Viking Energy Group Inc - VKIN stock

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OTC Symbol: VKIN

Company Overview

Viking Energy Group, Inc. [OTCQB: VKIN] is a diversified energy company that acquires and develops natural gas properties. The company operates via the Oil and Gas Production and Power Generation segments. Through its subsidiaries, Viking advances custom energy and power solutions to commercial and industrial customers. The firm has interests in various oil and gas projects in Kansas, Louisiana, Missouri, Mississippi, and Texas. Its interests cover approximately seven producing wells, one Salt Water Disposal Well (SWD), and eight non-producing wells. Viking has a patent for its carbon-capture system with licensed operations in Canada. It also has controlling interests in businesses with intellectual rights to fully developed medical and biohazard waste treatment units that employ ozone technology, electric transmission, and open conductor detection systems. The company was initially known as Viking Investments Group, Inc. before changing its name in 2017 to Viking Energy Group, Inc. Viking was incorporated in May 1989. It is headquartered in Houston, Texas.

Summary of Business Operations

Viking is focused on grabbing market opportunities in the power generation, clean energy & resource sectors. The company produces and distributes custom energy and power solutions in North American markets through its several majority-owned subsidiaries. The firm is leveraging its expertise and strategic relationships to develop and establish a diversified enterprise with profitable business segments to maximize shareholders' value. The company aims to explore opportunities that lean on sustainable energy sources through its Energy Division. Viking, through Mid-Con Petroleum, LLC and Mid-Con Drilling, LLC (collectively, the Mid-Con Entities), its wholly-owned subsidiaries, has working interests in oil fields in Kansas. The fields include producing, non-producing, and water injection wells. The company has majority rights in an enterprise with intellectual property rights to a patented, fully developed proprietary medical and biohazard waste treatment system using its ozone technology. It also controls enterprises with intellectual property rights to fully developed, patent-pending, proprietary electric transmission and open conductor detection units.

Divisions

Power Solutions and Clean Energy

Simson-Maxwell, Ltd., Viking's majority-owned subsidiary, oversees manufacturing and supplying power generation products, services, and custom energy solutions. It provides commercial and industrial markets with efficient, flexible, environment-protecting, and clean-tech energy systems incorporating many products. Such products include Combined Heat and Power (CHP), tier 4 final diesel and natural gas industrial engines, solar, wind, and storage. It also designs and assembles a full strand of electrical control equipment, including synchronization and paralleling gear, switchgear, Bi-Fuel, and complete power generation production controls.

Waste Treatment System Using Ozone

This division provides a cleaner, safer, and more sustainable waste treatment technology. The company integrates its technology with ozone to offer a cost-efficient and environmentally friendly alternative to traditional waste management procedures such as autoclave, chemical treatment, incineration, and heat treatment. The company’s VKIN-6000 uses minimal energy to process waste, conserving resources and reducing operating costs and greenhouse gas emissions.

Electric Transmission & Open Conductor Detection Technologies

Viking Sentinel Technology, LLC and Viking Protection Systems, LLC, Viking Energy's majority-owned subsidiaries, jointly own the intellectual property rights to fully developed, patent-pending, and ready-for-market proprietary Electrical Transmission and Distribution Open Conductor Detection Systems. The systems are built to detect breaks and prompt power cut-offs in transmission and distribution lines. The grid protection technology is applicable in transmission and distribution lines and offers a sustainable option to underground trenching of power lines.

Recent Corporate and Industry Updates

Viking Ozone Technology, LLC, Viking Energy’s majority-owned subsidiary, was granted U. S. Utility Patent No. 11,565,289 from the United States Patent & Trademark Office on January 31, 2023. The patent was titled ‘Multi-Chamber Medical Waste Ozone-Based Treatment Systems and Methods,' which relates to the company's proprietary methods and devices that employ Ozone-based treatments. The patent issued in the U.S. is anticipated to unlock the issuance of pending patents from numerous selected countries globally. The company is expected to employ the technology in waste treatment and disposal systems across care centers, hospitals, laboratories, prisons, and military bases, among other state institutions. WHO recommends increased attention and diligence in healthcare waste management while championing safe and sustainable treatment and disposal methods. The firm also has a patent pending approval in the United States for its electric transmission line protection technology. The patent application was filed and delivered to the United States Patent & Trademark Office on August 23, 2023.

Viking published its quarterly report for the period ended September 30, 2022, on November 14. It reported $6,160,706 in revenue for the three months compared to $9,680,661 in the same quarter in 2021. The decrease reflected the net impact of the disposition of oil and gas assets. Revenue from the sale of crude oil, natural gas, and natural gas liquids (NGLs) was $117,854 for the quarter compared to $ 9,680,661 in the same period in 2021. Simson-Maxwell generated $ 6,042,852 of revenue in the quarter and $ 14,999,542 in its first nine months for the company in 2022 through the sale of power generation units, parts, services, and repairs. The company realized a net loss of $10,860,687 for the quarter compared to a net loss of $9,079,315 for the same period in 2021.

Leadership

Management Team

Management Team Members

James A. Doris, President, Director, and CEO

• Has been a director and officer of the company since 2014
• He has more than 25 years of corporate experience, crafting both national and international business deals, including acquisitions, mergers, joint ventures, and distribution arrangements in different industry sectors
• Mr. Doris formerly served as a lawyer in Canada for 15 years, representing several domestic and foreign clients with investments in Canada
• He held the Executive Vice President and In-House Counsel position for a real estate investment and development firm in Toronto
• He graduated in 2001 cum laude from the University of Ottawa

John McVicar, CFO

• Has over 30 years of business experience in the international business platform
• He has massive expertise in Management Consulting and Finance
• He has previously served as the CFO of a TSX-listed company, a Consulting Partner at a Big Four firm, and served in several regional finance senior roles in large Canadian and U.S. multinationals in Canada, the U.S., Asia, and South America
• He is a CPA and C.A.
• He also holds a B. Com from Queen's University and an MBA from Duke University.