Viking Energy Group entered into a revolver loan agreement with CrossFirst Bank. The agreement includes a revolving line of credit facility in the maximum principal amount of $30 million, with an initial revolver commitment amount of $12.4 million.
The maturity date on the loan is June 30, 2020, with the principal amount bearing interest at a rate equal to the prime rate of interest published by the Wall Street Journal, Southwest Edition plus 1.50%. Initial proceeds from the facility were used in part to pay, in advance of the applicable maturity dates, the senior secured indebtedness of each of Viking’s existing U.S. subsidiaries.
Viking guaranteed the obligations under the agreement.
Viking’s President and CEO James A. Doris said, “We have enjoyed our relationship with CrossFirst Bank since the fall of 2016, and are extremely pleased to continue to work with their sophisticated team of professionals. This facility simplifies yet enhances our capitalization structure, and positions us well for future growth.”
Viking is an independent exploration and production company focused on the acquisition and development of oil and natural gas properties in North America. The company owns oil and gas leases in Kansas, Missouri, Texas, Louisiana, Mississippi and Alberta.
Kansas-based CrossFirst Bank is a commercial bank that specializes in serving participants in the oil, gas and energy industry, particularly in the mid-continent region.
