Calgary, Alberta – Petro Viking Energy Inc. (“Petro Viking” or the “Company”) (CNSX:VIK.CN) (OTC:PTRVF) announces the completion and filing of appropriate documentation (the “Listing Statement”) with the Alberta Securities Commission (the “ASC”) and the Canadian Securities Exchange (the “CSE”). The filing of the Listing Statement with the above-mentioned regulatory authorities, whereby Prospectus level disclosure of the Company is contained, constitutes a prerequisite for the resumption of trading of the Company’s common shares on the CSE following a trading halt that is currently in effect due to the formerly announced acquisition by the Company of Avila Energy’s interests in West Central Alberta (the “Avila Transaction”). Resumption of trading of the Company’s common shares remains subject to the approval of the Avila Transaction by the CSE.
The Avila Energy Transaction
On June 14, 2021, the Company announced that it had entered into a binding agreement with Avila Energy (“Avila”) pertaining to the acquisition by the Company of 100% of Avila’s interests in 53,835 Acres, 43,935 Acres (Net), of mineral rights, associated wells, pipelines and facilities for the purchase price of $50,664,000 (the “Purchase Price”). Pursuant to said agreement, the Purchase Price is to be satisfied by way of issuance of 44,440,000 Class A common shares of Petro Viking (the “Common Shares”) at $0.60 per share and 30,000,000 convertible preferred shares of Petro Viking (the “Convertible Shares”) convertible at a price of $0.80 per share.