As previously disclosed in the Current Report on Form 8-K of Camber Energy, Inc. (Camber) filed on December 23, 2020, on December 23, 2020, Camber borrowed $12,000,000 from an institutional investor; 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; and (iii) granted the Investor a first-priority security interest in Camber’s shares of Viking Energy Group, Inc. (Viking) and Camber’s other assets pursuant to a Security Agreement-Pledge and a general security agreement. On April 23, 2021, Camber borrowed an additional $2,500,000 from the Investor; issued the Investor a promissory note in the principal amount of $2,500,000 (the “Third Investor Note”), accruing interest at the rate of 10% per annum and maturing December 11, 2022; to secure payment of the Third Investor Note, the Second Investor Note, and Camber’s original $6,000,000 note issued to the Investor dated December 11, 2020 (the “First Investor Note”), granted the Investor a first-priority security interest in Camber’s shares of Viking and Camber’s other assets pursuant to a Security Agreement-Pledge and a general security agreement. The Investor may convert amounts owing under the Third Investor Note into shares of common stock of Camber at a fixed price of $1.00 per share, subject to beneficial ownership limitations.