Welcome to our dedicated page for VIKING ENERGY GROUP news (Ticker: VKIN), a resource for investors and traders seeking the latest updates and insights on VIKING ENERGY GROUP stock.
Viking Energy Group, Inc. (VKIN) is a Houston-based energy company specializing in oil/gas exploration and innovative power solutions for commercial clients. This page aggregates official updates about operational developments, technological advancements, and strategic initiatives driving North America's energy sector.
Investors and industry observers will find timely updates on drilling operations, financial performance, and intellectual property milestones like the company's patented Electric Transmission Line Ground Fault Prevention Systems. Our curated feed ensures accurate tracking of regulatory filings, partnership announcements, and market positioning.
Key content includes earnings reports, asset acquisition details, patent updates, and management commentary. Bookmark this page for streamlined access to VKIN's evolving role in energy infrastructure development and sustainable power solutions. Check back regularly for unfiltered updates directly from corporate sources and verified financial disclosures.
Viking Energy Group, Inc. (VKIN) announced its acquisition of a 51% interest in entities owning patent-pending technology for Electric Transmission and Distribution Open Conductor Detection Systems. This technology can quickly detect line breaks and enhance electrical grid stability, while reducing public safety risks associated with downed powerlines. Developed by industry veterans Robert Stuart and Ronald Smith, the system will be implemented cost-effectively. For further details, refer to Viking's SEC filing dated February 15, 2022.
Viking Energy Group has acquired a 51% interest in two entities with patent pending technologies for Electric Transmission and Distribution Open Conductor Detection Systems. The acquisition cost is up to $21 million, with $5 million payable in shares at closing. The systems enhance public safety by detecting power line failures and can prevent hazardous incidents. Viking plans to collaborate with major utilities and manufacturers for deployment, targeting high-risk areas first. This acquisition aligns with initiatives for grid stability and safety improvements.
Viking Energy Group (OTCQB:VKIN) has completed a joint venture to acquire 51% of Viking Ozone Technology, which owns a patent-pending Medical & Bio-Hazard Waste Treatment system utilizing ozone technology. Following this, on February 2, 2022, VOT signed a Manufacturing and License Agreement with its majority-owned subsidiary, Simson-Maxwell, granting exclusive rights to manufacture and sell this system. Simson-Maxwell is already an approved vendor for the UK's National Health Service, enhancing its market reach.
Viking Energy Group, Inc. (VKIN) announced the acquisition of a 51% interest in a company owning a proprietary Medical & Bio-Hazard Waste Treatment system using Ozone Technology on January 18, 2022. The total purchase price is $5 million in shares, structured with payments linked to revenue milestones of $10 million and $20 million. This innovative system reduces medical waste volume by 90% and utilizes ozone for treatment, resulting in zero emissions. The medical waste treatment market exceeds $20 billion annually, indicating significant growth potential.
On November 18, 2021, Viking Energy Group (OTCQB: VKING) announced a Membership Interest Purchase Agreement to acquire a group of companies developing a renewable diesel processing plant in Reno, Nevada. The plant aims to produce approximately 43 million gallons of renewable diesel per year, with 95% construction completion and a 30% complete pre-treatment unit. The acquisition is contingent on financing and other conditions, presenting no guaranteed closure.
Viking Energy Group (OTCQB: VKIN) announced an Exclusive Intellectual Property License Agreement with ESG Clean Energy, enabling Viking to use the ESG Clean Energy System in Canada and select locations in the U.S. This system captures ~100% of CO2 from internal combustion engines while generating clean electricity. The agreement positions Viking as a leader in clean energy, assisting organizations in reducing their carbon footprint.
CEO James Doris underlined the system's applications in various sectors, including data centers and crypto mining.
Viking Energy Group, Inc. (OTCQB:VKIN) reported a Q2 2021 revenue of $10.69 million, up from $9.55 million in Q2 2020. Year-to-date revenues reached $21.19 million. The company recorded a net loss of $9.85 million, significantly better than the $16.56 million loss in the same quarter last year, mostly due to non-cash expenses. Adjusted EBITDA improved to $4.29 million. Viking also improved its stockholder's deficit by $1.25 million since December 31, 2020. The company is optimistic about its recent acquisition of a majority stake in Simson-Maxwell Ltd.
Viking Energy Group reported Q2 2021 revenues of $10.69 million, a rise from $9.55 million in Q2 2020. Year-to-date revenues reached $21.19 million. The company reported a net loss of $9.85 million, down from a loss of $16.56 million in the prior year, largely due to non-cash items. Current assets increased to $13.31 million from $11.89 million. Adjusted EBITDA improved to $4.29 million compared to $3.31 million in Q2 2020. The company also highlighted the acquisition of a majority interest in Simson-Maxwell Ltd.
Viking Energy Group, Inc. (OTCQB: VKIN) has announced its acquisition of a majority interest (approximately 60.5%) in Simson-Maxwell Ltd., a prominent manufacturer of industrial engines and power generation products. This strategic move aims to strengthen Viking's diversification strategy and expand its market presence in North America. Simson-Maxwell, operational for over 80 years, services more than 4,000 maintenance contracts through its seven branches. This acquisition is expected to enhance customized service offerings and expedite growth strategies for both companies.
Viking Energy Group (OTCQB: VKIN) announced the completion of an $11 million stock purchase by its majority-owned shareholder, Camber Energy (NYSE American: CEI). The proceeds will be used for a potential 60.5% acquisition in a company specializing in industrial engines and a patented carbon-capture licensing agreement in Canada and select U.S. locations, along with general working capital. This strategic move positions Viking for growth and enhances its operational capabilities.
