes the benefits, if any, of uncertain tax positions taken or expected to be taken in tax returns in the provision for income taxes only for those positions that are more likely than not to be realized. The Company follows a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. The Company’s policy is to include interest and penalties associated with income tax obligations in income tax expense. Stock-Based Compensation The Company may issue stock options to employees and stock options or warrants to non-employees in non-capital raising transactions for services and for financing costs. The cost of stock options and warrants issued to employees and non-employees is measured on the grant date based on the fair value. The fair value is determined using the Black-Scholes option pricing model. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period. The fair value of stock options and warrants is determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option model requires management to make various estimates and assumptions, including expected term, expected volatility, risk-free rate, and dividend yield. The expected term represents the period of time that stock-based compensation awards granted are expected to be outstanding and is estimated based on considerations including the vesting period, contractual term and anticipated employee exercise patterns. Expected volatility is based on the historical volatility of the Company’s stock. The risk-free rate is based on the U.S. Treasury yield curve in relation to the contractual life of stock-based compensation instrument. The dividend yield assumption is based on historical patterns and future expectations for the Company dividends. Derivative Liabilities The Series C Preferred Stock and Series G Preferred Stock contain provisions that could result in modification of the conversion price that is based on a variable that is not an input to the fair value of a “fixed-for-fixed” option as defined under FASB ASC Topic No. 815 - 40, “Derivatives and Hedging”. The Series C Preferred Stock are convertible into shares of common stock at a fixed $3.25 conversion rate. Upon conversion, the holder is entitled to dividends as if the shares had been held to maturity, which is referred to as the Conversion Premium. The Conversion Premium may be paid in shares or cash, at the option of the Company. If the Conversion Premium is paid in cash, the amount is fixed and not subject to adjustment. If the Conversion Premium is paid in shares, the conversion ratio is based on a volume weighted average price (“VWAP”) calculation based on the lowest stock price over the Measurement Period. The Measurement Period is 30 trading days (or 60 trading days if there is a Triggering Event) prior to the conversion date and 30 trading days (or 60 trading days if there is a Triggering Event) after the conversion date. The VWAP calculation is subject to adjustment if there is a Triggering Event and the Measurement Period is subject to adjustment in the event that the Company is in default of one or more Equity Conditions provided in the COD. For example, the Measurement Period may be extended one day for every day the Company is not in compliance with one or more of the Equity Conditions. Trigger events are described in the designation of the Series C Preferred Stock, but include items which would typically be events of default under a debt security, including filing of reports late with the SEC. At the conversion date, the number of shares due for the Conversion Premium is estimated based on the previous 30-day VWAP (or 60 trading days if there is a Triggering Event). If the Company does not elect to pay the Conversion Premium in cash, the Company will issue all shares due for the conversion and the estimated shares due for the conversion premium. If the VWAP calculation for the portion of the Measurement Period following the date of conversion is lower than the VWAP for the portion of the Measurement Period prior to the date of conversion, the holder will be issued additional common shares, referred to as True-Up shares. If the VWAP calculation is higher, no True-Up shares are issued. The Company has determined that the Series C Preferred Stock contains an embedded derivative liability relating to the Conversion Premium and, upon conversion, a derivative liability for the potential obligation to issue True-Up Shares relating to Series C shares that have been converted and the Measurement Period has not expired, if applicable. The fair value of the derivative liability relating to the Conversion Premium for any outstanding Series C Shares is equal to the cash required to settle the Conversion Premium. The fair value of the potential True-Up share obligation has been estimated using a binomial pricing mode and the lesser of the conversion price or the lowest closing price of the Company’s stock subsequent to the conversion date, and the historical volatility of the Company’s common stock. The Series G Convertible Preferred stock is redeemable or convertible into a variable number of common shares, at the option of the Company. The conversion rate is determined at the time of conversion using a VWAP calculation similar to the Series C Stock described above. As a result, the Series G Preferred Stock contains an embedded derivative that is required to be recorded at fair value. The Company has determined that the fair value of the embedded derivative as of March 31, 2023 and December 31, 2022 is negligible due to the restrictions on conversion. The embedded derivative associated with the Series G Stock is marked to market at each reporting date with changes in fair value recorded in income. Accounting for Asset Retirement Obligations Asset retirement obligations (“ARO”) primarily represent the estimated present value of the amount the Company will incur to plug, abandon and remediate its producing properties at the projected end of their productive lives, in accordance with applicable federal, state and local laws. The Company determined its ARO by calculating the present value of estimated cash flows related to the obligation. The retirement obligation is recorded as a liability at its estimated present value as of the obligation’s inception, with an offsetting increase to proved properties. Recently Adopted Accounting Pronouncements There were no recently adopted accounting standards that management expects to have a material impact on the Company. Subsequent Events The Company has evaluated all subsequent events from March 31, 2023 through the date of filing of this report.

OIL AND GAS PROPERTIES

OIL AND GAS PROPERTIES	3 Months Ended
	Mar. 31, 2023
OIL AND GAS PROPERTIES
OIL AND GAS PROPERTIES	NOTE 5 – OIL AND GAS PROPERTIES The following table summarizes the Company’s oil and gas activities by classification and geographical cost center for the three months ended March 31, 2023. The allocation between the classifications is based on the relationships summarized in the Company’s annual analysis of reserves as of December 31, 2022. The Depletion and Adjustments column reflects depletion and all other increases or decreases that occurred during the three months ended March 31, 2023: December 31, 2022 Depletion and Adjustments March 31, 2023 Proved developed producing oil and gas properties United States cost center $ 78,433,316 $ - $ 78,433,316 Accumulated depreciation, depletion and amortization (78,370,049 ) (1,360 ) (78,371,409 ) Proved developed producing oil and gas properties, net $ 63,267 $ (1,360 ) $ 61,907 Camber uses the full cost method of accounting for oil and natural gas producing activities. Costs to acquire mineral interests in oil and natural gas properties, to drill and equip exploratory wells used to find proved reserves, and to drill and equip development wells including directly related overhead costs and related asset retirement costs are capitalized. Under this method, all costs, including internal costs directly related to acquisition, exploration and development activities are capitalized as oil and natural gas property costs on a country-by-country basis. Costs not subject to amortization consist of unproved properties that are evaluated on a property-by-property basis. Amortization of these unproved property costs begins when the properties become proved or their values become impaired. Camber assesses overall values of unproved properties, if any, on at least an annual basis or when there has been an indication that impairment in value may have occurred. Impairment of unproved properties is assessed based on management’s intention with regard to future development of individually significant properties and the ability of Camber to obtain funds to finance its programs. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is added to the capitalized costs to be amortized. Sales of oil and natural gas properties are accounted for as adjustments to the net full cost pool with no gain or loss recognized, unless the adjustment would significantly alter the relationship between capitalized costs and proved reserves. If it is determined that the relationship is significantly altered, the corresponding gain or loss will be recognized in the statements of operations. For the three months ended March 31, 2023 and 2022, the Company did not record any impairments.

INVESTMENT IN UNCONSOLIDATED EN

INVESTMENT IN UNCONSOLIDATED ENTITIES	3 Months Ended
	Mar. 31, 2023
INVESTMENT IN UNCONSOLIDATED ENTITIES
INVESTMENT IN UNCONSOLIDATED ENTITIES	NOTE 6 – INVESTMENT IN UNCONSOLIDATED ENTITIES The Company accounts for its investment in Viking under the equity method. The Company owns approximately 60.9% of the outstanding common shares of Viking at March 31, 2023. Table below shows the changes in the investments in unconsolidated entities for the three months ended March 31, 2023 and the year ended December 31, 2022. March 31, 2023 December 31, 2022 Carrying amount – beginning $ 26,837,718 $ 36,299,592 Proportionate share of (losses) (1,097,839 ) (9,461,874 ) Carrying amount – ending $ 25,739,879 $ 26,837,718

ASSET RETIREMENT OBLIGATIONS

ASSET RETIREMENT OBLIGATIONS	3 Months Ended
	Mar. 31, 2023
ASSET RETIREMENT OBLIGATIONS
ASSET RETIREMENT OBLIGATIONS	NOTE 7 – ASSET RETIREMENT OBLIGATIONS The following table presents the reconciliation of the beginning and ending aggregate carrying amounts of long-term legal obligations associated with the future retirement of oil and natural gas properties for the three months ended March 31, 2023 and the year ended December 31, 2022. March 31, 2023 December 31, 2022 Carrying amount at beginning of year $ 61,545 $ 53,055 Accretion 1,463 8,490 Carrying amount at end of year $ 63,008 $ 61,545

LONG TERM DEBT

LONG TERM DEBT	3 Months Ended
	Mar. 31, 2023
LONG TERM DEBT
LONG TERM DEBT	NOTE 8 – LONG TERM DEBT Long-term debt obligations of Camber Energy, Inc.: March 31, 2023 December 31, 2022 Note payable to Discover Growth Fund, pursuant to a Secured Promissory Note dated December 24, 2021 and funded on January 3, 2022 in the original amount of $26,315,789 with interest and principal due at maturity on January 1, 2027. The note bears interest at a rate equal to the Wall Street Journal Prime Rate and is secured by lien on substantially all of the Company’s assets. $ 26,315,789 $ 26,315,789 Note payable to Discover Growth Fund, pursuant to a 10.0% Secured Promissory Note dated December 11, 2020 in the original amount of $6,000,000 with interest and principal due at maturity on January 1, 2027. The Note is secured by lien on substantially all of the Company’s assets. 6,000,000 6,000,000 Note payable to Discover Growth Fund, pursuant to a 10.0% Secured Promissory Note dated December 22, 2020 in the original amount of $12,000,000 with interest and principal due at maturity on January 1, 2027. The Note is secured by first lien on the Company’s ownership in Viking. 12,000,000 12,000,000 Note payable to Discover Growth Fund, LLC pursuant to a 10.0% Secured Promissory Note dated April 23, 2021 in the original amount of $2,500,000 with interest and principal due at maturity on January 1, 2027. The Note is secured by lien on substantially all of the Company’s assets. 2,500,000 2,500,000 Principal value of debt 46,815,789 46,815,789 Less: unamortized debt discount (12,094,648 ) (12,888,029 ) Total long-term debt, net 34,721,141 33,927,760 Less current portion - $ 34,721,141 $ 33,927,760 On January 3, 2022 the Company received $25,000,000 representing a 5% original issue discount of the loan face value of $26,315,790. The Company granted the lender a first-priority security interest in Camber’s common shares of Viking and a first-priority security interest in Camber’s other assets. The notes are convertible into shares of common stock of Camber at a fixed price of $1.50 per share, subject to beneficial ownership limitations. The obligations under the Investor Note are supported by a Guaranty from Viking. As an incentive to enter into the Note agreement, Camber granted the lender warrants to purchase 500,000 shares of Camber common stock at an exercise price of $500.00 and 500,000 warrants with an exercise price of $1,000. The warrants expire on December 31, 2026. The Company allocated the net proceeds received of $500,000 to the notes and the warrants based on relative fair value and recorded the loan proceeds allocated to the warrants as an additional debt discount of $14,763,393. The fair value of the warrants was determined based on a Black-Scholes model. Debt discounts on the Note are amortized over the life of the Note using the interest method. The majority of the Loan Proceeds of the loan were used to: (i) redeem shares of Series C Redeemable Convertible Preferred Stock of the Company not owned by the Investor or its affiliates; and (ii) pay in full the secured loan disclosed by the Company in a Current Report Filed on Form 8-K filed with the SEC on December 17, 2021. Principal maturities of long-term debt for the next five years and thereafter are as follows: Twelve month period ended March 31, 2024 $ - 2025 - 2026 - 2027 34,721,141 Thereafter - $ 34,721,141 The above notes were in default at various times, but have been resolved through settlement (see Note 13 - Stockholders Deficit

DERIVATIVE LIABILITIES

DERIVATIVE LIABILITIES	3 Months Ended
	Mar. 31, 2023
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES	NOTE 9 – DERIVATIVE LIABILITIES The Series C Preferred Stock contains an embedded derivative due to the potential conversion into a variable number of common shares. Upon conversion of the Series C Preferred share into common shares, the Company has a potential obligation to issue additional common shares to satisfy the True-Up obligation. Both the Conversion Premium and the True-Up obligation are derivatives and are required to be recorded at fair value. On April 20, 2021, the Company and the holder agreed to modify the COD to require all redemptions and conversions to be satisfied in common shares, which changed the accounting treatment for the embedded derivative. Issuance of the Series C Stock (prior to April 20, 2021) Conversion of the face value of the Series C preferred stock is fixed at $3.25 per common share and, because the conversion is generally outside the control of the Company, the face value of the Series C Stock is considered temporary equity and recorded at redemption value. The Conversion Premium is convertible into common shares based on a variable that is not an input to fair value of a fixed-for-fixed option as defined in FASB ASC 815-40 and is a derivative liability and is recorded at fair value. The Company determined the redemption value of the face value of the Series C Stock to be the fair value of the common shares issuable to satisfy the conversion of the face value of the Series C Stock. The fair value of the Conversion Premium is determined to be the lesser of the amount of cash required to satisfy the Conversion Premium or the fair value of the shares required to satisfy the Conversion Premium since the Company has the option to satisfy the conversion of the Conversion Premium in cash or shares. To the extent that consideration paid for the Series C Stock was less than the redemption value plus the fair value of the derivative liability, consideration was first allocated to the derivative liability. The consideration received never exceeded the fair value of the derivative liability. Consequently, no proceeds were allocated to the redemption value. The derivative liability was recorded at fair value and a loss on derivative liability was recorded as the difference between the fair value of the derivative liability and the consideration received. The redemption value was recorded as temporary equity and a deemed dividend. Conversion of the Series C Stock The Company receives notice of conversion from the holder with a calculation of the number of common shares required to be issued to satisfy the redemption value plus the Conversion Premium. The Company has never elected to satisfy the conversion premium in cash. The Company then issues the number of common shares determined by the holder using a VWAP calculation for the Measurement Period before the conversion date. The shares may be issued over time due to ownership limitations of the holder. Upon conversion of the Series C Stock, the Company reduces the derivative liability by the amount that was originally recorded for the number of Series C Stock converted. Any difference between the current fair value of the common shares issued to satisfy the conversion premium and the originally recorded derivative liability was recorded as a loss on derivative liability. Temporary equity is also reduced by the fair value of the common shares issued to satisfy the redemption value (amounts recorded in temporary equity). Any difference is recorded as additional deemed dividend or an equity contribution. The holder may be entitled to additional shares subsequent to the conversion date If the VWAP calculation for the portion of the Measurement Period following the date of conversion is lower than the VWAP for the portion of the Measurement Period prior to the date of conversion, referred to as True-Up shares. If the VWAP calculation is higher, no True-Up shares are issued. The potential obligation to issue True-Up shares creates an additional derivative liability. The determination of the number of True-Up shares due, if any, is based on the lowest VWAP calculation over the Measurement Period that extends beyond the conversion date. In addition, if the Company has not complied with certain provisions of the COD, the Measurement Period does not end until the Company is in compliance. The potential obligation to issue True-Up shares after the conversion date is a derivative liability. The derivative liability for the True-Up Shares at the end of each period represents Series C Stock conversions in respect of which the Measurement Period had not expired as of the period end. The fair value of the derivative liability has been estimated using a binomial pricing model, the estimated remaining Measurement Period, the share price and the historical volatility of the Company’s common stock. Adjustments to the Carrying value of the Series C Stock and the Derivative Liability At each reporting period the Company determined the fair value of the common shares required to satisfy the redemption of the face value of the outstanding Series C Stock and recorded an additional deemed dividend or an equity contribution for any differences between the recorded value and the period end fair value. The redemption Conversion Premium was assumed to be settled in cash because cash settlement is more favorable to the Company. The fair value of the common shares required to satisfy the redemption of the Series C Stock was determined generally using the closing share price of the Company’s stock as of the reporting date. The amount of cash required to settle the Conversion Premium was generally fixed at the time of issuance. Consequently, the fair value of the derivative liability relating to the cash obligation to satisfy the Conversion Premium is generally unchanged until conversion. The cash required to settle the conversion premium was unchanged until the dividend rate of 24.95% was increased in accordance with the terms of the Series C Stock to 34.95% due to covenant violations. The increase in the conversion premium was recorded as an increase in the derivative liability and a loss on change in fair value of derivative liability. The fair value of the derivative liability relating to the potential obligation to issue true-up shares is subject to adjustment as the Company’s stock price changes. Such changes are recorded as changes in fair value of derivative liability. April 20, 2021 Amendment to the Series C Stock COD On April 20, 2021, the Company amended the Series C Stock COD to require all conversions to be in common shares, thus removing the cash option for redemption of the Conversion Premium. The amendment required reclassification of the Series C Stock recorded in temporary equity to permanent equity with no further period end adjustments. Effect on Derivative Liability The removal of the cash option for conversion of the Conversion Premium changed the cash redemption assumption to assume, in all cases, share redemption. Therefore, the derivative liability is required to be recorded at the fair value of the equivalent number of common shares issuable to satisfy the Conversion Premium. We recorded an adjustment to derivative liability and loss on derivative on April 20, 2021 and we will record changes in fair value of the derivative liability each quarter thereafter as long as any Series C Stock are outstanding. We estimated the fair value of the derivative liability for the outstanding Series C Stock Conversion Premium generally using the period end number of shares required to satisfy the Conversion Premium at the period end closing share price of the Company’s common stock. Limitations on using the closing price of the Company’s Common Stock to determine Fair Value The Company is a smaller reporting company and is traded on the NYSE American exchange. Historically, the Company’s stock price has been extremely volatile and subject to large and sometimes unexplained price variations on a daily or weekly basis. In addition, the Company declared four reverse stock splits in 2018 and 2019 and the Company’s common stock generally trades at less than $1.00 per share. These factors have exacerbated daily volatility of our stock price. Consequently, the closing price of the Company’s stock on the reporting date may not, in all cases, represent the fair value of the common share required to satisfy the redemption of the Series C Stock. Recognizing that the closing share price of our publicly traded stock is an observable input to fair value, such price was used for determining fair value in most cases and the Company only considered an alternative measure of fair value when the closing price of the Company’s common stock varied by more than 30% from the five-day moving average immediately prior to the measurement date. In such cases, an average closing price of the previous 30-day period was used as an estimate of fair value, adjusted for stock splits if applicable. In addition, conversion of the Series C shares may require a significant number of common shares to be issued in relation to the total number of shares outstanding. The market price of the Company’s common stock may not appropriately reflect the potential for significant dilution caused by a large conversion and may not be representative of market value. In cases where the number of common shares required to satisfy a conversion of the Series C shares into common stock was significant in relation to the total number of shares outstanding (approximately 30% or greater) fair value of the embedded features was determined based on the historical market capitalization of the Company. Activities for derivative Series C Preferred Stock derivative liability during the three months ended March 31, 2023 and the year ended December 31, 2022 were as follows: March 31, 2023 December 31, 2022 Carrying amount at beginning of year $ 7,592,744 $ 93,108,568 Issued Series C preferred shares - - Change in fair value 2,165,183 89,523,091 Settlement of obligation (issuance of common shares) - (175,038,915 ) Carrying amount at end of year $ 9,757,927 $ 7,592,744 The fair value of the derivative liability has been estimated using a binomial model and the historical volatility of the Company’s common stock as of the date of conversion.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 10 – RELATED PARTY TRANSACTIONS The Company’s CEO and director, James Doris, renders professional services to the Company through AGD Advisory Group, Inc., an affiliate of Mr. Doris, at a rate of $20,000 per month commencing April 2021. The Company’s CFO, Frank W. Barker, Jr., renders professional services to the Company through FWB Consulting, Inc., an affiliate of Mr. Barker, at a rate of $20,000 per month commencing April 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 11 – COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company was the target of a “short” report issued by Kerrisdale Capital in early October, 2021, and as a result of such short report, on October 29, 2021, a Class Action Complaint (i.e. C.A.No.4:21-cv-03574) was filed against the Company, its CEO and CFO by Ronald E. Coggins, Individually and on Behalf of All Others Similarly Situated v. Camber Energy, Inc., et al On or about June 30, 2022, the Company was made aware of a Shareholder Derivative Complaint filed in the U.S. District Court for the Southern District of Texas, Houston Division (Case No. 4:22-cv-2167) against the Company, its current directors, and certain of its former directors (the “Houston Derivative Complaint” and, together with the Nevada Derivative Complaint, the “Derivative Complaints”). The allegations contained in the Houston Derivative Complaint involve state-law claims for breach of fiduciary duty and unjust enrichment and a federal securities claim under Section 14(a) of the Securities Exchange Act of 1934. On January 20, 2023, the U.S. District Court held that certain claims brought by the plaintiff relating to director actions and statements made in proxy statements prior to June 30, 2019, were time barred, but did not dismiss certain claims brought by plaintiff relating to director actions and statements made in proxy statements after June 30, 2019. Pursuant to Article 6 of the Amended and Restated Bylaws, on February 15, 2023, the Company’s Board of Directors (the “Board”) formed a Committee of the Board (the “Special Litigation Committee”) to investigate, analyze, and evaluate the remaining allegations in the Houston Derivative Complaint. The Special Litigation Committee’s investigation and evaluation remains ongoing. At this time, we are not able to predict the outcome of the Special Litigation Committee investigation or these claims. The defendants deny the allegations contained in the Class Action Complaint and Houston Derivative Complaint and have engaged Baker Botts L.L.P. to defend the actions. On or about April 18, 2022, the Company was made aware of a Shareholder Derivative Complaint filed with the District Court in Clark County, Nevada (Case No.: A-22-848486-B) against the Company and its directors, and on or about May 4, 2022 the Company was made aware of a second Shareholder Derivative Complaint filed with the District Court in Clark County, Nevada (Case No. A-22-852069-B) against the Company and its directors. On July 18, 2022, the shareholder plaintiff in Case No. A-22-848486-B voluntarily dismissed his lawsuit, and on December 12, 2022 the shareholder plaintiff in Case No. A-22-852069-B voluntarily dismissed his lawsuit. Maranatha Oil Matter In November 2015, Randy L. Robinson, d/b/a Maranatha Oil Co. sued the Company in Gonzales County, Texas (Cause No. 26160). The plaintiff alleged that it assigned oil and gas leases to the Company in April 2010, retaining a 4% overriding royalty interest and 50% working interest and that the Company failed to pay such overriding royalty interest or royalty interest. The interests relate to certain oil and gas properties which the Company subsequently sold to Nordic Oil USA in April 2013. The petition alleges causes of actions for breach of contract, failure to pay royalties, non-payment of working interest, fraud, fraud in the inducement of contract, money had and received, constructive trust, violation of theft liability act, continuing tort and fraudulent concealment. The suit seeks approximately $100,000 in amounts alleged owed, plus pre-and post-judgment interest. The Company has filed a denial to the claims and intends to vehemently defend itself against the allegations.

REVENUE FROM CONTRACTS WITH CUS

REVENUE FROM CONTRACTS WITH CUSTOMERS	3 Months Ended
	Mar. 31, 2023
REVENUE FROM CONTRACTS WITH CUSTOMERS
REVENUE FROM CONTRACTS WITH CUSTOMERSS	NOTE 12 – REVENUE FROM CONTRACTS WITH CUSTOMERS Oil and Gas Contracts The following table disaggregates revenue by significant product type for the three months ended March 31, 2023 and 2022 respectively: Three months ended March 31, 2023 Three months ended March 31, 2022 Oil sales $ 64,900 $ 83,056 Natural gas sales and liquids 28,571 53,351 Total oil and gas revenue from customers $ 93,471 $ 136,407

STOCKHOLDERS DEFICIT

STOCKHOLDERS DEFICIT	3 Months Ended
	Mar. 31, 2023
STOCKHOLDERS DEFICIT
STOCKHOLDERS' DEFICIT	NOTE 13 – STOCKHOLDERS’ DEFICIT Common Stock During the three months ended March 31, 2023, the Company issued to Antilles Family Office, LLC, 571,194 shares of common stock for a conversion of 32 shares of Series C Preferred Stock, and 1,336,143 common shares as True Up shares associated with prior conversions of Series C Preferred Stock as a result of the continuation of the Measurement Period (as defined in the Certificate of Designation with respect to such Series C Preferred Stock) associated with such conversions and a decline in the price of the Company’s common shares within the Measurement Period. Series A Convertible Preferred Stock On August 31, 2020, the Board of Directors approved the designation of 28,092 shares of Series A Convertible Preferred Stock (the “ Series A Preferred Stock On December 23, 2020, the Company entered into (i) a termination agreement with Viking terminating the Amended and Restated Agreement and Plan of Merger, dated August 31, 2020, as amended to date. On February 15, 2021, the Company entered into a new Agreement and Plan of Merger with Viking. Pursuant to the terms of the Agreement and Plan of Merger with Viking, upon closing of the Merger, each one (1) share of Viking Series C Preferred Stock (“ Viking Preferred Stock New Camber Preferred Each share of Camber Series A Preferred Stock will be convertible into 890 shares of common stock of Camber subject to a 9.99% beneficial ownership limitation, will be treated equally with the Company’s common shareholders with respect to dividends and liquidation, and will have no right to vote on any matters, questions or proceedings of Camber except: (a) on a proposal to increase or reduce Camber’s share capital; (b) on a resolution to approve the terms of a buy-back agreement; (c) on a proposal to wind up Camber; (d) on a proposal for the disposal of all or substantially all of Camber’s property, business and undertaking; (f) during the winding-up of Camber; and/or (g) with respect to a proposed merger or consolidation in which Camber is a party or a subsidiary of Camber is a party. As of March 31, 2023 and December 31, 2022, the Company had no Series A Convertible Preferred Stock issued or outstanding. Series B Redeemable Convertible Preferred Stock As of March 31, 2023 and December 31, 2022, the Company had no Series B Redeemable Convertible Preferred Stock issue and outstanding. Effective on May 15, 2020, due to the fact that no shares of Series B Preferred Stock were outstanding, the Board of Directors approved, and the Company filed, a Certificate of Withdrawal of Certificate of Designation relating to such series of preferred stock with the Secretary of State of Nevada and terminated the designation of its Series B Preferred Stock effective as of the same date. Series C Redeemable Convertible Preferred Stock On February 3, 2020, the Company sold 525 shares of Series C Preferred Stock for total proceeds of $5 million. In the event the Merger Agreement entered into with Viking in February 2020 is terminated for any reason, we (until June 22, 2020, when such terms were amended) these shares were required to be redeemed at a 110% premium, in an aggregate amount equal to $5,775,000. Because of the previous redemption requirement and due to certain redemption features, which are outside the control of the Company, the Series C Preferred Stock is classified as temporary equity on the March 31, 2021 and December 31, 2020 balance sheets. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with U.S. GAAP, and is not mandatorily redeemable. In addition, the Series C Preferred Stock contains an embedded derivative and an additional derivative upon conversion. (See Note 9) On January 8, 2021, the Company issued 1,890 shares of Camber’s Series C Preferred Stock to EMC Capital Partners, LLC, one of Viking’s lenders, in full satisfaction of a secured promissory note previously issued by Viking to EMC, accrued interest and certain other liabilities totaling approximately $18,900,000. The issuance was recorded as an additional investment by the Company in Viking. The Company has not declared any dividends on the Series C Preferred stock, but recognized cumulative dividends as an adjustment to income available to common stockholders and an increase in the carrying value of the Series C Preferred Stock. On April 15, 2021, the Company, with the approval of the Board of Directors, and holders of the Company’s Series C Preferred Stock, filed certificate of corrections with the Secretary of State of Nevada to correct the original designation of the Company’s Series C Redeemable Convertible Preferred Stock and the subsequent amended and restated designations thereof, to correct certain errors which were identified in such designations as follows: Section I.D.2(e) of the prior Certificates of Designation implicitly excluded as a “Deemed Liquidation Event”, an event or proposal that was initiated by or voted upon by the holder of the Series C Preferred Stock, and the Designations have been clarified to expressly exclude such occurrence. Section I.F.4 of the Designations failed to include language to clarify that the Company is not obligated to redeem the Preferred Shares for cash for any reason that is not solely within the control of the Company. Section I.G.1 of the Designations mistakenly included two subsection b.’s where only one was intended, and the unintended subsection b. has been removed. Section I.G.1(e) of the Designations failed to include language to clarify that the Company not having sufficient authorized but unissued shares, solely within the control of the Company and excluding any event that is not solely within the control of the Company, is not a reason that would otherwise trigger the obligations in such section. Sections I.G.1(f) and (g) of the Designations failed to include language to clarify the particular obligations apply only if the Company has sufficient authorized and unissued shares. Section I.G.7(e) of the Designations mistakenly referenced the incorrect Conversion Price. Section I.G.9 of the Designations failed to include language to clarify the maximum number of common shares that could be potentially issuable with respect to all conversions and other events that are not solely within the control of the Company, that the Dividend Maturity Date is to be indefinitely extended and suspended until sufficient authorized and unissued shares become available, the number of shares required to settle the excess obligation is fixed on the date that net share settlement occurs and that all provisions of the Designations are to be interpreted so that net share settlement is within the control of the Company. The corrections in the Certificates of Correction were effective as of the original filing dates with the Secretary of State of Nevada of the Company’s original Series C Preferred Stock designation (August 25, 2016), the Company’s first amended and restated Series C Preferred Stock designation (July 8, 2019), and the Company’s second amended and restated Series C Preferred Stock designation (December 14, 2020), subject to certain exceptions set forth in the Nevada Revised Statutes. The corrections corrected the designations to reflect the original intentions of the parties and to conform such designations to the way the Series C Preferred Stock had been accounted for in practice since its original designation/issuance. On April 20, 2021, the Company with the approval of the Board of Directors of the Company, and the holders of the Company’s Series C Preferred Stock, filed a third amended and restated designation of the Series C Preferred Stock with the Secretary of State of Nevada, which amended the Designations to state that dividends and conversion premiums will only be paid in shares of Company common stock, and state that redemption amounts will only be paid in shares of Company common stock. On July 10, 2021, the Company, with the approval of the Board of Directors of the Company and the holders of the Company’s Series C Preferred Stock, filed an amendment to its designation of its Series C Preferred Stock with the Secretary of State of Nevada (the “ Fourth Amended and Restated Designation On November 8, 2021, the Company filed with the Secretary of State of Nevada a Fifth Amended and Restated Designation On October 31, 2022, the Company filed with the Secretary of State of Nevada an amendment to the COD (the “ Amendment Amendment Date Common Stock Measurement Period Measuring Metric As of March 31, 2023 and December 31, 2022 the Series C Preferred shares were convertible into a substantial number of the Company’s common shares which could result in significant dilution of the Company’s existing shareholders. If the outstanding Series C Preferred were converted as of March 31, 2023 and December 31, 2022, the Company estimates that the following common shares would be required to be issued to satisfy the conversion of the Series C Preferred shares: March 31, 2023* December 31, 2022** Estimated number of shares issuable for conversion at $ 162.50 per share at March 31, 2023 and December 31, 2022 respectively 14,646 16,615 Estimated number of common shares required to satisfy Conversion Premium using VWAP at period end 5,950,730 3,758,845 5,965,376 3,775,460 *based on 238 shares of Series C Convertible Preferred Stock outstanding as of such date and the estimated low VWAP as at such date **based on 270 shares of Series C Convertible Preferred Stock outstanding as of such date and the estimated low VWAP as at such date Additionally, even if the Series C preferred shares were converted on the above dates, the Company could, pursuant to terms out in the COD, be required to issue additional common shares (true-up shares). The Certificates of Designations with respect to the Company’s Series C Preferred Stock and Series G Preferred Stock (collectively, the “CODs”) and/or the Stock Purchase Agreements regarding the sale of such Series C Preferred Stock and Series G Preferred Stock (collectively, the “SPA’s”), contain covenants requiring the Company to timely file all reports required to be filed by the Company pursuant to the Exchange Act (the “Filing Requirement”). Throughout 2021 and early 2022, the Company did not satisfy the Filing Requirement and, consequently, on or about March 9, 2022, the preferred stock holders, Discover and Antilles Family Office, LLC (“Antilles”), filed a Verified Complaint against the Company (the “Discover/Antilles Complaint”) as a result of the default by the Company under the CODs. A default under the CODs and/or SPA’s is also considered an event of default under each of the Promissory Notes executed by the Company in favor of Discover (collectively, the “Discover Notes”) (see subsequent events), and upon an event of default under the Discover Notes, Discover may, at its option, declare the principal and any and all interest then accrued thereon, at once due and payable, and exercise any other rights under applicable agreements. Discover did not exercise its right to declare the amount owing under the Discover Notes immediately due and payable, but Failure by Discover to exercise such right does not constitute a waiver of the right to exercise the same in the event of any subsequent default. As of April 18, 2022, Discover, Antilles and the Company entered into a Settlement Agreement to settle the Discover/Antilles Complaint, and the Settlement Agreement was approved by the Court on or about May 12, 2022. If the Company fails to satisfy future Filing Requirements, it would be considered a default under the CODs and SPA’s, which in turn would constitute an event of default under the Discover Notes. Previously Converted Series C Preferred Stock EMC converted certain shares of Series C Preferred Stock in 2021 and/or 2022 based on the low VWAP of the Company’s common stock being $0.3475 per share for the purpose of calculating the Conversion Premium. Since the Measurement Period with respect to such conversions did not end until October 28, 2022 (as further explained below) and because the low VWAP subsequent to the conversions declined to approximately $0.1519 during such period, EMC received certain true-up shares in 2022. As of March 31, 2023, EMC held zero shares of Series C Preferred Stock, but was entitled to 730,241 common shares in connection with prior conversions. These shares were issued to EMC on or about May 1, 2023. The majority of the Series C Preferred Stock previously converted into common shares by Antilles in 2022 were based on the low VWAP of the Company’s common stock being $0.4503 per share. Since the Measurement Period with respect to the Antilles Conversions did not end until October 28, 2022 (as further explained below) and because the low VWAP subsequent to the conversions declined during such period, Antilles received certain true-up shares in 2022 based on an agreed upon low VWAP of $0.20 per share. October 2022 Agreements Regarding the Series C Preferred Stock On October 28, 2022, the Company entered into two agreements (collectively, the “ Agreements COD On October 31, 2022, the Company filed with the Secretary of State of Nevada an amendment to the COD (the “ Amendment Amendment Date Common Stock Measurement Period Measuring Metric November 2022 Agreement with Discover Growth Fund, LLC On November 3, 2022, the Company entered into an agreement (the “ Agreement Conversion Shares Discover also absolutely and unconditionally waived and released any and all rights to convert all or any part of any Promissory Notes previously executed by the Company in favor of Discover into shares of the Company’s common stock, and agreed not to convert or attempt to convert any portion of any Promissory Notes, at any particular price or at all. Series G Redeemable Convertible Preferred Stock On or about December 30, 2021, the Company created a new class of preferred stock known as Series G redeemable convertible preferred stock (the “ Series G Preferred Stock The rights, entitlements and other characteristics of the Series G Preferred Stock are set out in the Certificate of Designations of Preferences, Powers, Rights and Limitations of Series G Redeemable Convertible Preferred Stock COD Pursuant to the COD, the Series G Preferred Stock may be converted into shares of common stock at any time at the option of the holder at a price per share of common stock equal to one cent above the closing price of the Company’s common stock on the date of the issuance of such shares of Series G Preferred Stock, or as otherwise specified in the Stock Purchase Agreement, subject to adjustment as otherwise provided in the COD. Upon conversion, the Company will pay the holders of the Series G Preferred Stock being converted a conversion premium equal to the amount of dividends that such shares would have otherwise earned if they had been held through the maturity date. The Series G Preferred Stock, with respect to dividend rights and rights upon liquidation, winding-up or dissolution, rank: (a) senior to the Company’s common stock; (b) junior to the Series C Redeemable Convertible Preferred Stock, (c) senior to the Series E Redeemable Convertible Preferred Stock and Series F Redeemable Convertible Preferred Stock, as such may be designated as of the date of this Designation, or which may be designated by the Company after the date of this Designation; (d) senior, pari passu or junior with respect to any other series of Preferred Stock, as set forth in the Certificate of Designations of Preferences, Powers, Rights and Limitations with respect to such Preferred Stock; and (d) junior to all existing and future indebtedness of the Company. Except as prohibited by applicable law or as set forth herein, the holders of shares of Series G Preferred Stock will have the right to vote together with holders of common stock and Series C Preferred on all matters other than: (i) the election of directors; (ii) and any shareholder proposals, including proposals initiated by any holder of shares of Series G Preferred Stock), in each instance on an as-converted basis, subject to the beneficial ownership limitation in the COD even if there are insufficient shares of authorized common stock to fully convert the shares of Series G Preferred Stock into common stock. Commencing on the date of the issuance of any such shares of Series G Preferred Stock, each outstanding share of Series G Preferred Stock will accrue cumulative dividends at a rate equal to 10.0% per annum, subject to adjustment as provided in the COD, of the Face Value. Dividends, as well as any applicable Conversion Premium payable hereunder, will be paid in shares of common stock valued at (i) if there is no Material Adverse Change (“MAC”) as at the date of payment or issuance of common shares for the Conversion Premium, as applicable, (A) 95.0% of the average of the 5 lowest individual daily volume weighted average prices of the common stock on the Trading Market during the applicable Measurement Period, which may be non-consecutive, less $0.05 per share of common stock, not to exceed (B) 100% of the lowest sales price on the last day of such Measurement Period less $0.05 per share of common stock, or (ii) during the time that any MAC is ongoing, (A) 85.0% of the lowest daily volume weighted average price during any Measurement Period for any conversion by Holder, less $0.10 per share of common stock, not to exceed (B) 85.0% of the lowest sales price on the last day of any Measurement Period, less $0.10 per share of common stock. On the Dividend Maturity Date, the Corporation may redeem any or all shares of Series G Preferred Stock by paying Holder, in registered or unregistered shares of common stock valued at an amount per share equal to 100% of the Liquidation Value for the shares redeemed, and the Corporation will use its best efforts to register such shares. In the first quarter of 2022, pursuant to a stock purchase agreement (the “ Stock Purchase Agreement Series G Preferred Stock Purchase Price The Purchase Price was paid by the Investor via payment of $5,000,000 in cash, and the execution and delivery of four Promissory Notes (each a “ Note Notes There are 2,636 shares of Series G Preferred Stock associated with each Note, and the Investor may not convert the shares of preferred stock associated with each Note into shares of common stock or sell any of the underlying shares of common stock (the “ Conversion Shares The Company may in its sole discretion redeem the 2,636 shares of Series G Preferred Stock associated with each Note by paying the Investor $1,375,000 as full consideration for such redemption. Also, the Investor may offset the then outstanding balance of each Note against the 2,636 shares of Series G Preferred Stock associated with that Note by electing to cancel the 2,636 shares as full consideration for cancellation of the Note in the event of a breach or default of any of the transaction documents by the Company. Partial Redemptions of Series G Preferred Stock On March 10, 2022, the Company paid the Investor $1,375,000 and redeemed the 2,636 shares of Series G Preferred Stock associated with the Note due March 31, 2022, thereby canceling such Note and reducing the number of shares of Series G Preferred Stock outstanding from 10,544 to 7,908. On June 15, 2022, the Company paid the Investor $1,375,000 and redeemed an additional 2,636 shares of Series G Preferred Stock associated with the Note due June 30, 2022, thereby canceling such Note and reducing the number of shares of Series G Preferred Stock outstanding from 7,908 to 5,272. As mentioned above, the Investor may not convert any of the remaining shares of preferred stock associated with any remaining Note into shares of common stock or sell any of the underlying shares of common stock unless that Note is paid in full by the Investor, and the Company may redeem the shares of Series G Preferred Stock associated with each Note by paying the Investor $1,375,000 as full consideration for such redemption. Warrants The following is a summary of the Company’s outstanding warrants at March 31, 2023: Warrants Exercise Expiration lntrinsic Value at Outstanding Price ($) Date March 31, 2023 1 (1) $ 609,375.00 May 24, 2023 $ - 1,000,000 (2) $ 100.00 December 30, 2026 $ - 1,000,000 (2) $ 200.00 December 30, 2026 $ - 500,000 (3) $ 500.00 December 31, 2026 $ - 500,000 (3) $ 1,000.00 December 31, 2026 $ - 3,000,001 $ - (1) Warrants issued in connection with a Severance Agreement with Richard N. Azar II, the Company’s former Chief Executive Officer. The warrants were exercisable on the grant date (May 25, 2018) and remain exercisable until May 24, 2023. (2) Warrants issued in connection with the Series G Preferred Stock and remain exercisable until December 30, 2026 (3) Warrants issued in connection with the issuance of a $25,000,000 promissory note

STOCKBASED COMPENSATION

STOCKBASED COMPENSATION	3 Months Ended
	Mar. 31, 2023
STOCKBASED COMPENSATION
STOCK-BASED COMPENSATION	NOTE 14 – STOCK-BASED COMPENSATION Common Stock The Company stockholders approved the 2014 Stock Incentive Plan (as amended to date, the “ 2014 Plan The Company stockholders approved the Lucas Energy, Inc. 2012 Stock Incentive Plan (“ 2012 Incentive Plan The Company stockholders approved the Lucas Energy, Inc. 2010 Long Term Incentive Plan (“ 2010 Incentive Plan 2010 Plan Under the 2010 Incentive Plan, 58 shares of the Company’s common stock are authorized for initial issuance or grant, under the 2012 Incentive Plan, 96 shares of the Company’s common stock are authorized for initial issuance or grant, and under the 2014 Incentive Plan, as amended, 2,500,000 shares of the Company’s common stock are authorized for issuance or grant. As of September 30, 2020, there was an aggregate of 1 share available for issuance or grant under the 2010 Incentive Plan, 5 shares were available for issuance or grant under the 2012 Incentive Plan and an aggregate of approximately 1,999 securities were available for issuance or grant under the 2014 Incentive Plan as amended for future issuances and grants, respectively. The number of securities available under the 2010, 2012 and 2014 Plans is reduced one for one for each security delivered pursuant to an award under the Plans. Any issued or granted security that becomes available due to expiration, forfeiture, surrender, cancellation, termination or settlement in cash of an award under the Incentive Plans may be requested and used as part of a new award under the Plans. The Plans are administered by the Compensation Committee and/or the Board in its discretion (the “ Committee Camber measures the cost of employee services received in exchange for an award of equity instruments based on the grant-date fair value of the award over the vesting period. On February 23, 2021, the Company’s stockholders approved an amendment to the Company’s Articles of Incorporation to increase the number of our authorized shares of common stock from 25,000,000 to 250,000,000, which amendment was filed with the State of Nevada on February 23, 2021. On December 30, 2021, the Company’s stockholders approved an amendment to the Company’s Articles of Incorporation to increase the number of our authorized shares of common stock from 250,000,000 to 1,000,000,000, which amendment was filed with the State of Nevada on December 30, 2021. On December 14, 2022, the Company’s Board of Directors approved a 1 for 50 reverse stock split of the Company’s (a) authorized shares of common stock; and (b) issued and outstanding shares of common stock. The Company filed a Certificate of Change to decrease the number of our authorized shares of common stock from 1,000,000,000 to 20,000,000, which certificate was filed with the State of Nevada on December 16, 2022.

INCOME (LOSS) PER COMMON SHARE

INCOME (LOSS) PER COMMON SHARE	3 Months Ended
	Mar. 31, 2023
INCOME (LOSS) PER COMMON SHARE
INCOME (LOSS) PER COMMON SHARE	NOTE 15– INCOME (LOSS) PER COMMON SHARE The calculation of earnings (loss) per share for the three months ended March 31, 2023 and 2022 was as follows: Three months ended March 31, 2023 Three months ended March 31, 2022 Numerator: Net loss $ (2,346,076 ) $ (68,155,477 ) Less preferred dividends - - Net loss attributable to common stockholders $ (2,346,076 ) $ (68,155,477 ) Denominator Weighted average share – basic 19,718,868 6,199,798 Dilutive effect of common stock equivalents options/warrants — — Preferred C shares — — Denominator Total weighted average common shares – diluted 19,718,868 6,199,798 Loss per common share - basic $ (0.12 ) $ (10.99 ) Loss per common share - diluted $ (0.12 ) $ (10.99 )

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS	NOTE 16 – SUBSEQUENT EVENTS Termination of Warrants and Early Redemption Entitlement On April 25, 2023, the Company entered into two warrant termination agreements (the “Warrant Termination Agreements”), one with Discover and one with Antilles (each, an “Investor” and collectively, the “Investors”), pursuant to which each Investor agreed to cancel and terminate, effective as of April 25, 2023 (the “Termination”) all warrants to purchase the Company’s common stock outstanding under (i) that certain Warrant Agreement, dated as of December 30, 2021, by and between the Company and Antilles, and (ii) that certain Warrant Agreement, dated as of December 31, 2021, by and between the Company and Discover. The Warrant Termination Agreements are identical as to their terms. The Investors entered into the Warrant Termination Agreements in order to help facilitate implementation of the Company’s business plans and continued trading on the NYSE American LLC, and, in exchange for the Termination, the Company agreed to the release and indemnity as provided in each Warrant Termination Agreement. Pursuant to the Warrant Termination Agreement, the Investor also agreed that the Company may make an Early Redemption of any remaining shares of Series C Redeemable Convertible Preferred Stock held by the Investor provided that all Promissory Notes executed by the Company in favor of the Investor or any of its affiliates have been paid in full. The term “Early Redemption” has the meaning given to it in the Fifth Amended and Restated Certificate of Designations of Preferences, Powers, Rights and Limitations of Series C Redeemable Convertible Preferred Stock filed by the Company with the State of Nevada regarding such class of preferred stock. Amendment to Articles of Incorporation On April 26, 2023, an amendment to the Company’s articles of incorporation to increase the number of the Company’s authorized shares of common stock from 20,000,000 to 500,000,000 (the “ Amendment Amendment to Merger Agreement In connection with the previously announced resumption of merger negotiations and further steps to complete a merger, on April 18, 2023, the Company and Viking entered into an amendment to that certain Amended and Restated Agreement and Plan of Merger, dated as of February 15, 2023 (as it may be further amended from time to time, the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Viking Merger Sub, Inc., a Nevada corporation and wholly owned subsidiary of the Company will merge with and into Viking (the “Merger”), with Viking surviving the Merger as a wholly-owned subsidiary of the Company. Series C Preferred Stock Issuance of True Up Shares for prior Conversions of Series C Preferred Stock: On or about May 2, 2023, the Company issued a total of 730,241 common shares to EMC Capital Partners as True Up shares associated with prior conversions of Series C Preferred Stock as a result of the continuation of the Measurement Period (as defined in the Certificate of Designation with respect to such Series C Preferred Stock) associated with such conversions and a decline in the price of the Company’s common shares within the Measurement Period. On or about May 2, 2023, the Company issued 242,640 common shares to Antilles as True Up shares associated with prior conversions of Series C Preferred Stock as a result of the continuation of the Measurement Period (as defined in the Certificate of Designation with respect to such Series C Preferred Stock) associated with such conversions and a decline in the price of the Company’s common shares within the Measurement Period. Issuance of Common Shares for new Conversions of Series C Preferred Stock: On or about May 5, 2023, the Company issued 1,653,098 common shares to Antilles in connection with Antilles’ conversion of 65 shares of Series C Preferred Stock. Outstanding Series C Preferred Stock As of May 9, 2023, Antilles holds 173 shares of Series C Preferred Stock. Antilles may convert such Series C Preferred Stock into common shares of the Company pursuant to the terms of the Sixth Amended and Restated Certificate of Designations of Preferences, Powers, Rights and Limitations of Series C Redeemable Convertible Preferred Stock filed by the Company with the Secretary of State of Nevada on November 8, 2021, as amended on October 28, 2022 (as further described herein) (collectively, the “COD”), and applicable agreements between the Company and Antilles. The Company estimates the 173 shares of Series C Preferred Stock would convert into approximately 4.4 million common shares based on a Low VWAP of approximately $1.2521 for the purposes of calculating the conversion premium associated with such conversion(s). If the Low VWAP falls below $1.2521, the underlying common share entitlement(s) would increase in accordance with the terms of the COD.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	The Company has provided a discussion of significant accounting policies, estimates, and judgments in its December 31, 2022, Annual Report on Form 10-K. There have been no changes to the Company’s significant accounting policies since December 31, 2022, which are expected to have a material impact on the Company’s financial position, operations, or cash flows. Amounts presented in the consolidated balance sheet as of December 31, 2022 are derived from our audited consolidated financial statements as of that date. The unaudited consolidated financial statements as of and for the three-month periods ended March 31, 2023 and 2022 have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and the interim reporting rules of the Securities and Exchange Commission (“SEC”) and should be read in conjunction with the audited consolidated financial statements and notes thereto contained in Camber’s latest Annual Report filed with the SEC on Form 10-K. In the opinion of management, all adjustments, consisting of normal recurring adjustments (unless otherwise indicated), necessary for a fair presentation of the financial position and the results of operations for the interim periods presented have been reflected herein. The results of operations for interim periods are not necessarily indicative of the results to be expected for the full year.
Basis of Consolidation	The consolidated financial statements presented herein reflect the consolidated financial results of the Company, its wholly owned subsidiaries, Camber Permian LLC, a Texas limited liability company, CE Operating, LLC, an Oklahoma limited liability company, C E Energy LLC, a Texas limited liability company, which was assigned to PetroGlobe in July 2020 as discussed below under “ Note 11 – Commitments and Contingencies Le al Proceedin
Use of Estimates in the Preparation of Financial Statements	The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and timing of revenues and expenses, the reported amounts and classification of assets and liabilities, and disclosure of contingent assets and liabilities. Significant areas requiring the use of management estimates relate to the determination of fair value of the Company’s Series C Preferred stock, impairment of long-lived assets, stock-based compensation, asset retirement obligations, and the determination of expected tax rates for future income tax recoveries. The estimates of proved, probable and possible oil and gas reserves are used as significant inputs in determining the depletion of oil and gas properties and the impairment of proved and unproved oil and gas properties. There are numerous uncertainties inherent in the estimation of quantities of proved, probable and possible reserves and in the projection of future rates of production and the timing of development expenditures. Similarly, evaluations for impairment of proved and unproved oil and gas properties are subject to numerous uncertainties including, among others, estimates of future recoverable reserves and commodity price outlooks. Actual results could differ from the estimates and assumptions utilized.
Financial Instruments	Accounting Standards Codification, “ASC” Topic 820-10, “Fair Value Measurement” requires disclosure of the fair value of financial instruments held by the Company. ASC Topic 820-10, defines fair value, and establishes a three-level valuation hierarchy for disclosures of fair value measurement that enhances disclosure requirements for fair value measurement. The carrying amounts reported in the consolidated balance sheets for deposits, accrued expenses and other current liabilities, accounts payable, derivative liabilities, amount due to director, and convertible notes each qualify as financial instruments and are a reasonable estimate of their fair values because of the short period of time between the origination of such instruments and their expected realization and their current market rate of interest. The three levels of valuation hierarchy are defined as follows: · Level 1: inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. · Level 2: inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. · Level 3: inputs to the valuation methodology are unobservable inputs to measure fair value of assets and liabilities for which there is little, if any market activity at the measurement date, using reasonable inputs and assumptions based upon the best information at the time, to the extent that inputs are available without undue cost and effort. As of March 31, 2023 and December 31, 2022, the significant inputs to the Company’s derivative liability relative to the Series C Preferred Stock were Level 3 inputs. Assets and liabilities measured at fair value as of and for the three months ended March 31, 2023 are classified below based on the three fair value hierarchy described above: Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) (three months ended March 31, 2023) Financial liabilities: Derivative liability - Series C Preferred Stock $ - $ - $ 9,757,927 $ (2,165,183 ) $ - $ - $ 9,757,927 $ (2,165,183 ) Assets and liabilities measured at fair value as of December 31, 2022 and losses for the three months ended March 31, 2022 are classified below based on the three fair value hierarchy described above: Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) (three months ended March 31, 2022) Financial liabilities: Derivative liability - Series C preferred Stock $ - $ - $ 7,592,744 $ (65,010,723 ) $ - $ - $ 7,592,744 $ (65,010,723 )
Cash and Cash Equivalents	Cash and cash equivalents include cash in banks and financial instruments which mature within three months of the date of purchase. The Company maintains cash and cash equivalents in bank deposit accounts, which at times may exceed federally insured limits of $250,000. At March 31, 2023 and December 31, 2022, the Company’s cash in excess of the federally insured limit was $324,977 and $916,596, respectively. Historically, the Company has not experienced any losses in such accounts. The Company had no cash equivalents at March 31, 2023 and December 31, 2022.
Accounts Receivable	Accounts receivable, net, include amounts due for oil and gas revenues from prior month production. The allowance for doubtful accounts is the Company’s best estimate of the probable amount of credit losses in the Company’s existing accounts receivable. At March 31, 2023 and December 31, 2022 there were no allowances for doubtful accounts.
Investment in Unconsolidated Entities	The Company accounts for its investment in unconsolidated entities under the equity method of accounting when it does not own a controlling financial interest and it has the ability to exercise significant influence over the operating and financial policies of the entity. The Company accounts for its investments in Viking under the equity method. Under the equity method, the investment is initially recorded at cost and the investment is reduced for dividends or distributions it receives and increased or decreased for its proportionate share of earnings or losses of the entity. We assess the potential for other-than-temporary impairment of our equity method investments when impairment indicators are identified. We consider all available information, including the recoverability of the investment, the earnings and near-term prospects of the affiliate, factors related to the industry, conditions of the affiliate, and our ability, if any, to influence the management of the affiliate. We assess fair value based on valuation methodologies, as appropriate, including the present value of estimated future cash flows, estimates of sales proceeds, and external appraisals. If an investment is considered to be impaired and the decline in value is other than temporary, we record an appropriate write-down.
Limitation on Capitalized Costs	Under the full-cost method of accounting, we are required, at the end of each reporting date, to perform a test to determine the limit on the book value of our oil and natural gas properties (the “Ceiling” test). If the capitalized costs of our oil and natural gas properties, net of accumulated amortization and related deferred income taxes, exceed the Ceiling, this excess or impairment is charged to expense. The expense may not be reversed in future periods, even though higher oil and natural gas prices may subsequently increase the Ceiling. The Ceiling is defined as the sum of: (a) the present value, discounted at 10 percent, and assuming continuation of existing economic conditions, of 1) estimated future gross revenues from proved reserves, which is computed using oil and natural gas prices determined as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month hedging arrangements pursuant to SAB 103, less 2) estimated future expenditures (based on current costs) to be incurred in developing and producing the proved reserves, plus (b) the cost of properties not being amortized; plus (c) the lower of cost or estimated fair value of unproven properties included in the costs being amortized, net of (d) the related tax effects related to the difference between the book and tax basis of our oil and natural gas properties. No impairment expense was recorded for the three months ended March 31, 2023.
Oil and Gas Properties	The Company uses the full cost method of accounting for its investment in oil and natural gas properties. Under this method of accounting, all costs associated with acquisition, exploration and development of oil and gas reserves, including directly related overhead costs, are capitalized. General and administrative costs related to production and general overhead are expensed as incurred. All capitalized costs of oil and gas properties, including the estimated future costs to develop proved reserves, are amortized on the unit of production method using estimates of proved reserves. Disposition of oil and gas properties are accounted for as a reduction of capitalized costs, with no gain or loss recognized unless such adjustment would significantly alter the relationship between capitalized costs and proved reserves of oil and gas, in which case the gain or loss is recognized in operations. Unproved properties and major development projects are not amortized until proved reserves associated with the projects can be determined or until impairment occurs. If the results of an assessment indicate that the properties are impaired, the amount of the impairment is included in loss from operations before income taxes
Oil and Gas Reserves	Reserve engineering is a subjective process that is dependent upon the quality of available data and the interpretation thereof, including evaluations and extrapolations of well flow rates and reservoir pressure. Estimates by different engineers often vary sometimes significantly. In addition, physical factors such as the results of drilling, testing and production subsequent to the date of an estimate, as well as economic factors such as changes in product prices, may justify revision of such estimates. Because proved reserves are required to be estimated using recent prices of the evaluation, estimated reserve quantities can be significantly impacted by changes in product prices.
Income (loss) per Share	Basic and diluted income (loss) per share calculations are calculated on the basis of the weighted average number of shares of the Company’s common stock outstanding during the year. Diluted earnings per share give effect to all dilutive potential common shares outstanding during the period using the treasury stock method and convertible preferred stock using the if-converted method. In computing diluted earnings per share, the average stock price for the period is used to determine the number of shares assumed to be purchased from the exercise price of the options and warrants. Purchases of treasury stock reduce the outstanding shares commencing on the date that the stock is purchased. Common stock equivalents are excluded from the calculation when a loss is incurred as their effect would be anti-dilutive.
Revenue Recognition	Sales of crude oil, natural gas, and natural gas liquids (NGLs) are included in revenue when production is sold to a customer in fulfillment of performance obligations under the terms of agreed contracts. Performance obligations primarily comprise delivery of oil, gas, or NGLs at a delivery point, as negotiated within each contract. Each barrel of oil, million BTU (MMBtu) of natural gas, or other unit of measure is separately identifiable and represents a distinct performance obligation to which the transaction price is allocated. Performance obligations are satisfied at a point in time once control of the product has been transferred to the customer. The Company considers a variety of facts and circumstances in assessing the point of control transfer, including but not limited to: whether the purchaser can direct the use of the hydrocarbons, the transfer of significant risks and rewards, the Company’s right to payment, and transfer of legal title. In each case, the time between delivery and when payments are due is not significant.
Income Taxes	The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the consolidated financial statements. Under this method, the Company determines deferred tax assets and liabilities on the basis of the differences between the consolidated financial statements and the tax basis of assets and liabilities by using estimated tax rates for the year in which the differences are expected to reverse. The Company recognizes deferred tax assets and liabilities to the extent that we believe that these assets and/or liabilities are more likely than not to be realized. In making such a determination, we consider all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax planning strategies, and results of recent operations. If we determine that the Company would be able to realize our deferred tax assets in the future in excess of their net recorded amount, we would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. In assessing the realizability of its deferred tax assets, management evaluated whether it is more likely than not that some portion, or all of its deferred tax assets, will be realized. The realization of its deferred tax assets relates directly to the Company’s ability to generate taxable income. The valuation allowance is then adjusted accordingly. The Company recognizes the benefits, if any, of uncertain tax positions taken or expected to be taken in tax returns in the provision for income taxes only for those positions that are more likely than not to be realized. The Company follows a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company considers many factors when evaluating and estimating tax positions and tax benefits, which may require periodic adjustments and which may not accurately forecast actual outcomes. The Company’s policy is to include interest and penalties associated with income tax obligations in income tax expense.
Stock-Based Compensation	The Company may issue stock options to employees and stock options or warrants to non-employees in non-capital raising transactions for services and for financing costs. The cost of stock options and warrants issued to employees and non-employees is measured on the grant date based on the fair value. The fair value is determined using the Black-Scholes option pricing model. The resulting amount is charged to expense on the straight-line basis over the period in which the Company expects to receive the benefit, which is generally the vesting period. The fair value of stock options and warrants is determined at the date of grant using the Black-Scholes option pricing model. The Black-Scholes option model requires management to make various estimates and assumptions, including expected term, expected volatility, risk-free rate, and dividend yield. The expected term represents the period of time that stock-based compensation awards granted are expected to be outstanding and is estimated based on considerations including the vesting period, contractual term and anticipated employee exercise patterns. Expected volatility is based on the historical volatility of the Company’s stock. The risk-free rate is based on the U.S. Treasury yield curve in relation to the contractual life of stock-based compensation instrument. The dividend yield assumption is based on historical patterns and future expectations for the Company dividends.
Derivative Liabilities	The Series C Preferred Stock and Series G Preferred Stock contain provisions that could result in modification of the conversion price that is based on a variable that is not an input to the fair value of a “fixed-for-fixed” option as defined under FASB ASC Topic No. 815 - 40, “Derivatives and Hedging”. The Series C Preferred Stock are convertible into shares of common stock at a fixed $3.25 conversion rate. Upon conversion, the holder is entitled to dividends as if the shares had been held to maturity, which is referred to as the Conversion Premium. The Conversion Premium may be paid in shares or cash, at the option of the Company. If the Conversion Premium is paid in cash, the amount is fixed and not subject to adjustment. If the Conversion Premium is paid in shares, the conversion ratio is based on a volume weighted average price (“VWAP”) calculation based on the lowest stock price over the Measurement Period. The Measurement Period is 30 trading days (or 60 trading days if there is a Triggering Event) prior to the conversion date and 30 trading days (or 60 trading days if there is a Triggering Event) after the conversion date. The VWAP calculation is subject to adjustment if there is a Triggering Event and the Measurement Period is subject to adjustment in the event that the Company is in default of one or more Equity Conditions provided in the COD. For example, the Measurement Period may be extended one day for every day the Company is not in compliance with one or more of the Equity Conditions. Trigger events are described in the designation of the Series C Preferred Stock, but include items which would typically be events of default under a debt security, including filing of reports late with the SEC. At the conversion date, the number of shares due for the Conversion Premium is estimated based on the previous 30-day VWAP (or 60 trading days if there is a Triggering Event). If the Company does not elect to pay the Conversion Premium in cash, the Company will issue all shares due for the conversion and the estimated shares due for the conversion premium. If the VWAP calculation for the portion of the Measurement Period following the date of conversion is lower than the VWAP for the portion of the Measurement Period prior to the date of conversion, the holder will be issued additional common shares, referred to as True-Up shares. If the VWAP calculation is higher, no True-Up shares are issued. The Company has determined that the Series C Preferred Stock contains an embedded derivative liability relating to the Conversion Premium and, upon conversion, a derivative liability for the potential obligation to issue True-Up Shares relating to Series C shares that have been converted and the Measurement Period has not expired, if applicable. The fair value of the derivative liability relating to the Conversion Premium for any outstanding Series C Shares is equal to the cash required to settle the Conversion Premium. The fair value of the potential True-Up share obligation has been estimated using a binomial pricing mode and the lesser of the conversion price or the lowest closing price of the Company’s stock subsequent to the conversion date, and the historical volatility of the Company’s common stock. The Series G Convertible Preferred stock is redeemable or convertible into a variable number of common shares, at the option of the Company. The conversion rate is determined at the time of conversion using a VWAP calculation similar to the Series C Stock described above. As a result, the Series G Preferred Stock contains an embedded derivative that is required to be recorded at fair value. The Company has determined that the fair value of the embedded derivative as of March 31, 2023 and December 31, 2022 is negligible due to the restrictions on conversion. The embedded derivative associated with the Series G Stock is marked to market at each reporting date with changes in fair value recorded in income.
Accounting for Asset Retirement Obligations	Asset retirement obligations (“ARO”) primarily represent the estimated present value of the amount the Company will incur to plug, abandon and remediate its producing properties at the projected end of their productive lives, in accordance with applicable federal, state and local laws. The Company determined its ARO by calculating the present value of estimated cash flows related to the obligation. The retirement obligation is recorded as a liability at its estimated present value as of the obligation’s inception, with an offsetting increase to proved properties.
Recently Adopted Accounting Pronouncements	There were no recently adopted accounting standards that management expects to have a material impact on the Company.
Subsequent Events	The Company has evaluated all subsequent events from March 31, 2023 through the date of filing of this report.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Assets and liabilities measured at fair value	Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) (three months ended March 31, 2023) Financial liabilities: Derivative liability - Series C Preferred Stock $ - $ - $ 9,757,927 $ (2,165,183 ) $ - $ - $ 9,757,927 $ (2,165,183 ) Description Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Gains (Losses) (three months ended March 31, 2022) Financial liabilities: Derivative liability - Series C preferred Stock $ - $ - $ 7,592,744 $ (65,010,723 ) $ - $ - $ 7,592,744 $ (65,010,723 )

OIL AND GAS PROPERTIES (Tables)

OIL AND GAS PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2023
OIL AND GAS PROPERTIES
Schedule of oil and natural gas properties	December 31, 2022 Depletion and Adjustments March 31, 2023 Proved developed producing oil and gas properties United States cost center $ 78,433,316 $ - $ 78,433,316 Accumulated depreciation, depletion and amortization (78,370,049 ) (1,360 ) (78,371,409 ) Proved developed producing oil and gas properties, net $ 63,267 $ (1,360 ) $ 61,907

INVESTMENT IN UNCONSOLIDATED _2

INVESTMENT IN UNCONSOLIDATED ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2023
INVESTMENT IN UNCONSOLIDATED ENTITIES
Schedule of investment in unconsolidated entities	March 31, 2023 December 31, 2022 Carrying amount – beginning $ 26,837,718 $ 36,299,592 Proportionate share of (losses) (1,097,839 ) (9,461,874 ) Carrying amount – ending $ 25,739,879 $ 26,837,718

ASSET RETIREMENT OBLIGATIONS (T

ASSET RETIREMENT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2023
ASSET RETIREMENT OBLIGATIONS
Schedule of reconciliation of long-term legal obligations of oil and natural obligations	March 31, 2023 December 31, 2022 Carrying amount at beginning of year $ 61,545 $ 53,055 Accretion 1,463 8,490 Carrying amount at end of year $ 63,008 $ 61,545

LONG TERM DEBT (Tables)

LONG TERM DEBT (Tables)	3 Months Ended
	Mar. 31, 2023
LONG TERM DEBT
Schedule of long-term debt obligations	Long-term debt obligations of Camber Energy, Inc.: March 31, 2023 December 31, 2022 Note payable to Discover Growth Fund, pursuant to a Secured Promissory Note dated December 24, 2021 and funded on January 3, 2022 in the original amount of $26,315,789 with interest and principal due at maturity on January 1, 2027. The note bears interest at a rate equal to the Wall Street Journal Prime Rate and is secured by lien on substantially all of the Company’s assets. $ 26,315,789 $ 26,315,789 Note payable to Discover Growth Fund, pursuant to a 10.0% Secured Promissory Note dated December 11, 2020 in the original amount of $6,000,000 with interest and principal due at maturity on January 1, 2027. The Note is secured by lien on substantially all of the Company’s assets. 6,000,000 6,000,000 Note payable to Discover Growth Fund, pursuant to a 10.0% Secured Promissory Note dated December 22, 2020 in the original amount of $12,000,000 with interest and principal due at maturity on January 1, 2027. The Note is secured by first lien on the Company’s ownership in Viking. 12,000,000 12,000,000 Note payable to Discover Growth Fund, LLC pursuant to a 10.0% Secured Promissory Note dated April 23, 2021 in the original amount of $2,500,000 with interest and principal due at maturity on January 1, 2027. The Note is secured by lien on substantially all of the Company’s assets. 2,500,000 2,500,000 Principal value of debt 46,815,789 46,815,789 Less: unamortized debt discount (12,094,648 ) (12,888,029 ) Total long-term debt, net 34,721,141 33,927,760 Less current portion - $ 34,721,141 $ 33,927,760
Principal maturities of long-term debt	Twelve month period ended March 31, 2024 $ - 2025 - 2026 - 2027 34,721,141 Thereafter - $ 34,721,141

DERIVATIVE LIABILITIES (Tables)

DERIVATIVE LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2023
DERIVATIVE LIABILITIES
Schedule of activity for derivative series C Preferred stock Liability	March 31, 2023 December 31, 2022 Carrying amount at beginning of year $ 7,592,744 $ 93,108,568 Issued Series C preferred shares - - Change in fair value 2,165,183 89,523,091 Settlement of obligation (issuance of common shares) - (175,038,915 ) Carrying amount at end of year $ 9,757,927 $ 7,592,744

REVENUE FROM CONTRACTS WITH C_2

REVENUE FROM CONTRACTS WITH CUSTOMERS (Tables)	3 Months Ended
	Mar. 31, 2023
REVENUE FROM CONTRACTS WITH CUSTOMERS
Schedule of disaggregates revenue	Three months ended March 31, 2023 Three months ended March 31, 2022 Oil sales $ 64,900 $ 83,056 Natural gas sales and liquids 28,571 53,351 Total oil and gas revenue from customers $ 93,471 $ 136,407

STOCKHOLDERS DEFICIT (Tables)

STOCKHOLDERS DEFICIT (Tables)	3 Months Ended
	Mar. 31, 2023
STOCKHOLDERS DEFICIT
Schedule of conversion of Series C Preferred stock	March 31, 2023* December 31, 2022** Estimated number of shares issuable for conversion at $ 162.50 per share at March 31, 2023 and December 31, 2022 respectively 14,646 16,615 Estimated number of common shares required to satisfy Conversion Premium using VWAP at period end 5,950,730 3,758,845 5,965,376 3,775,460
Schedule of outstanding warrants	Warrants Exercise Expiration lntrinsic Value at Outstanding Price ($) Date March 31, 2023 1 (1) $ 609,375.00 May 24, 2023 $ - 1,000,000 (2) $ 100.00 December 30, 2026 $ - 1,000,000 (2) $ 200.00 December 30, 2026 $ - 500,000 (3) $ 500.00 December 31, 2026 $ - 500,000 (3) $ 1,000.00 December 31, 2026 $ - 3,000,001 $ -

INCOME (LOSS) PER COMMON SHARE

INCOME (LOSS) PER COMMON SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
INCOME (LOSS) PER COMMON SHARE
Schedule of earnings (loss) per share	Three months ended March 31, 2023 Three months ended March 31, 2022 Numerator: Net loss $ (2,346,076 ) $ (68,155,477 ) Less preferred dividends - - Net loss attributable to common stockholders $ (2,346,076 ) $ (68,155,477 ) Denominator Weighted average share – basic 19,718,868 6,199,798 Dilutive effect of common stock equivalents options/warrants — — Preferred C shares — — Denominator Total weighted average common shares – diluted 19,718,868 6,199,798 Loss per common share - basic $ (0.12 ) $ (10.99 ) Loss per common share - diluted $ (0.12 ) $ (10.99 )

RELATIONSHIP WITH AND INVESTMEN

RELATIONSHIP WITH AND INVESTMENT IN VIKING ENERGY GROUP INC (Details Narrative) - USD ($)		1 Months Ended		3 Months Ended
	Jan. 08, 2021	Jul. 29, 2021	Dec. 23, 2020	Mar. 31, 2023	Dec. 31, 2022	Dec. 31, 2020	Dec. 11, 2020
Borrowed amount				$ 9,757,927	$ 7,592,744	$ 93,981,234
Beneficial ownership percentage				4.99%
Viking Energy Group, Inc [Member]
Business acquire percenage			51%
Ownership percenage				60.90%
Consideration transferred			$ 10,900,000
Promissory notes cancelled			$ 9,200,000
Viking Energy Group, Inc [Member] | Securities Purchase Agreement [Member]
Percentage of outstanding common stock			51%
Share purchase for acquisition			26,274,510
Additional share acquired	16,153,846	27,500,000
Acquired Interest		60.50%
Aggregate purchase price		$ 11,000,000
Investor [Member]
Borrowed amount			$ 12,000,000
Promissory note principal amount			$ 12,000,000
Interest rate			10%
Previously issued note							$ 6,000,000
EMC Capital Partners, LLC [Member] | Cancellation Agreement [Member]
Cancellation amount paid	$ 325,000
EMC Capital Partners, LLC [Member] | Series C Redeemable Convertible Preferred Stock [Member]
Promissory note principal amount	$ 20,869,218
Share issued for consideration	1,890
Camber [Member]
Percentage of outstanding common stock			51%
Share purchase for acquisition			26,274,510

LIQUIDITY AND GOING CONCERN C_2

LIQUIDITY AND GOING CONCERN CONSIDERATIONS (Details Narrative) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Gain (loss) on derivative and warrant liability	$ 1,281,706	$ (65,010,723)
Equity loss on unconsolidated entity	(1,097,839)	(965,910)
Amortization of debt discount	12,094,648		$ 12,888,029
Stockholders' deficit	(19,469,710)	(68,185,831)	(17,123,633)	$ (71,813,552)
Long-term debt	34,721,141		$ 33,927,760
Net loss	2,346,076	68,155,477
LIQUIDITY AND GOING CONCERN CONSIDERATIONS
Gain (loss) on derivative and warrant liability	1,281,706
Depreciation, depletion and accretion	2,823
Non-cash items net	612,336
Equity loss on unconsolidated entity	(1,097,839)
Amortization of debt discount	793,380,000,000
Working capital deficit	16,600,000
Stockholders' deficit	(19,469,710)
Long-term debt	34,721,141
Derivative liability	9,800,000
Warrant liability	2,400,000
Net loss	$ 2,346,076	$ 68,155,477

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Derivative liabilites	$ 9,757,927	$ 7,592,744
Derivative Gain (Loss) [Member]
Derivative liabilites	(2,165,183)	(65,010,723)
Total gain loss	(2,165,183)	(65,010,723)
Level 1 [Member]
Derivative liabilites	0	0
Level 2 [Member]
Derivative liabilites	0	0
Level 3 [Member]
Derivative liabilites	9,757,927	7,592,744
Level 3 [Member] | Series C Preferred Stock [Member]
Derivative liabilites	$ 9,757,927	$ 7,592,744

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
FDIC insured limit	$ 250,000	$ 250,000
Cash and cash equivalents limits	$ 324,977	$ 916,596
Conversion Price for Preferred Stock	$ 0.4503
Series C Preferred Stock [Member]
Conversion Price for Preferred Stock	$ 3.25

OIL AND GAS PROPERTIES (Details

OIL AND GAS PROPERTIES (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Proved developed producing oil and gas properties United States cost center	$ 78,433,316		$ 78,433,316
Accumulated depreciation, depletion and amortization	(78,371,409)		(78,370,049)
Accumulated depreciation, depletion and amortization	(2,823)	$ (2,867)
Proved developed producing oil and gas properties, net	61,907		$ 63,267
Depletion And Adjustment [Member]
Proved developed producing oil and gas properties United States cost center	0
Accumulated depreciation, depletion and amortization	(1,360)
Proved developed producing oil and gas properties, net	$ (1,360)

INVESTMENT IN UNCONSOLIDATED _3

INVESTMENT IN UNCONSOLIDATED ENTITIES (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
INVESTMENT IN UNCONSOLIDATED ENTITIES
Carrying amount at beginning of year	$ 26,837,718	$ 36,299,592
Proportionate share of (losses)	(1,097,839)	(9,461,874)
Carrying amount at Ending of year	$ 25,739,879	$ 26,837,718

INVESTMENT IN UNCONSOLIDATED _4

INVESTMENT IN UNCONSOLIDATED ENTITIES (Details Narrative)	Mar. 31, 2023
Viking Energy Group, Inc [Member]
Ownership percenage	60.90%

ASSET RETIREMENT OBLIGATIONS (D

ASSET RETIREMENT OBLIGATIONS (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
ASSET RETIREMENT OBLIGATIONS
Carrying amount at beginning of year	$ 61,545	$ 53,055
Accretion	1,463	8,490
Carrying amount at Ending of year	$ 63,008	$ 61,545

LONG TERM DEBT (Details)

LONG TERM DEBT (Details) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Total	$ 34,721,141	$ 33,927,760
Total long-term debt associated with Camber Energy, Inc.	34,721,141	33,927,760
Less current portion	0
Less: unamortized debt discount	12,094,648	12,888,029
Principal value of debt	46,815,789	46,815,789
Total	34,721,141
Discover Growth Fund, LLC [Member]
Total	26,315,789	26,315,789
Discover Growth Fund, LLC 1 [Member]
Total	6,000,000	6,000,000
Discover Growth Fund, LLC 2 [Member]
Total	12,000,000	12,000,000
Discover Growth Fund, LLC 3 [Member]
Total	$ 2,500,000	$ 2,500,000

LONG TERM DEBT (Details 1)

LONG TERM DEBT (Details 1)	Mar. 31, 2023 USD ($)
LONG TERM DEBT
2024	$ 0
2025	0
2026	0
2027	34,721,141
Thereafter	0
Total	$ 34,721,141

LONG TERM DEBT (Details Narrati

LONG TERM DEBT (Details Narrative) - USD ($)		3 Months Ended		12 Months Ended
	Jan. 03, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Additional debt discount		$ 793,380	$ 766,935
Face value of loan		$ 2,165,183		$ 89,523,091
Note Agreement [Member]
Warrant to purchase shares of common stock		500,000
Warrant to purchase exercise price		$ 500
Warrant expire date		Dec. 31, 2026
Net proceed received		$ 500,000
Additional debt discount		$ 14,763,393
Note Agreement One [Member]
Warrant to purchase shares of common stock		500,000
Warrant to purchase exercise price		$ 1,000
Loan Agreement [Member]
Loan amount	$ 25,000,000	$ 25,000,000
Loan amount discount	5%
Face value of loan	$ 26,315,790
Notes converted common stock per share	$ 1.50

DERIVATIVE LIABILITIES (Details

DERIVATIVE LIABILITIES (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
DERIVATIVE LIABILITIES
Carrying amount at beginning of period	$ 7,592,744	$ 93,108,568
Issued Series C preferred shares	0	0
Change in fair values	2,165,183	89,523,091
Settlement of Obligation (issuance of common shares)	0	(175,038,915)
Carrying amount at ending of period	$ 9,757,927	$ 7,592,744

DERIVATIVE LIABILITIES (Detai_2

DERIVATIVE LIABILITIES (Details Narrative)	3 Months Ended
	Mar. 31, 2023 $ / shares
DERIVATIVE LIABILITIES
Conversion rate	$ 3.25
Conversion premium dividend rate	24.95%
Increased conversion premium dividend	34.95%
Stock split stockholders equity reverse	the Company declared four reverse stock splits in 2018 and 2019 and the Company’s common stock generally trades at less than $1.00 per share

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details Narrative)	3 Months Ended
	Mar. 31, 2023 USD ($)
AGD Advisory Group, Inc. [Member]
Professional fee monthly	$ 20,000
FWB Consulting, Inc. [Member]
Professional fee monthly	$ 20,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details Narrative)	3 Months Ended
	Mar. 31, 2023 USD ($)
Overriding royalty interest	4%
Petroglobe Energy Holdings, LLC and Signal Drilling, LLC [Member]
Litigation settlement amount	$ 100,000
Randy L Robinson [Member]
Working interest	50%

REVENUE FROM CONTRACTS WITH C_3

REVENUE FROM CONTRACTS WITH CUSTOMERS (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Total oil and gas revenue from customers	$ 93,471	$ 136,407
Oil Gas [Member]
Total oil and gas revenue from customers	64,900	83,056
Natural gas sales and liquids [Member]
Total oil and gas revenue from customers	$ 28,571	$ 53,351

STOCKHOLDERS DEFICIT (Details)

STOCKHOLDERS DEFICIT (Details) - shares	Mar. 31, 2023	Dec. 31, 2022
STOCKHOLDERS DEFICIT
Estimated number of shares issuable for conversion at $ 162.50 per share at March 31, 2023 and December 31, 2022 respectively	14,646	16,615
Estimated number of common shares required to satisfy Conversion Premium using VWAP at period end	5,950,730	3,758,845
Dilution of the Company's existing shareholders	5,965,376	3,775,460

STOCKHOLDERS DEFICIT (Details 1

STOCKHOLDERS DEFICIT (Details 1)	Mar. 31, 2023 USD ($) $ / shares shares
Warrants outstanding | shares	3,000,001
Intrinsic Value | $	$ 0
Warrant Exercise Price 609375.00 [Member]
Warrants outstanding | shares	1
Intrinsic Value | $	$ 0
Warrant expiration date	May 24, 2023
Warrant exercise price | $ / shares	$ 609,375
Warrant Exercise Price 100.00 [Member]
Warrants outstanding | shares	1,000,000
Intrinsic Value | $	$ 0
Warrant expiration date	Dec. 30, 2026
Warrant exercise price | $ / shares	$ 100
Warrant Exercise Price 200.00 [Member]
Warrants outstanding | shares	1,000,000
Intrinsic Value | $	$ 0
Warrant expiration date	Dec. 30, 2026
Warrant exercise price | $ / shares	$ 200
Warrant Exercise Price 500.00 [Member]
Warrants outstanding | shares	500,000
Intrinsic Value | $	$ 0
Warrant expiration date	Dec. 31, 2026
Warrant exercise price | $ / shares	$ 500
Warrant Exercise Price 1000.00 [Member]
Warrants outstanding | shares	500,000
Intrinsic Value | $	$ 0
Warrant expiration date	Dec. 31, 2026
Warrant exercise price | $ / shares	$ 1,000

STOCKHOLDERS DEFICIT (Details N

STOCKHOLDERS DEFICIT (Details Narrative) - USD ($)			1 Months Ended	3 Months Ended		12 Months Ended
	Mar. 10, 2022	Jan. 08, 2021	Dec. 30, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Jun. 15, 2022	Jul. 10, 2021	Aug. 31, 2020	Feb. 03, 2020
Conversion Price for Preferred Stock				$ 0.4503
Warrants issued				$ 25,000,000
Issuance of Common Shares for Consulting Fees, amount				$ 1,336,143	$ 123,754	$ 1,494,858
Preferred Stock Series C [Member]
Common stock share issued		1,890
Conversion Price for Preferred Stock				$ 0.3475
Other liabilities totaling		$ 18,900,000
Conversions Price				$ 0.1519
Common shares in connection with prior conversions				730,241
Preferred stock, shares outstanding				238			270
Consideration amount											$ 5,000,000
Shares sold											525
Aggregate amount											$ 5,775,000
Series A, Preferred Stocks [Member]
Sale of redeemable convertible preferred stock				890
Designated Shares										28,092
Ownership percentage				9.99%
Preferred Stock Series G [Member] | StockPurchaseAgreement [Member]
Sale of redeemable convertible preferred stock			10,544
Sale of redeemable convertible preferred stock face value			$ 10,000
Sale of redeemable convertible preferred stock aggregate purchase price			$ 100,000,000
Original issue discount			5%
Payment via cash			$ 5,000,000
Amount payable by investor			23,750,000
Number of share for sole discretion			2,636
Consideration Sole Discreation Amount			$ 1,375,000
Series G Preferred Stock 1 [Member]
Number of shares outstanding				7,908
Face value redeemable convertible preferred stock price per share			$ 10,000
Share Redemption Description				the Corporation may redeem any or all shares of Series G Preferred Stock by paying Holder, in registered or unregistered shares of common stock valued at an amount per share equal to 100% of the Liquidation Value for the shares redeemed, and the Corporation will use its best efforts to register such shares
Cumulative dividend rate			10%
Description of applicable Conversion Premium payable				95.0% of the average of the 5 lowest individual daily volume weighted average prices of the common stock on the Trading Market during the applicable Measurement Period, which may be non-consecutive, less $0.05 per share of common stock, not to exceed (B) 100% of the lowest sales price on the last day of such Measurement Period less $0.05 per share of common stock, or (ii) during the time that any MAC is ongoing, (A) 85.0% of the lowest daily volume weighted average price during any Measurement Period for any conversion by Holder, less $0.10 per share of common stock, not to exceed (B) 85.0% of the lowest sales price on the last day of any Measurement Period, less $0.10 per share of common stock
Series C Preferred Stock [Member]
Conversion Price for Preferred Stock				$ 3.25
Preferred stock, shares outstanding				238			270
Series C Preferred Stock [Member] | Minimum [Member]
Designated Shares									5,000
Series C Preferred Stock [Member] | Maximum [Member]
Designated Shares									5,200
SylvaCap Media [Member]
Common stock share issued				571,194
Investor [Member] | Series G Redeemable Convertible Preferred Stock [Member] | StockPurchaseAgreement [Member]
Stock purchase	10,544
Redumption of share	2,636			2,636				2,636
Consideration payble	$ 1,375,000			$ 2,636				$ 1,375,000
Stock redemption value				$ 1,375,000

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Narrative) - shares		1 Months Ended
	Dec. 14, 2022	Dec. 30, 2021	Feb. 23, 2021	Mar. 31, 2023
Increase number of authorized common stock	from 1,000,000,000 to 20,000,000	from 250,000,000 to 1,000,000,000	from 25,000,000 to 250,000,000
Stock Incentive Plan 2012 [Member]
Number of shares available for issuance				5
Shares authorized under incentive plan				96
Stock Incentive Plan 2010 [Member]
Number of shares available for issuance				58
Shares authorized under incentive plan				1
Stock Incentive Plan 2014 [Member]
Shares authorized under incentive plan				2,500,000

INCOME (LOSS) PER COMMON SHAR_2

INCOME (LOSS) PER COMMON SHARE (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Numerator:
Net Loss	$ (2,346,076)	$ (68,155,477)
Less preferred dividends	0	0
Net loss attributable to common stockholders	$ (2,346,076)	$ (68,155,477)
Denominator
Weighted average share - basic	19,718,868	6,199,798
Dilutive effect of common stock equivalents options/warrants	0	0
Preferred C shares	0	0
Total weighted average shares - diluted	19,718,868	6,199,798
Loss per common share - basic
Loss per common share from continuing operations	$ (0.12)	$ (10.99)
Loss per common share - diluted
Loss per common share from continuing operations	$ (0.12)	$ (10.99)

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	May 09, 2023	May 05, 2023	May 02, 2023	Apr. 26, 2023	Mar. 31, 2023	Dec. 31, 2022
Conversion of preferred stock into common stock, price per share					$ 0.4503
Common stock, shares authorized					20,000,000	20,000,000
Common stock, shares issued					20,000,000	18,092,663
Series C Preferred Stock [Member]
Conversion of preferred stock into common stock, price per share					$ 3.25
Subsequent Event [Member]
Common stock, shares authorized				20,000,000
Increase common stock, shares authorized				500,000,000
Subsequent Event [Member] | EMC Capital Partners [Member] | Series C Preferred Stock [Member]
Common stock, shares issued			730,241
Subsequent Event [Member] | Antilles [Member] | Series C Preferred Stock [Member]
Conversion of preferred stock into common number of common stock, shares	173	1,653,098
Conversion of preferred stock into common stock		65
Conversion of preferred stock into common stock, value	$ 4.4
Conversion of preferred stock into common stock, price per share	$ 1.2521
Common stock, shares issued			242,640