Focused on Growth Initiatives in Texas, Louisiana and Mississippi
HOUSTON, TX, Aug. 01, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Viking Energy Group, Inc. (OTCQB: VKIN) (“Viking” or the “Company”), an independent exploration and production company focused on the acquisition and development of oil and natural gas properties, is pleased to announce the closing of a financing transaction with Cornerstone Bank (the “Cornerstone Loan”) regarding its remaining Kansas assets. Additionally, Viking has extended the maturity date of its Reserve Based Loan with CrossFirst Bank from June 30, 2020 to May 10, 2021.
With respect to the Cornerstone Loan, through its subsidiaries, Mid-Con Petroleum, LLC and Mid-Con Drilling, LLC, Viking borrowed $3,351,099 under the following terms: (i) Interest Rate: 6% per annum (fixed); (ii) Maturity Date: July 24, 2025; and (iii) Payments: monthly payments of interest only for 12 months, commencing August 24, 2019, and then blended monthly payments of principal and interest thereafter. The net proceeds of the Cornerstone Loan were applied to reduce the amount owed under the Company’s existing Reserve Based Loan with CrossFirst Bank.
James Doris, Viking’s President and Chief Executive Officer, commented, “This transaction financially separates our Kansas assets from our Petrodome assets and among other things should improve our ability to attract additional capital for our growth initiatives in Texas, Louisiana and Mississippi.”
About Viking Energy Group, Inc.
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.
For additional information, please visit: https://www.vikingenergygroup.com.
Forward-Looking Statements
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