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Viking Energy Group Announces Q2 Results

Q2 Revenues of $10.7 Million / YTD Revenues of $21.19 Million

HOUSTON, TX / ACCESSWIRE / August 17, 2021 / Viking Energy Group, Inc. (OTCQB:VKIN) ("Viking" or the "Company"), a growth-oriented energy company, is pleased to share certain financial results for the quarter ended June 30, 2021.

Key Financial Highlights for Q-2 2021 (all figures are approximate):

  • Revenues of $10.69 million as compared to $9.55 million in Q-2 2020

  • Current Assets were $13.31 million as compared to $11.89 million at December 31, 2020

  • Net Loss of ($9.85 million) as compared to a net loss of ($16.56) million in Q-2 2020. The majority of the Q2 loss was attributable to non-cash items, including:

    • a Change in the Fair Value of the Company's Derivatives (i.e. hedging contracts) ($7.31 mm);

    • Depreciation, depletion and amortization ($2.31 mm);

    • Amortization of Debt Discount ($1.09 mm);

    • Value of Stock issuances ($115k); and

    • Accretion - ARO ($147k)

  • $1.25 million improvement in Stockholder's Deficit since December 31, 2020

  • Adjusted EBITDA of $4.29 million as compared to $3.31 million in Q-2 2020

James Doris, Viking's President and Chief Executive Officer, commented, 'We are pleased with the second quarter results, and are very excited about steps we have taken subsequent to the end of Q2 to strengthen the organization, including our recent acquisition of a majority interest in Simson-Maxwell Ltd., a leading power generation and energy solutions company.'

About Viking Energy Group,Inc.

Viking is a growth-oriented energy company with assets in on the onshore Gulf Coast and Mid-Continent regions in the United States, and operations in Canada through its majority-owned subsidiary, Simson-Maxwell Ltd. For additional information, please visit:


Adjusted EBITDA

For the Three Months Ended June 30,




Net Income (Loss)









Non-Cash / Non-Oprating Items

Stock Based Compensation




Changes in Fair Value of Derivatives





Interest expense including

amortization of debt discount




Accretion - ARO




Income tax benefit (expense)




Depreciation, Depletion & Amortization




Total Non-Cash Items




Adjusted EBITDA







Note: The figures referenced in this press release above are approximate and in most cases have been rounded to the nearest $100,000. For specific amounts, please refer to Viking's Quarterly Report on Form 10-Q filed on August 16, 2021 with the Securities and Exchange Commission and available under 'Investors - SEC Filings' at

Adjusted EBITDA - Non-GAAP Financial Measures

This press release contains 'Adjusted EBITDA', a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income (loss), adjusted for certain non-cash and non-operating items, such as stock-based compensation, changes in the fair value of derivative instruments, asset retirement obligation accretion expense, depreciation, depletion and amortization, interest expense and income tax (benefit) provision. We also exclude certain other non-cash items listed in the aforementioned table. Management believes the presentation of Adjusted EBITDA is useful because it allows external users of our financial statements, such as industry analysts, investors, lenders and rating agencies, to compare the results of our operations from period to period without regard to our financing methods or capital structure, and to have access to the same metrics that management uses to evaluate the Company's performance. Adjusted EBITDA is not a measure of financial performance under US GAAP and should be considered in addition to, not as a substitute for, net income (loss). The Company adjusts net income (loss) for these specific items to arrive at Adjusted EBITDA because they can vary substantially from company to company within the Company's industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired. Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income (loss) as determined in accordance with GAAP or as an indicator of the Company's liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing the Company's financial performance, such as cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. The Company's computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts.

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Any statements that are not historical facts contained in this press release are 'forward-looking statements', which statements may be identified by words such as "expects," "plans," "projects," "will," "may," "anticipates," "believes," "should," "intends," "estimates," and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the oil and gas industry, the COVID-19 pandemic, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in our filings with the Securities and Exchange Commission ('SEC'), including our Annual Report on Form 10-K for the year ended December 31, 2020, and our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2021 and June 30, 2021. We intend that all forward-looking statements be subject to the safe-harbor provisions.

Contact Information
Investors and Media:
Tel. 281.404.4387 (ext.3)

SOURCE: Viking Energy Group, Inc.

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