HOUSTON, TX, Oct. 24, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE – Viking Energy Group, Inc. (OTCQB: VKIN) (“Viking” or the “Company”) is pleased to announce that its subsidiary, Ichor Energy, LLC (“Ichor”), made on October 23, 2019, a $4,000,000 principal payment under the Term Loan Agreement pursuant to which Ichor is a party. The $4,000,000 payment is in addition to the two principal payments of $794,899 made by Ichor under the loan agreement on or about June 30, 2019, and September 30, 2019, respectively, bringing the total principal repayment under the loan agreement to $5,589,798. Funds used to make the payment were generated through the sale of oil and gas produced by assets owned by Ichor’s subsidiaries.
Ichor’s subsidiaries own a working interest in approx. 58 conventional, producing oil and gas wells in Texas and Louisiana and an interest in more than 30 Salt Water Disposal Wells. The wells, operated by Viking’s subsidiary, Petrodome Operating, LLC, produce hydrocarbons from known reservoirs/sands in the on-shore Gulf Coast region, including the Hackberry, Yegua, Wilcox, Amphistegina and Robira. The average well total measured depth is approx. 10,639 ft.
Details regarding Ichor’s loan arrangement were included in Viking’s reports filed with the Securities and Exchange Commission, including Viking’s Annual Report on Form 10-K filed on April 1, 2019, for the year ended December 31, 2018, available under "Investors -- SEC Filings" at www.vikingenergygroup.com.
About Viking:
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.
Forward-Looking Statements:
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