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Market Data: Yahoo Finance, Bloomberg, SEC Filings

Report Link: Updated Research Report (Dated 08/20/2019)

Symbol: VKIN
Analyst: Howard Halpern
Taglich Rating: Speculative Buy
Price Target: $0.50
Time Horizon: 12 Months
Rating Established: June 6, 2019
Price When Established: $0.18
Most Recent Report: August 20, 2019
Price When Issued: $0.18

What's New

Viking Energy Group Entered into Acquisition Agreement

On October 10, 2019, Elysium Energy, LLC, a wholly owned subsidiary of Viking Energy Group (OTC: VKIN), entered into an agreement where Elysium Energy agreed to purchase from a group of sellers their interests in certain oil and gas properties located in the states of Texas and Louisiana and from Plaquemines certain entities owning oil and gas properties located in the state of Louisiana. The purchase price is $40 million in cash. Elysium paid a deposit of $1 million into escrow which will be applied toward the purchase price at closing.

The assets to be purchased include working interests and over-riding royalty interests in oil and gas properties in Texas (approximately 71 wells in 11 counties) and Louisiana (approximately 52 wells in 6 parishes), along with associated wells and equipment.

The purchase agreement contemplates a closing date of December 31, 2019, provided, however, that the parties have agreed to use their reasonable best efforts to close on or before November 26, 2019. If closing occurs on or before October 31, 2019, the transfer of the financial benefits and obligations will have an effective time of September 1, 2019. If closing occurs after October 31, 2019, but on or before November 30, 2019, the effective time will be October 1, 2019, but if closing occurs after November 30, 2019, the effective time will be November 1, 2019.

Company Description

Viking Energy Group, Inc., headquartered in Houston, Texas, is an onshore independent oil and gas exploration and production company. It is focused on the acquisition and development of oil and natural gas properties primarily in the Gulf Region of the US.

Company Reports

Updated Research Report (Dated August 20, 2019)

Initial Research Report (Dated June 6, 2019)


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