Accelerating into the Curve Forward-Looking and Cautionary - PowerPoint PPT Presentation

www.camber.energy INVESTOR PRESENTATION NYSE MKT: CEI March / April 2017 Accelerating into the Curve

Forward-Looking and Cautionary Statements Safe Harbor Statement and Disclaimer This presentation includes “forward -looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements give our current expectations, opinions, belief or forecasts of future events and performance. A statement identified by the use of forward-looking words including “may,” “will,” “expect,” “anticipate,” “estimate,” “hope,” “plan,” “believe,” “predict,” “envision,” “if,” “intend,” “would,” “probable,” “project,” “forecasts,” “outlook,” “aim,” “might,” “likely” “positioned,” “strategy,” “continue,” “potential,” “ensure,” “should,” “confident,” “could” and similar words and expressions, and the negative thereof, and certain of the other foregoing statements may be deemed forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, these statements involve risks and uncertainties that may cause actual future activities and results to be materially different from those suggested or described in this presentation, including our ability to integrate and realize the benefits expected from the Segundo acquisition and future acquisitions that we may complete; the availability of funding and the terms of such funding; our growth strategies; anticipated trends in our business; our ability to repay outstanding loans and satisfy our outstanding liabilities; our liquidity and ability to finance our exploration, acquisition and development strategies; market conditions in the oil and gas industry; the timing, cost and procedure for future acquisitions; the impact of government regulation; estimates regarding future net revenues from oil and natural gas reserves and the present value thereof; legal proceedings and/or the outcome of and/or negative perceptions associated therewith; planned capital expenditures (including the amount and nature thereof); increases in oil and gas production; changes in the market price of oil and gas; changes in the number of drilling rigs available; the number of wells we anticipate drilling in the future; estimates, plans and projections relating to acquired properties; the number of potential drilling locations; our financial position, business strategy and other plans and objectives for future operations; and other risks described in the Company’s Annual Report on Form 10-K and other filings with the SEC, available at the SEC’s website at www.sec.gov. Investors are cautioned that any forward-looking statements are not guarantees of future performance and actual results or developments may differ materially from those projected. The forward-looking statements in this presentation are made as of the date hereof. The Company takes no obligation to update or correct its own forward-looking statements, except as required by law, or those prepared by third parties that are not paid for by the Company. The Company's SEC filings are available on its website or at http://www.sec.gov. The information and estimates contained in this document may include certain statements, estimates and projections developed by the company. Such statements, estimates and projections reflect various assumptions by Camber Energy concerning anticipated oil in place, recoverability and production, which assumptions may or may not occur. No representations are made as to the accuracy of such statements, estimates or projections and actual performance may be materially different from that set forth in such statements, estimates or projections. 2

Contents cam  ber | kambər | (noun) - a slightly convex or arched shape Slides (A) : Deck Slid Slides: Appendix ix Slid 4 Company Profile 20 Company Transition 5 Management Team 21 Board of Directors 6 Recent Transaction History 22-24 Management Team Detail 7 Platform for Growth 25 Hz San Andres - Resource 8 Company Strategy 26 Hz San Andres -Residual Oil Zone Concept 9-11 Asset Overview 27 Oil & Gas Reserves 12-17 Horizontal San Andres 28-31 Select Financials 18 Contact Information (A) Indicates additional information can be found in the Appendix 3

Company Profile • Camber Energy (formerly Lucas Energy) - recently restructured, publicly-traded • Committed to building shareholder value via asset field re-development & exploitation, drilling & development and additional asset acquisitions • Original leasehold position in the Austin Chalk trend of South Texas • Transforming from conventional E&P company to shallow, horizontal drilling and production player • Acquired platform of 1,000+ Boe/day of production in Oklahoma’s liquid’s rich Hunton formation • Leveraged Hunton expertise into emerging horizontal San Andres play in the Permian Basin • Positioned for sustained growth trajectory following prolonged 3-year industry downturn Market Statistics: (1) Symbol: NYSE MKT: CEI Central West Texas Stock Price: $0.47 Oklahoma Permian Basin Trading Range: $0.46 – $7.98 San Andres, Hunton Cline & Wolfberry (52-Week) Market Cap: $13.3 MM Daily Volume: 416,703 South Texas (Average 3 mo) (1) As of 3/24/2017 Austin Chalk - Eagle Ford 4

Camber Energy Management Team (A) CEO: Anthony “Tony” Schnur SVP, Land & Business Development: w 30+ Year Financial Executive Thomas “Tommy” Hardisty w Oil & Gas Turn-Around w 30+ Year Professional Specialist Land, A&D and Business Development Leader w Formerly with Chroma O&G, w Formerly with Davis Aquila Energy Capital Petroleum, Particle Drilling, PetroCorp COO: Ken Sanders w Former Director, Eco-Stim w 40+ Year Petroleum Engineer, Energy w Formerly with Seagull Energy, Shell Oil, Kerr McGee SVP, Engineering & Operations: J. Mark Bunch CAO: Paul Pinkston w 30+ Year Petroleum Engineer w 20+ Year CPA, Accounting & w Produced Clastic & Carbonate Audit Reservoirs through out N.A. w Formerly with Baker Hughes, w Formerly with Davis Arthur Anderson Petroleum, Mecom Oil, Huddleston, PetroCorp, Arco (A) Indicates additional information can be found in the Appendix 5

istory (A) Recent Transaction His Prime for Growth Moving Forward Approval to “CEI” Enters change Begins Agreement to Expanded name to trading on Fund EF Shale management Camber NYSE MKT Development team Energy Jan 6, Dec 2017 Aug Sep 2016 2016 2016 2017 Present 2016 Nov Jan 3, Feb 24, Aug 2016 2017 2017 2016 Enters Purchase of ~3,600 Agreement to Closes Segundo Completed Second net acres in acquire ~13,000 transaction Funding Tranche emerging Hz San net acres in Hz (1,000 BOE/day) with Discover Andres Play of San Andres Play Growth Fund Permian Basin in Permian Basin (A) Indicates additional information can be found in the Appendix 6

Build ildin ing on the Pla latform for Growth Platform for Growth • Optimize Deep team experienced in operations, reserve evaluation, financial, land and A&D Upside • 1,000 BOE/day acquired late 2016 (Execution) • Aggressive move into the horizontal San Andres • Significant expansion of drilling inventory Transaction Transaction Flexibility • Flexibility Earn-ins/earn-outs, • Conditional option payments (Capitalization) • Convertible debt • Common equity Platform for Growth Optimization Upside • Manage operations efficiently and optimally (Production, Drilling • Inventory & Team) Develop assets and Drill effectively • Acquire assets smartly 7

Company Strategy Balanced Approach to Increase Cash Flow and Valuation Exploit Resources Bolt-On Development Drilling  Well Work-overs  Acquire additional WI in  Rationalize Acreage  Compression Offset Fields Inventory  Operating Efficiency  Apply Technical Focus  Convert PUDs to PDP  Production Optimization  Cash Flow  Cash Flow  Scale & Leverage Existing  Expand Proven Reserves & Maintenance  Cost Reduction  Expand Drilling Inventory Operations & Infrastructure Higher Upside Potential & Risk Lower Upside Potential & Risk  Drilling Inventory  Oklahoma: 40-60 Hunton Drilling Locations (Added August 2016)  South Texas: 20-30 Eagle Ford Shale Drilling Locations (Legacy)  West Texas: 80+ San Andres Drilling Locations (under PSA) *Above Information as of 3/1/17 and is based on internal company estimates. 8

So South Texas: Austin Cha halk & Eagle Ford d Sh Shale Highlights • Legacy Assets • 24 Active Wells Exploitation  Well work to reactivate shut-in wells • 7,000 Net Acres (Austin Chalk) Bolt-On (or off) Strategy • Continue to review tactical • 2,000 Net Acres (Eagle Ford) opportunities to grow • Selective acreage purchase, farm-in / • 60 BOE/d -Q4 2016 farm-outs Operations Update Development Drilling  Studying potential drilling 2H 2017 • Well Work overs / Mechanical Repairs  Estimated D+C $5.3 million per Hz EF  Company to retain carried WI to • Well Stimulations minimize capital exposure • Potential for Selective Drilling *Eagle Ford Acreage is a subset of the Austin Chalk Acreage *Above information as of 12/31/16 9