Viking Energy Group Announces Record Third Quarter 2019 Results
GlobeNewswire GlobeNewswireNovember 12, 2019
Revenues of $9.0 Million, Up 373% Year-Over-Year
Income from Operations of $1.5 Million
HOUSTON, Nov. 12, 2019 (GLOBE NEWSWIRE) -- 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, today announced financial results for the third quarter ended September 30, 2019.
Key Financial Highlights for Third Quarter 2019 (all figures are approximate):
Net production averaged 2,546 BOE per day, up 629% compared to Q-3 2018
Oil volume averaged 1,387 Bbls per day, up over 312% from Q-3 2018
Gas volume averaged 6,954 Mcf per day, where Q3 2018 only averaged 72 Mcf per day
Revenues increased by over 373% to $9.0 million as compared to $1.9 million for the third quarter of 2018.
Revenue in excess of lease operating costs increased to $5.5 million (61% of total revenue) as compared to $1.0 million (52% of total revenue) for the third quarter of 2018.
Income from operations improved to a profit of $1.5 million, as compared to a loss of ($1.5) million in the third quarter of 2018
Net income of $1.4 million, as compared to a loss of ($2.9) million in the third quarter of 2018.
EPS of $0.02 from a loss of ($0.03) in the third quarter 2018.
Cash balance of $7.6 million (the majority of the cash is within the Company’s Ichor division and subject to the terms of the credit agreement involving the Ichor entities)
Total book value of assets approximately $135 million
James Doris, Viking’s President and Chief Executive Officer, commented, “We are pleased to be able to report record results for three straight quarters. We are committed to executing our business strategy and increasing value for all company stakeholders.”
