Viking Energy Closes First Tranche of Private Placement
NEW YORK, NY -- (Marketwired) -- 07/06/17 -- Viking Energy Group, Inc. ("Viking") (OTC PINK: VKIN) is pleased to announce it completed the first tranche of a private offering coordinated through a FINRA-member broker-dealer. Additional details about the offering are included in Viking's Current Report on Form 8-K filed today with the Securities and Exchange Commission and available under "Investors -- SEC Filings" at www.vikingenergygroup.com.
The offering is a secured debt offering and permits the company to raise up to $7.5 million to assist with, among other things, repaying outstanding loans, acquiring a working interest in oil & gas properties in Kansas and drilling new oil wells on the company's existing acreage. The proceeds of the first closing (i.e. $1 million) were used to repay in full amounts owing under promissory notes previously executed by the company in connection with a prior acquisition.
Viking is an independent exploration and production company focused on the acquisition and development of oil and natural gas properties in North America. The company owns oil and gas leases in Kansas, Missouri and Alberta. Viking targets under-valued assets with realistic appreciation potential.
Viking is not an investment company, as defined by the Investment Company Act of 1940.
Safe Harbor Statement:
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's Form 10-K filed with the SEC.
For additional information, please contact:
James A. Doris
President and C.E.O.
Viking Energy Group, Inc.
1330 Avenue of the Americas, Suite 23A
New York, NY 10019
Source: Viking Energy Group, Inc.
Released July 6, 2017