NEW YORK, NY–(Marketwired – Jul 6, 2017) – Viking Energy Group, Inc. (“Viking“) (OTC PINK: VKIN) is pleased to announce it completed the first tranche of a private offering coordinated through a FINRA-member broker-dealer. Additional details about the offering are included in Viking’s Current Report on Form 8-K filed today with the Securities and Exchange Commission and available under “Investors — SEC Filings” at www.vikingenergygroup.com.
The offering is a secured debt offering and permits the company to raise up to $7.5 million to assist with, among other things, repaying outstanding loans, acquiring a working interest in oil & gas properties in Kansas and drilling new oil wells on the company’s existing acreage. The proceeds of the first closing (i.e. $1 million) were used to repay in full amounts owing under promissory notes previously executed by the company in connection with a prior acquisition.
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 and Alberta. Viking targets under-valued assets with realistic appreciation potential.
Viking is not an investment company, as defined by the Investment Company Act of 1940.