Viking’s Hedging Strategy Proves Sound as Commodity Prices Drop Due to Virus Concerns and International Price War
VIKING ENERGY GROUP INC (VKIN)
NASDAQ:AMEX Investor Relations:
vikingenergygroup.com
Company Research
Source: GlobeNewswire
HOUSTON, March 09, 2020 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Viking Energy Group, Inc. (OTCQB: VKIN) (“Viking”) is pleased to announce that its majority owned subsidiary, Elysium Energy, LLC (“Elysium”), entered into a multi-year hedging arrangement in connection with Elysium’s recent acquisition of oil & gas properties in Texas and Louisiana. Details of the acquisition were referenced in Viking’s Current Report on Form 8-K filed on February 6, 2020 with the Securities and Exchange Commission and available under "Investors -- SEC Filings" at www.vikingenergygroup.com, and in press releases issued by Viking on February 4, 2020 and February 10, 2020. On February 4, 2020, Elysium hedged 75% of the estimated oil and gas production associated with the newly acquired assets for 2020, 60% of the estimated production for 2021 and 50% of the estimated production for the period between January, 2022 to July, 2022. Estimated oil and gas production excludes potential production from any
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