Viking Power Group publicizes report revenues Different OTC: VKIN
Income of $ 40.27 million, up 16.4% 12 months over 12 months
HOUSTON, TX, March 26, 2021 (GLOBE NEWSWIRE) – through NewMediaWire – Viking Power Group, Inc. (OTCQB: VKIN) (“Viking” or the “Firm”), an impartial exploration and manufacturing firm centered on the acquisition and growth of oil and fuel properties within the Gulf Coast and Mid-Continent areas, introduced immediately hui its monetary outcomes for the 12 months ended December 31, 2020.
Monetary Highlights for 2020 (all figures are approximate):
- Revenue has elevated 12 months by 12 months for $ 40.27 million, up from $ 34.59 million in 2019.
- The whole money stability was $ 7.84 million, in comparison with $ 5.64 million as at December 31, 2019. Of the money stability as at December 31, 2020, $ 3.86 million represented restricted money inside the Ichor and Elysium divisions of the Firm in accordance with the phrases of the relevant credit score agreements, in opposition to $ 3.88 million in money inside the Ichor division of the Firm as at December 31, 2019.
- The online loss was ($ 63.99 million), in comparison with a internet lack of $ (19.39) million for 2019, the vast majority of which was on account of non-monetary objects together with:
- Depreciation of oil and fuel properties on account of decrease oil costs in 2020 induced, amongst different issues, by the COVID-19 pandemic and sure geopolitical elements ($ 37.5 million)
- Debt low cost amortization ($ 7.32 million);
- Worth 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 Firm’s shareholder deficit was $ 16.3 million primarily as a result of $ 37.5 million non-cash impairment cost famous above; nonetheless, on or about January 8, 2021, the corporate’s fairness place was improved by the extinguishment of $ 18.9 million of long-term debt and accrued liabilities by way of the issuance of frequent shares.
- Adjusted EBITDA was $ 16.23 million (as described beneath) in comparison with $ 17.16 million for 2019.
Be aware: The figures talked about within the summaries above are approximate and, typically, have been rounded to the closest $ 100,000. For particular quantities, please discuss with Viking Annual Report on Type 10-Okay filed March 25, 2021 with the Securities and Change Fee and accessible underneath “Buyers – SEC Filings” at www.vikingenergygroup.com.
James Doris, President and CEO of Viking, mentioned: “We’re happy with our outcomes given the challenges we confronted in 2020. In some ways, the 12 months has been dedicated to the survival of E&P firms given the unprecedented pricing surroundings and market circumstances. , and never solely due to the dedication and perseverance of our complete staff. however we additionally managed to enhance in key areas, together with rising general gross sales and decreasing debt at our mother or father firm stage. We stay intensely centered on executing our technique and on the trail to profitability. “
Income for the years ended December 31, 2018, 2019 and 2020:
|Viking Power Group, Inc.||2018||2019||2020|
|Returned||$ 7,967,972||$ 34,529,850||$ 40,266,780|
Calculation of adjusted EBITDA.
The next tables current a reconciliation of the non-GAAP monetary measure of Adjusted EBITDA to the GAAP monetary measure of internet revenue:
|For years ending December 31,|
|Internet revenue (loss)||($ 15,117,547)||($ 19,390,850)||($ 63,988,245)|
|Non-monetary / non-functional objects|
|Inventory-based compensation||2 303 213||951 533||5 625 302|
|Modifications within the honest worth of derivatives||1,604,916||3,308,880||(5,485,573)|
|Depreciation of oil and fuel properties||–||–||37,500,000|
|Curiosity expense||1,910,387||12 988 695||19 697 942|
|Debt low cost amortization||5,969,886||7 975 244||7 321 178|
|Accretion – ARO||86,023||391 482||1,111,266|
|Loss on debt settlement||–||–||931,894|
|Revenue tax profit (expense)||(910 827)||–||–|
|Depreciation, depletion and amortization||1 644 693||10 936 446||13 513 735|
|Complete non-cash objects||12,608,291||36 552 280||80 215 744|
|Adjusted EBITDA||($ 2,509,256)||$ 17,161,430||$ 16,227,499|
Positive Viking Power Group, Inc.
Viking is an impartial exploration and manufacturing firm centered on the acquisition, enchancment and growth of oil and fuel properties within the Gulf Coast and Mid-Continent areas. The corporate has belongings in Texas, Louisiana, Mississippi and Kansas. For extra data, please go to: https://www.vikingenergygroup.com.
Adjusted EBITDA – Non-GAAP Monetary Measures
This press launch comprises “Adjusted EBITDA”, a non-GAAP monetary measure. The Firm defines adjusted EBITDA as internet revenue (loss), adjusted for sure non-cash and non-operating objects, comparable to stock-based compensation, modifications in honest worth of by-product devices, accretion expense on obligations associated to the retirement of mounted belongings, depreciation, depletion and amortization, curiosity expense and the supply (profit) of revenue tax. We additionally exclude sure different non-monetary objects listed within the desk above. Administration believes that the presentation of Adjusted EBITDA is helpful as a result of it permits exterior customers of our monetary statements, comparable to trade analysts, traders, lenders and ranking companies, to check the outcomes of our operations on an interval over time no matter our funding strategies or capital. and have entry to the identical metrics that administration makes use of to evaluate enterprise efficiency. Adjusted EBITDA is just not a measure of monetary efficiency underneath US GAAP and needs to be considered along with internet revenue (loss), and never as an alternative. The corporate adjusts internet revenue (loss) for these particular objects as a way to acquire Adjusted EBITDA as they will range considerably from firm to firm within the Firm’s trade relying on accounting insurance policies and efficiency. carrying quantity of the belongings, the capital construction and the strategy by which the belongings have been acquired. Adjusted EBITDA shouldn’t be considered instead or extra important than internet revenue (loss) as decided in accordance with GAAP or as an indicator of the liquidity of the corporate. Sure objects excluded from Adjusted EBITDA are essential objects in understanding and evaluating the monetary efficiency of the Firm, comparable to the price of capital and tax construction, in addition to the historic prices of depreciable belongings, none of which is a part of Adjusted EBITDA. The Firm’s calculation of Adjusted EBITDA might not be similar to different equally titled measures of different firms or to such measure in our credit score facility or any of our different contracts.
This press launch might include forward-looking data inside the which means of Part 21E of the Securities Change Act of 1934, as amended, and Part 27A of the Securities Act of 1933, as amended. All statements that aren’t historic information contained on this press launch are “forward-looking statements”, which can be recognized by phrases comparable to “expects”, “plans”, “plans”, “will”, “Might”, “anticipates,” believes “,” ought to “,” hears “,” considers “and different phrases with related which means. These forward-looking statements are based mostly on present expectations, contain identified and unknown dangers, reliance on third events to acquire data, transactions which may be canceled and different elements which will trigger our precise outcomes, efficiency or achievements or developments in our sector. , differ materially from the anticipated outcomes, performances or achievements expressed or implied in these forward-looking statements. Components that would trigger precise outcomes to vary materially from anticipated outcomes embody dangers and uncertainties related to fluctuating international financial circumstances or financial circumstances with respect to the oil and fuel trade, the COVID-19 pandemic , administration efficiency, authorities actions. regulators, distributors and suppliers, our money circulation and our potential to acquire financing, competitors, common financial circumstances and different elements that are detailed in our filings with the Securities and Change Fee (“SEC”), together with our annual report on Type 10-Okay for the 12 months ended December 31, 2020. We intend that every one forward-looking statements be topic to secure harbor provisions.
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