SOURCE: Viking Investments Group, Inc.

Viking Investments Group, Inc.

February 09, 2015 13:00 ET

Viking Investments Group, Inc. Announces Letter of Intent With Exall Energy Corporation Regarding Proposed Loan Transaction

NEW YORK, NY--(Marketwired - Feb 9, 2015) - On February 8th, 2015, Viking Investments Group, Inc. ("Viking") (OTCQB: VKIN) signed a non-binding letter of intent (the "LOI") with Exall Energy Corporation ("Exall") (TSX: EE), pursuant to which Viking expressed interest in loaning Exall up to CDN$35M to enable Exall to repay its indebtedness to the Alberta Treasury Branches, Exall's primary lender.

The LOI contemplates the following with respect to the proposed loan: (i) Term - five years; (ii) Interest Rate - 8%, computed semi-annually in arrears; (iii) Payments - interest only, paid annually or on other negotiated terms; (iv) Security - first ranking security interest over all of Exall's assets and undertaking. The loan transaction is subject to the parties executing a definitive agreement on or before February 25th, 2015, and is conditional upon, among other things, Viking having secured financing sufficient to allow Viking to advance the loan proceeds.

About Exall (www.exall.com):
Exall is a junior oil and gas company active in its business of exploration, development and production from its properties in Alberta. Exall is currently developing the new Mitsue area "Marten Mountain" discovery in north-central Alberta. The company's common shares are listed on the Toronto Stock Exchange under the trading symbol EE.

About Viking:
Viking aims to acquire, invest in and/or provide professional advisory and consulting services to companies undergoing or anticipating periods of rapid growth, significant change or ownership transition. Viking's primary focus is directed toward evaluating and completing investments in North America, mainly in the Oil & Gas and Real Estate sectors, with appropriate diversification and balance between each division. Viking targets under-valued investments with realistic appreciation potential and a defined exit strategy. 

Viking is not an investment company, as defined by the Investment Company Act of 1940.

Safe Harbor Statement
This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the company's Forms 10-K and 10-Q filed with the SEC.

Contact Information

  • For additional information please contact:

    James A. Doris
    President and C.E.O.
    Viking Investments Group, Inc.
    1330 Avenue of the Americas, Suite 23A
    New York, NY 10019
    Email: jdoris@vikinginvestments.com

    Roger Dueck
    President and C.E.O.
    Exall Energy Corporation
    400, 715 - 5th Avenue SW
    Calgary, Alberta
    Canada, T2P 2X6
    Email: rdueck@exall.com