Viking Energy Group Improves its Balance Sheet by Refinancing its Kansas Assets and Extending its Reserve Based Loan to May, 2021
VIKING ENERGY GROUP INC (VKIN)
NASDAQ:AMEX Investor Relations:
vikingenergygroup.com
Company Research
Source: GlobeNewswire
Focused on Growth Initiatives in Texas, Louisiana and Mississippi HOUSTON, TX, Aug. 01, 2019 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Viking Energy Group, Inc. (OTCQB: VKIN) (“Viking” or the “Company”), an independent exploration and production company focused on the acquisition and development of oil and natural gas properties, is pleased to announce the closing of a financing transaction with Cornerstone Bank (the “Cornerstone Loan”) regarding its remaining Kansas assets. Additionally, Viking has extended the maturity date of its Reserve Based Loan with CrossFirst Bank from June 30, 2020 to May 10, 2021. With respect to the Cornerstone Loan, through its subsidiaries, Mid-Con Petroleum, LLC and Mid-Con Drilling, LLC, Viking borrowed $3,351,099 under the following terms: (i) Interest Rate: 6% per annum (fixed); (ii) Maturity Date: July 24, 2025; and (iii) Payments: monthly payments of interest only for 12 months, commencing August 24, 2019, and then blended monthly payments of
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