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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 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.
Viking Energy Group (VKIN) reported Q1 2021 financial results, showing revenues of $10.49 million, a decline from $11.79 million in Q1 2020. The company faced a net loss of $9.05 million, significantly down from a net income of $19.29 million in the previous year, mainly due to non-cash items. Current assets rose to $11.77 million, up from $10.99 million in Q1 2020, while adjusted EBITDA decreased to $4.63 million from $6.75 million in Q1 2020. An improvement in stockholder’s deficit was noted, with a $10.98 million reduction since December 2020.
Viking Energy Group announced a 1-for-9 reverse stock split effective February 12, 2021, reducing outstanding shares from approximately 464.3 million to 51.6 million. The stock will trade under the symbol VKIND for 20 business days before reverting to VKIN. This move aims to enhance future transactions benefiting stakeholders, following the extinguishment of about $18.9 million in debt. The new CUSIP number will be 926795204. Viking focuses on oil and natural gas production primarily in the Gulf Coast region.
