HOUSTON, TX, June 18, 2018 (GLOBE NEWSWIRE) -- Viking Energy Group, Inc. (“Viking”) (OTCQB: VKIN) is pleased to announce its existing wholly-owned subsidiaries in the U.S. have entered into a Revolver Loan Agreement (the “Agreement”) with CrossFirst Bank.
The Agreement provides for a revolving line of credit facility in the maximum principal amount of $30,000,000, with an initial revolver commitment amount of $12,400,000. The maturity date of the loan is June 30, 2020 and the principal amount bears interest at a rate equal to the prime rate of interest published by the Wall Street Journal, Southwest Edition plus 1.50%. Viking guaranteed the obligations under the Agreement. Further details regarding the transaction were set out in Viking’s Current Report on Form 8-K filed on June 15th, 2018 with the Securities and Exchange Commission and available under "Investors -- SEC Filings" at www.vikingenergygroup.com. Initial proceeds of the credit facility were used in part to pay, in advance of the applicable maturity dates, the senior secured indebtedness of each of Viking’s existing U.S. subsidiaries.
James A. Doris, Viking’s President & CEO, noted, “We have enjoyed our relationship with CrossFirst Bank since the fall of 2016, and are extremely pleased to continue to work with their sophisticated team of professionals. This facility simplifies yet enhances our capitalization structure, and positions us well for future growth.”
About Viking:
Viking is an independent exploration and production company focused on the acquisition and development of oil and natural gas properties in North America. The company owns oil and gas leases in Kansas, Missouri, Texas, Louisiana, Mississippi and Alberta. Viking targets under-valued assets with realistic appreciation potential.
About CrossFirst Bank:
CrossFirst Bank, a Kansas banking corporation, is a commercial bank with expertise in serving the needs of participants in the oil, gas and energy industry, particularly in the mid-continent region.
Safe Harbor Statement:
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's Forms 10-K and 10-Q filed with the SEC.