{"id":382908,"date":"2020-11-17T08:33:23","date_gmt":"2020-11-17T13:33:23","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=382908"},"modified":"2020-11-17T08:33:23","modified_gmt":"2020-11-17T13:33:23","slug":"viking-energy-group-announces-q3-results","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/viking-energy-group-announces-q3-results\/","title":{"rendered":"Viking Energy Group Announces Q3 Results"},"content":{"rendered":"<div class=\"mw_release\">\n<p align=\"center\">\n        <strong>\u00a0<\/strong><br \/>\n        <strong><br \/>\n          <em>Company\u2019s Hedging Strategy Proves Sound During COVID-19 Pandemic<\/em><br \/>\n        <\/strong>\n      <\/p>\n<p>HOUSTON, TX, Nov.  17, 2020  (GLOBE NEWSWIRE) &#8212; via <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=HyzIt92axKPhboKdYXXm5BiMy1ORT5DPfp3KHC4tpwwurV8wSXT-sy8JkrNH8XBc3HgrUgRoTMGP4KALqNN9Qhye2GIy8qsRJn1JPvirDIE=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>NewMediaWire<\/u><\/a> &#8212; Viking Energy Group, Inc. (OTCQB:\u00a0<a href=\"https:\/\/www.globenewswire.com\/Tracker?data=WWrE4A77ovr23oGN8huCcjzfYCnZTsLFjNkMHYxzcSxyovDAPsVXPM2dE2qK_ZvR6dUV-ejCo63aMma5ObGGVPlQgTnShTl4jTytl-RGVygw7BB8Ump6Etxx1_WWYWz5hRGuccYMIPEf7HcieucfMRzQGhRkJCfeYx9vyEnfrNmUschb-I-_6f_m9C61CFveWjn8QkJRw9L_Mee4njn-jut14CeAd6plp2fIR4CKIqLw_syZHpF0frJnJEMdrzYT\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>VKIN<\/u><\/a>) (\u201cViking\u201d or the \u201cCompany\u201d), an independent exploration and production company, is pleased to share certain financial results for the quarter ended September 30, 2020.<\/p>\n<p>\n        <strong>Key Financial Highlights for Q-3 2020 (all figures are approximate):\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong>\u00a0\u00a0\u00a0\u00a0<\/p>\n<ul type=\"disc\">\n<li style=\"margin-top:0in;margin-bottom:0in\">Revenues were\u00a0$10.15\u00a0million as compared to $9.00 million in Q-3 2019.<\/li>\n<li style=\"margin-top:0in;margin-bottom:0in\">Net Loss was\u00a0($18.03\u00a0million) as compared to net income of $1.42 million in Q-3 2019, the majority of which loss was attributable to non-cash items, including:\n<ul type=\"circle\">\n<li style=\"margin-top:0in;margin-bottom:0in\">a Change in the Fair Value of the Company\u2019s Derivatives (i.e. hedging contracts) ($5.02 mm);<\/li>\n<li style=\"margin-top:0in;margin-bottom:0in\">Amortization of Debt Discount ($3.23 mm);<\/li>\n<li style=\"margin-top:0in;margin-bottom:0in\">Value of Stock issuances ($3.24 mm);<\/li>\n<li style=\"margin-top:0in;margin-bottom:0in\">Depreciation, depletion and amortization ($2.57 mm); and<\/li>\n<li style=\"margin-top:0in;margin-bottom:0in\">Impairment of Oil Properties due to drop in commodity prices ($2.50 mm)<\/li>\n<\/ul>\n<\/li>\n<li style=\"margin-top:0in;margin-bottom:0in\">Adjusted EBITDA was\u00a0$3.97\u00a0million for the three-month period ended Sept. 30, 2020 as compared to $4.38 million for the three-month period ended Sept. 30, 2019.<\/li>\n<li style=\"margin-top:0in;margin-bottom:0in\">Adjusted EBITDA for the nine-month period ending Sept. 30, 2020 was\u00a0$14.02\u00a0million, as compared to $14.72 million for the nine-month period ending September 30, 2019.<\/li>\n<\/ul>\n<p>James Doris, Viking\u2019s President and Chief Executive Officer, commented, \u201cWe are extremely pleased with our Q3 results, especially given the unprecedented conditions during the period, namely the combined effect of the pandemic, regional weather issues, political uncertainty and general economic instability.\u201d<\/p>\n<p>\n        <strong><br \/>\n          <u>About\u00a0Viking Energy Group,<\/u><br \/>\n        <\/strong>\u00a0<strong><u>Inc.<\/u><\/strong><br \/>Viking is an independent exploration and production company focused on acquiring, enhancing and developing oil and natural gas properties in the Gulf Coast and Mid-Continent regions. The company has assets in Texas, Louisiana, Mississippi and Kansas.\u00a0 For additional information, please visit:\u00a0<u>https:\/\/www.vikingenergygroup.com<\/u>.<\/p>\n<p align=\"justify\">\n        <strong>Financial Results for the Nine Months Ended September 30, 2018, 2019 and 2020 (unaudited):<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:515pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:320px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:85.34px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:281.34px;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0Summary Financial Results\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0For the Nine Months Ended September 30,\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a02018\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a02019<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a02020\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Total Revenue &#8211; Oil and Gas<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,376,501<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0 27,081,506<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0 31,487,202<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">Lease Operating Costs (LOE)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: solid black 1.0pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,957,073<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: solid black 1.0pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,004,334<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: solid black 1.0pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 13,147,640<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"width:320px;vertical-align: bottom\">Revenue in excess of lease operating costs<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: double black 2.5pt\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,419,428<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: double black 2.5pt\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0 18,077,172<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: double black 2.5pt\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0 18,339,562<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">LOE as a % of Total Revenue<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">46%<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">33%<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">42%<\/td>\n<\/tr>\n<tr>\n<td style=\"width:320px;vertical-align: bottom\">Revenue in excess of lease operating costs as a % of Total Revenue<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">54%<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">67%<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">58%<\/td>\n<\/tr>\n<\/table>\n<p align=\"justify\">\n        <em>Note:\u00a0 The figures referenced in the summaries above are approximate and in most cases have been rounded to the nearest $100,000.\u00a0 For specific amounts, please refer to<\/em><br \/>\n        <em> Viking\u2019s Quarterly Report on Form 10-Q filed on November 16, 2020 with the Securities and Exchange Commission and available under &#8220;Investors &#8212; SEC Filings&#8221; at <\/em><br \/>\n        <a href=\"https:\/\/www.globenewswire.com\/Tracker?data=V5VfNGUAW8y_BEoQgp6PSdcucTgQaQEc31zG7VBiRRLNkS0uEOpVOt9leuDBa2hjgvhFT_jrrJSGSdmkSaUqIytCCGtOMQ8tWZThDIpT8dw=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><br \/>\n          <em><br \/>\n            <u>www.vikingenergygroup.com<\/u><br \/>\n          <\/em><br \/>\n        <\/a><br \/>\n        <em><br \/>\n          <u>.<\/u><br \/>\n        <\/em>\n      <\/p>\n<p align=\"center\">\n        <strong>ADJUSTED EBITDA (unaudited):<\/strong>\n      <\/p>\n<table style=\"border-collapse: collapse;width:546pt;border-collapse:collapse\">\n<tr>\n<td style=\"width:14.67px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:230.67px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:12px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:82.67px;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"width:85.34px;vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:302.67px;text-align: center;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:302.67px;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">For the Three Months Ended September 30,<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">2018<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">2019<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">2020<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Net Income (Loss)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0 (2,944,764)<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,419,130<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (18,034,807)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0Non-Cash \/ Non-Operating Items\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left\">\u00a0Stock Based Compensation\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 680,156<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 402,451<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,235,200<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left\">\u00a0Changes in Fair Value of Derivatives\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 342,318<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (5,539,255)<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,018,338<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left\">\u00a0Interest expense including amortization of debt discount\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,676,458<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,642,912<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,556,049<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left\">\u00a0Accretion &#8211; ARO\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 40,081<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 72,042<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 119,659<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left\">\u00a0Income tax benefit (expense)\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (33,548)<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 &#8211;\u00a0\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 &#8211;\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left\">\u00a0Impairment of oil and gas properties\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 &#8211;\u00a0\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 &#8211;\u00a0\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,500,000<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left\">\u00a0Depreciation, Depletion &amp; Amortization\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: solid black 1.0pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 412,669<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: solid black 1.0pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,379,725<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: solid black 1.0pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,573,183<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0Total Non-Cash Items\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: solid black 1.0pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,118,134<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: solid black 1.0pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,957,875<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: solid black 1.0pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,002,429<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\n            <b>\u00a0Adjusted EBITDA\u00a0<\/b>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: double black 2.5pt\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 173,370<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: double black 2.5pt\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4,377,005<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: double black 2.5pt\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,967,622<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:302.67px;text-align: center;vertical-align: middle;vertical-align: bottom\">Adjusted EBITDA<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td colspan=\"5\" style=\"width:302.67px;border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">For the Nine Months Ended September 30,<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">2018<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">2019<\/td>\n<td style=\"text-align: center;vertical-align: middle;vertical-align: bottom\">\u00a0<\/td>\n<td style=\"border-bottom: solid black 1pt;text-align: center;vertical-align: middle;vertical-align: bottom\">2020<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">Net Income (Loss)<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0 (8,452,863)<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (9,220,005)<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (15,458,598)<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"text-align: left;vertical-align: middle;vertical-align: bottom\">\u00a0Non-Cash \/ Non-Operating Items\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left\">\u00a0Stock Based Compensation\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,898,255<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 444,533<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 3,686,582<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left\">\u00a0Changes in Fair Value of Derivatives\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,330,102<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (267,688)<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (8,569,093)<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left\">\u00a0Interest expense including amortization of debt discount\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 5,276,946<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 16,550,129<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 22,826,768<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left\">\u00a0Accretion &#8211; ARO\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 137,858<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 230,269<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 360,937<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left\">\u00a0Income tax benefit (expense)\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 (910,827)<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 &#8211;\u00a0\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 &#8211;\u00a0\u00a0<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left\">\u00a0Impairment of oil and gas properties\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 &#8211;\u00a0\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 &#8211;\u00a0\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 2,500,000<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: left\">\u00a0Depreciation, Depletion &amp; Amortization\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: solid black 1.0pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 1,362,306<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: solid black 1.0pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 6,978,604<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: solid black 1.0pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 8,671,593<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\u00a0Total Non-Cash Items\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: solid black 1.0pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 9,094,640<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: solid black 1.0pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 23,935,847<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: solid black 1.0pt\">\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 29,476,787<\/td>\n<\/tr>\n<tr>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" style=\"vertical-align: bottom\">\n            <b>\u00a0Adjusted EBITDA\u00a0<\/b>\n          <\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: double black 2.5pt\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 641,777<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: double black 2.5pt\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,715,842<\/td>\n<td style=\"vertical-align: bottom\">\u00a0<\/td>\n<td style=\"vertical-align: middle;text-align: right;border-bottom: double black 2.5pt\">\u00a0$\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 14,018,189<\/td>\n<\/tr>\n<\/table>\n<p>\n        <strong><br \/>\n          <u>Adjusted EBITDA &#8211; Non-GAAP Financial Measures<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p>This press release contains \u201cAdjusted EBITDA\u201d, a non-GAAP financial measure. The Company defines Adjusted EBITDA as net income (loss), adjusted for certain non-cash and non-operating items, such as stock-based compensation, changes in the fair value of derivative instruments, asset retirement obligation accretion expense, depreciation, depletion and amortization, interest expense and income tax (benefit) provision.\u00a0 We also exclude certain other non-cash items listed in the aforementioned table.\u00a0Management believes the presentation of Adjusted EBITDA is useful because it allows external users of our financial statements, such as industry analysts, investors, lenders and rating agencies, to compare the results of our operations from period to period without regard to our financing methods or capital structure, and to have access to the same metrics that management uses to evaluate the Company\u2019s performance. Adjusted EBITDA is not a measure of financial performance under US GAAP and should be considered in addition to, not as a substitute for, net income (loss). The Company adjusts net income (loss) for these specific items to arrive at Adjusted EBITDA because they can vary substantially from company to company within the Company\u2019s industry depending upon accounting methods and book values of assets, capital structures and the method by which the assets were acquired.\u00a0 Adjusted EBITDA should not be considered as an alternative to, or more meaningful than, net income (loss) as determined in accordance with GAAP or as an indicator of the Company\u2019s liquidity. Certain items excluded from Adjusted EBITDA are significant components in understanding and assessing the Company\u2019s financial performance, such as cost of capital and tax structure, as well as the historic costs of depreciable assets, none of which are components of Adjusted EBITDA. The Company\u2019s computation of Adjusted EBITDA may not be comparable to other similarly titled measures of other companies or to such measure in our credit facility or any of our other contracts.<\/p>\n<p>\n        <strong><br \/>\n          <u>Forward-Looking Statements<\/u><br \/>\n        <\/strong>\n      <\/p>\n<p>This press release may contain forward-looking information within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. Any statements that are not historical facts contained in this press release are &#8220;forward-looking statements&#8221;, which statements may be identified by words such as &#8220;expects,&#8221; &#8220;plans,&#8221; &#8220;projects,&#8221; &#8220;will,&#8221; &#8220;may,&#8221; &#8220;anticipates,&#8221; &#8220;believes,&#8221; &#8220;should,&#8221; &#8220;intends,&#8221; &#8220;estimates,&#8221; and other words of similar meaning. Such forward-looking statements are based on current expectations, involve known and unknown risks, a reliance on third parties for information, transactions that may be cancelled, and other factors that may cause our actual results, performance or achievements, or developments in our industry, to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties related to the fluctuation of global economic conditions or economic conditions with respect to the oil and gas industry, the COVID-19 pandemic, the performance of management, actions of government regulators, vendors, and suppliers, our cash flows and ability to obtain financing, competition, general economic conditions and other factors that are detailed in our filings with the Securities and Exchange Commission (\u201cSEC\u201d), including our Annual Report on Form 10-K for the year ended December 31, 2019, and our Quarterly Reports on Form 10-Q or 10-Q\/A, as applicable, for the quarters ended March 31, 2020, June 30, 2020 and September 30, 2020. We intend that all forward-looking statements be subject to the safe-harbor provisions.<\/p>\n<p>\n        <strong><br \/>\n          <u>Contact Information<\/u><br \/>\n        <\/strong><br \/>\n        <br \/> Investors and Media:<br \/> Tel. 281.404.4387 (ext.5)<br \/><a href=\"https:\/\/www.globenewswire.com\/Tracker?data=irhV1J82DFXrDsG8v4_o8lVBRBIlwd2XojD3ne9gJyAkcyBxI_rFKcaKDWsekR4tvESvO0SUuA4zJf7FIJtrZgvqEMtTOhl9mp7IhE5Dz3Y=\" rel=\"nofollow noopener noreferrer\" target=\"_blank\"><u>IR@vikingenergygroup.com <\/u><\/a><\/p>\n<p>      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4NzI1NiMzODMwNTY4IzUwMDAzMzEwOA==\" width=\"1\" height=\"1\" \/><br \/>\n      <br \/>\n      <img loading=\"lazy\" decoding=\"async\" class=\"__GNW8366DE3E__IMG\" src=\"https:\/\/ml.globenewswire.com\/release\/track\/fab70c24-e462-4ff8-a870-0363de71198a\" width=\"1\" height=\"1\" \/>\n    <\/div>\n<div class=\"mw_contactinfo\"><\/div>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0 Company\u2019s Hedging Strategy Proves Sound During COVID-19 Pandemic HOUSTON, TX, Nov. 17, 2020 (GLOBE NEWSWIRE) &#8212; via NewMediaWire &#8212; Viking Energy Group, Inc. (OTCQB:\u00a0VKIN) (\u201cViking\u201d or the \u201cCompany\u201d), an independent exploration and production company, is pleased to share certain financial results for the quarter ended September 30, 2020. Key Financial Highlights for Q-3 2020 (all figures are approximate):\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Revenues were\u00a0$10.15\u00a0million as compared to $9.00 million in Q-3 2019. Net Loss was\u00a0($18.03\u00a0million) as compared to net income of $1.42 million in Q-3 2019, the majority of which loss was attributable to non-cash items, including: a Change in the Fair Value of the Company\u2019s Derivatives (i.e. hedging contracts) ($5.02 mm); Amortization of Debt Discount ($3.23 mm); Value of Stock issuances ($3.24 &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/viking-energy-group-announces-q3-results\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Viking Energy Group Announces Q3 Results&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-382908","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Viking Energy Group Announces Q3 Results - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/viking-energy-group-announces-q3-results\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Viking Energy Group Announces Q3 Results - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"\u00a0 Company\u2019s Hedging Strategy Proves Sound During COVID-19 Pandemic HOUSTON, TX, Nov. 17, 2020 (GLOBE NEWSWIRE) &#8212; via NewMediaWire &#8212; Viking Energy Group, Inc. (OTCQB:\u00a0VKIN) (\u201cViking\u201d or the \u201cCompany\u201d), an independent exploration and production company, is pleased to share certain financial results for the quarter ended September 30, 2020. Key Financial Highlights for Q-3 2020 (all figures are approximate):\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Revenues were\u00a0$10.15\u00a0million as compared to $9.00 million in Q-3 2019. Net Loss was\u00a0($18.03\u00a0million) as compared to net income of $1.42 million in Q-3 2019, the majority of which loss was attributable to non-cash items, including: a Change in the Fair Value of the Company\u2019s Derivatives (i.e. hedging contracts) ($5.02 mm); Amortization of Debt Discount ($3.23 mm); Value of Stock issuances ($3.24 &hellip; Continue reading &quot;Viking Energy Group Announces Q3 Results&quot;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.marketnewsdesk.com\/index.php\/viking-energy-group-announces-q3-results\/\" \/>\n<meta property=\"og:site_name\" content=\"Market Newsdesk\" \/>\n<meta property=\"article:published_time\" content=\"2020-11-17T13:33:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.globenewswire.com\/newsroom\/ti?nf=ODA4NzI1NiMzODMwNTY4IzUwMDAzMzEwOA==\" \/>\n<meta name=\"author\" content=\"Newsdesk\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Newsdesk\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/viking-energy-group-announces-q3-results\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/viking-energy-group-announces-q3-results\\\/\"},\"author\":{\"name\":\"Newsdesk\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/#\\\/schema\\\/person\\\/482f27a394d4fda80ecb5499e519d979\"},\"headline\":\"Viking Energy Group Announces Q3 Results\",\"datePublished\":\"2020-11-17T13:33:23+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/viking-energy-group-announces-q3-results\\\/\"},\"wordCount\":1074,\"image\":{\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/viking-energy-group-announces-q3-results\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.globenewswire.com\\\/newsroom\\\/ti?nf=ODA4NzI1NiMzODMwNTY4IzUwMDAzMzEwOA==\",\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/viking-energy-group-announces-q3-results\\\/\",\"url\":\"https:\\\/\\\/www.marketnewsdesk.com\\\/index.php\\\/viking-energy-group-announces-q3-results\\\/\",\"name\":\"Viking Energy Group Announces Q3 Results - 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/viking-energy-group-announces-q3-results\/","og_locale":"en_US","og_type":"article","og_title":"Viking Energy Group Announces Q3 Results - Market Newsdesk","og_description":"\u00a0 Company\u2019s Hedging Strategy Proves Sound During COVID-19 Pandemic HOUSTON, TX, Nov. 17, 2020 (GLOBE NEWSWIRE) &#8212; via NewMediaWire &#8212; Viking Energy Group, Inc. (OTCQB:\u00a0VKIN) (\u201cViking\u201d or the \u201cCompany\u201d), an independent exploration and production company, is pleased to share certain financial results for the quarter ended September 30, 2020. Key Financial Highlights for Q-3 2020 (all figures are approximate):\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Revenues were\u00a0$10.15\u00a0million as compared to $9.00 million in Q-3 2019. 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