Viking Reduces Debt by Another $1.86 Million (totaling a $5.86 mm reduction in less than 10 days)
HOUSTON, TX, Nov. 05, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Viking Energy Group, Inc. (OTCQB: VKIN) (“Viking” or the “Company”) is pleased to announce that it has reduced its debt by an additional ~ $1.86 million, effective October 31, 2019, through the exercise of warrants by certain participants in Viking’s Secured Convertible Note Offering that closed on or about November 19, 2018. The Company is also due ~ $181,000 in cash consideration in connection with the exercise of the warrants. 20,416,350 warrants were extinguished as part of the initiative.
Further details were included in Viking’s Form 8-K filed on November 4, 2019 with the Securities and Exchange Commission and available under "Investors -- SEC Filings" at www.vikingenergygroup.com.
Combined with the $4 million debt repayment made by the Company on October 23, 2019, the Company reduced its overall debt by ~ $5.86 million in less than ten days.
Viking is an independent exploration and production company focused on the acquisition and development of oil and natural gas properties in the Gulf Coast and Mid-Continent region. The company owns oil and gas leases in Texas, Louisiana, Mississippi and Kansas. Viking targets under-valued assets with realistic appreciation potential.
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and any statements that are not historical facts contained in this press release are "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 (“PSLRA”), 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 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 our filings with the Securities and Exchange Commission (“SEC”), including our Annual Report on Form 10-K for the year ending December 31, 2018, and our Quarterly Reports on Form 10-Q for the quarters ending March 31, 2019, and June 30, 2019. We intend that all forward-looking statements be subject to the safe-harbor provisions of the PSLRA.
Contact Information Investors and Media: Tel. 917-841-5859 IR@vikingenergygroup.comSource: Viking Energy Group, Inc.
Released November 5, 2019