Each one in plain English, with the numbers worked through for a shareholder.
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.
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.
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.
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.
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.
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.
Through new subsidiary Mid-Con Drilling, LLC, Viking borrowed $256,983 from Cornerstone Bank to fund a $360,000 purchase of Anderson County, Kansas oil leases -- continuing the Kansas expansion with a new bank relationship.
Viking borrowed $1,000,000 via secured convertible notes pledged against its Mid-Con Petroleum subsidiary -- the filing is the first in this record signed by James Doris as CEO, marking new leadership atop the Kansas oil buildout.
Amendment No. 2 corrects the accountant disclosure in the earlier amendments. It states that RBSM LLP was engaged on September 2, 2016 only to review the Q1 and Q2 2016 quarterly reports, and no new auditor had yet been hired for 2015. It repeats the dispute with Green & Company and says later auditor changes were reported in separate filings of November 14 and 15, 2016. This continues the unresolved audit dispute and adds no new deal terms.
Viking dismissed auditor RBSM LLP, which had only reviewed interim 10-Qs and never issued an annual report, to engage a different firm -- the first of two auditor changes inside two weeks, before the replacement (Mohle Adams) itself immediately exited the public-audit business.