Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

On August 21, 2024, the Board of Directors of Camber Energy, Inc. ("Camber" or the "Company"), based on the recommendation of the Company's management and the Audit Committee, and after consultation with the Company's independent registered public accounting firm, concluded that the Company's previously issued audited consolidated financial statements as of and for the year ended December 31, 2023 included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (the "Annual Report") and the Company's previously issued unaudited consolidated financial statements included in the Quarterly Reports on Form 10-Q for the quarters ended September 30, 2023 and March 31, 2024 (the "Quarterly Reports" and, together with the Annual Report, the "Reports" and all financial statements included in the Reports, collectively, the "Affected Financials") should no longer be relied upon due to how the Company valued its equity interest in Viking Energy, Inc. ("Viking") at the closing date of the previously disclosed merger involving Camber and Viking. Similarly, any previously furnished or filed reports, related earnings releases, related management's discussion and analysis of financial condition and results of operations, investor presentations or similar communications of the Company describing relevant portions of the Affected Financials should no longer be relied upon.

The Company intends to file amendments to the Annual Report and the Quarterly Reports, including restated financial statements and related disclosures (collectively, the "Amended Reports"), as promptly as practicable. The restatements to the financial statements in the Amended Reports will be non-cash adjustments and do not impact the cash flows of the Company.

With respect to internal controls over financial reporting, the Company has previously disclosed in the Affected Filings the existence of a material weakness in internal control over financial reporting due to a lack of internal resources to analyze and interpret complex accounting issues.

The Company's management has discussed the matters described in this Item 4.02 with the Company's independent registered public accounting firm, Turner, Stone & Company, L.L.P.

Cautionary Note Regarding Forward-Looking Statements

Certain statements in this Report may be considered "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995 and within the meaning of the federal securities laws. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties such as those set forth in the section entitled "Risk Factors" and "Cautionary Note Regarding Forward-Looking Statements" in the Company's Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q, Registration Statement on Form S-1, Current Reports on Form 8-K that are available on the website of the Securities and Exchange Commission (the "SEC") at www.sec.gov and other documents filed, or to be filed with the SEC by the Company. The foregoing list of factors is not exhaustive. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and the Company assumes no obligation and, except as required by law, does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.