15 Sept 2020business combination● Neutral
Viking and Camber issued another joint press release with a routine update on the pending merger's status.
Announcements, explained
Each one in plain English, with the numbers worked through for a shareholder.
4 Sept 2020capital raising announcement▼ Bad
Like the Ichor loan in June, Viking's Elysium Energy term loan lenders relaxed the PDP Collateral Coverage and Maximum Leverage covenants due to the COVID-19 oil price collapse -- both Gulf Coast platforms now under covenant strain.
3 Sept 2020business combination● NeutralMajor
Viking and Camber signed an Amended and Restated Merger Agreement, and Viking amended its Series C Preferred Stock terms (4,900 votes and common-share conversion per preferred share) in anticipation of a full combination.
5 Aug 2020capital raising announcement▼ Bad
Over about a week, Viking raised roughly $2.2 million from some 29 investors via convertible notes, most of which were immediately converted into nearly 15 million shares at $0.15/share -- continuing a heavily dilutive financing pattern.
15 July 2020capital raising announcement▼ Bad
Viking converted a separate $1,350,000 Radium2 Capital note into about 11.1 million shares -- a second, distinct Radium2 obligation from the one paid off in cash days earlier, both cleared within the same month.
8 July 2020capital raising announcement▼ Bad
Viking raised a small $500,000 bridge note from Granite Global Value Investments Ltd. at 12% interest, convertible at $0.15/share, earmarked partly to support a potential future up-listing to a national exchange.
7 July 2020business combination● Neutral
Viking and Camber issued another joint press release updating investors on the still-pending merger's status, without new substantive terms.
2 July 2020capital raising announcement▲ Good
Viking paid off lender Radium2 Capital in full ($5,577,285) with $4,000,000 cash plus about 12.9 million shares, clearing one of its higher-cost obligations.
30 June 2020business combination● NeutralMajor
Viking and Camber signed a Third Amendment to their Merger Agreement, and Camber extended a second secured note to Viking, this one for $4,200,000 -- Camber's financial stake in Viking deepening even as the merger itself kept slipping.
16 June 2020business combination● Neutral
Viking and Camber signed a Second Amendment to their Merger Agreement, continuing to renegotiate deal terms through the volatile oil-price environment.
4 June 2020capital raising announcement▼ Bad
With oil prices depressed by COVID-19, Ichor Energy's lenders relaxed its Asset Coverage Ratio covenant for three quarters and raised the loan's interest rate in exchange -- covenant relief that came at a higher borrowing cost.
1 June 2020business combination● Neutral
Viking and Camber signed a First Amendment to their Merger Agreement, the first of several amendments that would stretch the deal's timeline through 2023.
2 Apr 2020business combination● Neutral
Amid the COVID-19 oil price crash, Viking and Camber jointly reaffirmed their commitment to proceed with the merger announced in February.
6 Feb 2020asset acquisition disposition▲ GoodMajor
Viking closed the $40 million Elysium acquisition, financing it with a $36.5 million term loan from 405 Woodbine LLC -- completing the second Gulf Coast platform alongside Ichor just as COVID-driven oil price volatility began.
5 Feb 2020business combination● NeutralMajor
Viking and Camber Energy, Inc. signed a Merger Agreement -- the opening move in what became a three-year, multiply-restructured courtship -- and Camber simultaneously became a lender to Viking via a $5,000,000 secured note, well before any merger closed.
30 Dec 2019material agreement● Neutral
Viking and the Elysium sellers extended the Elysium acquisition's closing deadline to February 2020 and adjusted deposit terms, while the filing also notes Viking still carries a $23.7 million note from the 2018 Ichor purchase secured against Ichor's membership interests -- both Gulf Coast platforms remained highly leveraged heading into 2020.
4 Nov 2019capital raising announcement▼ Bad
Viking cut the exercise price on warrants tied to its 2018 note financing from $0.20 to $0.10, triggering exercises that converted $1.86 million of outstanding debt into stock -- a dilutive but debt-reducing move.
11 Oct 2019material agreement▲ GoodMajor
Viking's new subsidiary Elysium Energy, LLC agreed to buy oil and gas properties in Texas and Louisiana for $40,000,000, as adjusted, from nine sellers, several of them also sellers in the Ichor deal. It paid a $1,000,000 escrow deposit on signing.
31 July 2019debt financing● Neutral
Viking's Kansas subsidiaries refinanced $3,351,099 through Cornerstone Bank, moving the Kansas assets off the CrossFirst credit line entirely -- separating the Kansas collateral from the more heavily indebted Petrodome/Ichor Gulf Coast assets.
31 Dec 2018asset acquisition disposition▲ GoodMajor
Viking closed the roughly $86 million Ichor acquisition (Texas and Louisiana producing properties, appraised at a $91 million PV18) through new subsidiaries Ichor Energy (LA) and Ichor Energy (TX), financed by a $63.6 million term loan from ABC Funding, LLC at 10-12% interest -- by far Viking's largest and most leveraged deal to date.
2 Nov 2018material agreement● Neutral
Viking and the Texas/Louisiana sellers extended the closing deadline and added escrow terms for assets still awaiting state regulatory consent to transfer -- routine progress toward closing the Ichor acquisition.
5 Sept 2018material agreement▲ GoodMajor
Viking agreed to buy a large basket of Texas and Louisiana oil and gas leases from eight affiliated Texas entities (Bodel Holdings and others) -- the deal that became the 'Ichor' asset platform.
15 June 2018debt financing▲ GoodMajor
Viking consolidated its financing, replacing separate facilities with a single $30 million CrossFirst Bank revolving credit line ($12.4 million drawn initially) spanning Petrodome and all three Mid-Con subsidiaries.
23 Jan 2018asset acquisition disposition▲ Good
The Woodway Kansas lease purchase closed, with Mid-Con Development retaining an 87.5% interest after assigning smaller pieces to two co-investors, and the full $2.2 million purchase price paid.
8 Jan 2018asset acquisition disposition▲ GoodMajor
Viking agreed to buy 41 more Kansas oil leases (Ellis/Rooks Counties) from Woodway Oil & Gas KS I, LLC for $2,200,000 through new subsidiary Mid-Con Development, LLC, continuing to scale the Kansas position.
29 Dec 2017asset acquisition disposition▲ GoodMajor
Viking closed its acquisition of Petrodome Energy, LLC and its subsidiaries (adding Hamilton Ranch and San Patricio via a late amendment) -- its first entry into Texas/Louisiana Gulf Coast production -- financed by an $8.5 million term loan from 405 Petrodome LLC and Cargill Inc.
13 Nov 2017material agreement● NeutralMajor
Viking agreed to buy oil and gas membership interests from Black Rhino, LP for $3,000,000 cash, 2,000,000 shares and a 1.5% override, conditional on securing financing -- the deal that grew, within weeks, into the Petrodome Energy acquisition.
4 Oct 2017debt financing▲ Good
Viking borrowed $204,000 from Cornerstone Bank to fund an $400,000 purchase of an 80% interest in six Kansas leases in Riley, Geary and Wabaunsee Counties -- a new operating area (Haas Petroleum) added to the Kansas footprint.
3 Oct 2017debt financing▲ Good
Viking borrowed $290,000 from Cornerstone Bank to fund a $530,000 purchase of six more Kansas oil leases in Miami/Franklin Counties, continuing the steady buildout of the Mid-Con position.
26 Sept 2017capital raising announcement● Neutral
Viking paid off $352,833 of its March 2017 notes early, funded by a new private placement (up to $6.5 million, with $950,000 raised so far) of 10% secured notes pledged against Mid-Con Drilling -- refinancing higher-cost debt into a larger facility.