Camber Energy Markedly Improves Terms of Existing P. Notes

HOUSTON, January 3, 2022 - Camber Energy Inc. (NYSE American:CEI) ("Camber" or the "Company") is pleased to announce that it effected favorable amendments to certain outstanding promissory notes in the aggregate principal amount of $20.5 million, as a result of the Company increasing its authorized capital on December 30, 2021.

Key terms of the promissory notes are now as follows:

• Maturity Date: January 1, 2027
• Interest Rate: Wall Street Journal Prime Rate, with interest payable at maturity
• Conversion: all or part of the part of the amount owing may be convertible into shares of common stock of the Company at $1.50 per share ^[1]

Additional details regarding the amendments were included in Camber's Current Report on Form 8-K filed with the Securities and Exchange Commission ("SEC") on December 27, 2021, and are available under " investors " - " SEC filings " at www.camber.energy.

About Camber Energy, Inc.

Camber Energy Inc. is a growth-oriented diversified energy company. Through its majority-owned subsidiary, Camber provides custom energy & power solutions to commercial and industrial clients in North America and owns interests in oil and natural gas assets in the United States The company's majority-owned subsidiary also holds an exclusive license in Canada to a patented carbon-capture system. For more information, please visit the company's website at www.camber.energy.

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Any statements that are not historical facts contained in this press release are "forward-looking statements", which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the oil and gas industry, the COVID-19 pandemic, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in Camber's filings with the Securities and Exchange Commission. We intend that all forward-looking statements be subject to the safe-harbor provisions.

Contact Information
Investors and Media:
Tel. 281.404.4387 (ext.3)

^[1] Subject to a 9.99% beneficial ownership limitation

SOURCE: Camber Energy Inc.