SmallCapVoice.com Inc. (“SCV”) announces the availability of a new interview with 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 in the onshore Gulf Coast and Mid-Continent regions, to discuss the Company’s achievements to date from inception, an overview of the Company’s portfolio of assets and the goals for the company here in 2021.
Key Financial Highlights for 2020 (all figures are approximate):
Revenues grew year over year to $40.27 million, as compared to $34.59 million in 2019.
Total Cash balance was $7.84 million, as compared to $5.64 million at December 31, 2019. Of the Dec. 31, 2020 cash balance, $3.86 million represented restricted cash within the Company’s Ichor and Elysium divisions pursuant to the terms of applicable credit agreements, as compared to $3.88 million in restricted cash within the Company’s Ichor division at December 31, 2019.
Net Loss was ($63.99 million) as compared to a net loss of ($19.39) million for 2019, the majority of which was attributable to non-cash items, including:
Impairment of Oil & Gas Properties due to the drop in oil prices experienced in 2020 caused by, among other things, the COVID-19 pandemic and certain geo-political factors ($37.5 million)
Amortization of Debt Discount ($7.32 million);
Value of Stock-based compensation ($5.63 million);
Depreciation, Depletion and Amortization ($13.51 million); and
Accretion – Asset Retirement Obligations ($1.11 million)
Loss on debt settlement ($0.93 million)
The Company stockholders’ deficit was $16.3 million due primarily to the $37.5 million non-cash impairment charge mentioned above; however on or about January 8, 2021 the equity position of the Company was improved by the extinguishment of $18.9 million of Long-Term Debt and accrued expenses through the issuance of common stock.
Adjusted EBITDA was $16.23 million (as described below) as compared to $17.16 million for 2019.