VIKING ENERGY GROUP INC Stock Price, News & Analysis

Viking Energy Group (VKIN) reported Q1 2021 financial results, showing revenues of $10.49 million, a decline from $11.79 million in Q1 2020. The company faced a net loss of $9.05 million, significantly down from a net income of $19.29 million in the previous year, mainly due to non-cash items. Current assets rose to $11.77 million, up from $10.99 million in Q1 2020, while adjusted EBITDA decreased to $4.63 million from $6.75 million in Q1 2020. An improvement in stockholder’s deficit was noted, with a $10.98 million reduction since December 2020.

Camber Energy (NYSE American: CEI) has announced a definitive Merger Agreement with Viking Energy Group (OTCQB: VKIN) to acquire the remaining 38% of Viking's shares, raising Camber's ownership to 100%. The merger, expected to enhance stakeholder value, involves a reverse triangular merger structure where Viking shareholders will receive Camber stock on a one-for-one basis. The transaction is subject to regulatory and stockholder approvals. Both companies operate in oil and gas assets across the Gulf Coast and Mid-Continent regions.

Viking Energy Group (OTCQB:VKIN) has entered into a definitive Merger Agreement with Camber Energy (NYSE American:CEI) to fully combine the two entities. Camber currently holds approximately 62% of Viking's common shares and will issue new shares on a one-for-one basis for the remaining shares. This merger aims to enhance stakeholder value and is subject to necessary approvals. Additionally, each outstanding Series C Preferred Stock of Viking will be exchanged for Series A Preferred Stock of Camber. The announcement highlights Viking's focus on oil and gas properties in the Gulf Coast and Mid-Continent regions.

Viking Energy Group announced a 1-for-9 reverse stock split effective February 12, 2021, reducing outstanding shares from approximately 464.3 million to 51.6 million. The stock will trade under the symbol VKIND for 20 business days before reverting to VKIN. This move aims to enhance future transactions benefiting stakeholders, following the extinguishment of about $18.9 million in debt. The new CUSIP number will be 926795204. Viking focuses on oil and natural gas production primarily in the Gulf Coast region.

Camber Energy (NYSE American:CEI) has announced progress in its merger with Viking Energy Group (OTCQB:VKIN), working to finalize an amendment to its Registration Statement on Form S-4 following SEC feedback. Both companies are nearly ready for shareholder approvals needed to finalize the merger, which involves Camber issuing common and preferred stock in exchange for 100% of Viking's equity. Upon completion, Viking's shareholders will own approximately 80% of the combined entity. Camber also noted unusual trading activity with its stock price rising significantly but stated it is unaware of the reasons behind this volatility.

Viking Energy Group announced a significant debt reduction of approximately $10.24 million in just over 90 days. From August 4 to September 30, 2020, the company decreased its overall debt by $2,430,831.18, with $1,691,831.18 coming from scheduled principal payments and $739,000 from debt conversion to common stock, totaling 6,015,956 shares issued. This reduction follows an earlier announcement of $7,808,661 in debt reduction on August 3, 2020, showcasing Viking's commitment to enhancing its financial stability.

Camber Energy (NYSE American: CEI) and Viking Energy Group (OTCQB: VKIN) have advanced their planned merger, filing an amended Registration Statement on Form S-4 with the SEC on September 4, 2020. This filing addressed comments on their earlier submission. Both companies anticipate receiving minor comments or approval from the SEC, allowing them to set record dates for stockholder meetings. If successful, the merger will see Viking equity holders own approximately 80% of the combined company, with completion expected by Fall 2021, pending stockholder and regulatory approvals.

Camber Energy (NYSE American:CEI) and Viking Energy Group (OTCQB:VKIN) provide an update on their merger status. Both companies are addressing SEC comments regarding their draft Registration Statement on Form S-4, originally filed in June 2020. They aim to complete their Quarterly Reports by August 14-19, 2020, and plan to re-file the amended Form S-4 by the end of August. The merger aims for completion in the fourth quarter of 2020, subject to several conditions.