Growth-oriented energy company, Viking Energy Group (OTCMKTS:VKIN) on July 30, 2021 announced finishing deal with majority-owned shareholder, Camber Energy Inc, which will result in Camber purchasing $11 million worth of common stock of Viking.
Viking Energy has existing Oil & Gas division with interests in properties in Texas, Louisiana, Mississippi and Kansas and will be using the proceeds for facilitating potential acquisition of 60.5% interest in a firm engaged in manufacture of industrial engines, power generation products and also potential execution of agreement entailing license of a patented carbon-capture system for exclusive use in Canada.
Vikings Energy also announced its financial results for the quarter ended March 31, 2021. The company’s revenues were $10.49 million as compared to $11.79 million in first quarter of 2020. While its assets were $11.77 million, it had net loss of $9.05 million vis-à-vis net income of $19.29 million in the first quarter of 2020. The loss could be attributed to company’s derivatives, Depreciation, depletion and amortization, loss on debt settlement, value of stock issuances as well as accretion. It is reported that adjusted EBITDA was $4.63 million as compared to $6.75 million during the same period previous year.
James Doris, Viking’s President and Chief Executive Officer, said that the firm is satisfied with quarter one results after the 2020 events. Doris added that the firm is focused on pursuing growth opportunities.”